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Corporate Banking - Mortgage Loan |
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Q.1 What is the
purpose of mortgage loan under C&I segment?
A. - Hassle free finance to the borrowers in trade and service sector against the property of adequate value .The property should be mortgageable to the bank. Loan is for Expansion of Business, shifting to new premises, working capital, purchase of machinery, equipment, modernizing the premises. The property should be occupied by the owner or vacant. If the property is on lease after taking bank loan, the rent should directly be deposited in bank. |
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Q.2 Who can avail
this facility?
A- Retail traders/wholesale traders.
Professional & Self-employed. |
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Q.3 What is the
limit of Finance?
Quantum of loan Min.Rs.100000/- Max. 5.00 crores, 75% of realizable value of the property to be mortgaged. The value of property for calculation of eligible amount of loan may be taken as market value/realizable value/DLC, whichever is the lowest
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Q.4 What is the rate
of interest?
A- For cash credit - 0.75% below SBBJ PLR i.e. 12.25 %.
For term loan - 0.75% below SBBJ PLR i.e. 12.25 %. |
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Q.5 What is the
repayment period?
A- The repayment period is 84 months .The loan can be repaid even in shorter period |
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Q.6 What’s about
Insurance?
A- Insurance for the full market value of the property to be mortgaged with Bank clause.. |
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