Smart Space Loan

TARGET GROUP
residing in Ernakulam district
PURPOSE
To own house, flat, shops, rooms in Ernakulam district
LOAN AMOUNT LIMIT
Up to 50 lakh
RATE OF INTEREST
Up to 5 lakh @ 13.50%
Above 5 lakh @13.50%
REPAYMENT PERIOD
15 years
ELIGIBILITY
Applicant must have sufficient repayment capacity
GUARANTEE
Employee surety
Equitable mortgage of the purchasing property
UPFRONT FEE
Up to 10 lakhs 40%      Above 10 lakhs 50%
INTEREST REBATE
Not applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Revenue records and tax receipt and property deed
Agreement from the applicant in prescribed form
FORECLOSURE  FEE
Service charge @ 1%  plus service tax before closing within 2 years

Download Application Form

Additional House L

TARGET GROUP
Residents of Ernakulam District. BENEFICIARY OF HOUSE LOAN
PURPOSE
Repair or extension of existing house building
LOAN AMOUNT LIMIT
40 lakh including existing loan limit
RATE OF INTEREST
Up to 1 lakh @ 12%
1 lakh to 2 lakh @12%
2 lakh to 5 lakh @12.5%
5 lakh to 10 lakh @ 12.5%
Above 10 lakh @ 12.5%

REPAYMENT PERIOD
15 YEARS
ELIGIBILITY
Residing in Ernakulam district
3 years must be completed after receiving the last installment of the first loan
Remittance of the first loan installments shall be prompt

GUARANTEE
Equitable mortgage for land and house registered to the bank
Employee surety
If employee, the repayment shall be made before retirement ,should submit salary
recovery statement in the prescribed form ,recovery should not go beyond 50% of the total salary If not employee the repayment should be made before attaining 60 years

UPFRONT FEE
10% of the loan amount
INTEREST REBATE
Not applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Income proof
Salary Certificate of the Applicant & Guarantors in the prescribed form
Equitable mortgage certificate for land and house registered to the bank

Download Application Form

Ordinary Loan ( Lo

TARGET GROUP
Residents of Ernakulam District. Owing  commercial building rentered to government , corporate  ,co operative institution
PURPOSE
For repairing or further construction
LOAN AMOUNT LIMIT
Up to 10 lakh
RATE OF INTEREST
Up to 1 lakh @ 12.00%
1,00,000 to 2 lakh @12.00%
2,00,001 to 5 lakh @ 12.00 %
Above Rs.5 lakhs @ 13.50%
REPAYMENT PERIOD
60 months Before the ending period of lease agreement
GUARANTEE
Property for 150% of the loan amount
Irrevocable power of attorney from the leaser  to the bank
MARGIN
500/-
INTEREST REBATE
Applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Irrevocable power of attorney,
Primary deed and prior deed.
FORECLOSURE  FEE
Nil

Download Application Form

Project Loan

TARGET GROUP
Residents of Ernakulam District. 
PURPOSE
To start commercial business for individuals and for institutions , and to develop business
LOAN AMOUNT LIMIT
70% of the Project cost
RATE OF INTEREST
Up to 3 lakh @ 13%
Above 3 lakh @ 13%
REPAYMENT PERIOD
From 7 years to 14 years according to the project
ELIGIBILITY
Capable to repay the loan amount
GUARANTEE
Property for 170% of the loan amount
Employment surety
MARGIN
30% to be deposited for project loan
20%to be deposited for purchasing machinery and land
INTEREST REBATE
Applicable to this loan
MORATORIUM
Upto 12 months according to the project
DOCUMENTS TO BE SUBMITTED
The project report of the proposed business
Salary Certificate of the Guarantors in the prescribed form
Equitable mortgage agreement
Original deed and prior deed
FORECLOSURE  FEE
1% of loan amount.

Download Application Form

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