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
Additional House L
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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
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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
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.