My Property Loan

Eligibility

• Individual, Joint owners are also eligible, having immovable property to be mortgaged and sufficient income to repay the loan.

Income Criteria

• i. For salaried : Minimum net monthly salary of Rs.25,000/-
• ii. For other than salaried: Minimum net annual income of Rs.3,00,000/-

Quantum Of Finance

• i. Minimum: Rs. 2.00 lakh
• ii. Maximum: Rs. 500.00 lakh

Nature Of Facility

• i. Term Loan
• ii. Over Draft

Assessment Of Loan

• a) 65% of the realizable value of the property.
• or
• b) For Salaried: 36 times of gross monthly salary on the basis of last/latest salary certificate. Whichever is lower of ‘a’ and ‘b’ .
• c) For Non-Salaried: 36 times the average gross monthly income of last three years, as reported in the last three ITRs. Whichever is lower of ‘a’ and ‘c’.

Repaying Capacity

• Max. Permissible Deduction of GMS/I:
• Gross monthly total salary/income up to Rs. 1.00 lakh: 60%
• Gross monthly total salary/income above Rs. 1.00 lakh: 70%
• All deductions for this purpose will include proposed mortgage loan installment, existing deductions (except statutory deductions), loan installments, actual interest on term loans, notional interest on full sanctioned limit of CC, OD etc. and should not exceed the prescribed ceiling.
• Repaying capacity/ assessment of loan, is to be calculated on the basis of latest salary slips for salaried borrower(s) and on the basis of the average of last three year ITR for other than salaried borrower(s). Further, regularity of salary/income is to be ensured by taking latest salary slip /3 years ITRs/Form 16/ Balance Sheet [Audited Balance Sheet wherever stipulated] for all borrower(s), i.e., salaried & other than salaried.

Security

Equitable/ Registered Mortgage of the non-encumbered built up and self-occupied residential House/Flat/ commercial/ industrial property having minimum residual life of 25 years.

Repayment (Maximum)

• Subject to regular source of income, Loan amount together with interest to be repaid:
• Overdraft: On reducing DP Basis to be liquidated in 15 years. Or up to the age of 70, whicheverisearlier.
• Term Loan: 180 Months or up to the age of 70, whichever is earlier

Prepayment Charges

NIL

Rate Of Interest

Upfront Fee

Documentation Charges