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COMMERCIAL PROPERTY PURCHASE

MAXIMUM AMOUNT OF LOAN: RS. 30.00 LACS AND ABOVE RS. 30.00 LACS UP TO RS.50.00 LACS WITH THE APPRAISAL OF NABARD.

Rate of Interest:

12% P.A. up to Rs.10.00 lacs (Calculation of interest rests monthly)
13% P.A. above Rs. 10.00 Lacs (Calculation of interest rests monthly)

Disbursement of loan installments:

In case of purchase of plot + Construction, the disbursement shall be in 3 installments as follows.
For purchase – 50%
Up to roof level- 25%
After roof level-25%

Loan will be disbursed at one go for purchase of built up house. However, for construction on pre-owned plot, the disbursement shall be in two installments.

Ist installment for construction after plinth level -50%
IInd installment for construction after the roof level -50%

MAXIMUM REPAYMENT PERIOD: 20 YEARS IN EQUAL MONTHLY INSTALLMENTS

Terms and Conditions:

i) Loanee and guarantors should be nominal member of the bank.

ii) Loanee and guarantors should be resident of Chandigarh/Mohali/Panchkula.

iii) Commercial Property should be in Chandigarh and should be in the approved area of the local authority.

iv) Original registered deed of Commercial Property required

v) Commercial Property must be equitable mortgaged in favour of the bank(ownership, possession, valuation, non-encumbrance certificate issued by competent authority should submit with the application)

vi) There should be a clear title to the property.

vii) Estimate and approved map of the property for construction should also be attached with the loan application

viii) 25% of total estimate should be arranged by the loanee

ix) Two good sureties (Income tax payees) acceptable to the bank.

x) Insurance of Commercial Property should also be made in favour of bank.

xi) Every installment will be released after the verification and utilization certificate issued by the bank official not below the rank of Manager/Senior Manager.

xii) However, the aggregate of housing loan outstanding on any day against individual institutions and societies should not exceed 10% of the bank’s total deposits

xiii) Should be income tax payee and must furnish income tax returns for last 3 years.

xiv) Proof of income for repayment of loan.

xv) The bank will also have its lien on the rental income, if agreed upon by the loanee.

xvi) Must submit 5 advance cheques in favour of the bank.

xvii) Valuation certificate from govt. authority or govt. approved valuer or architect approved by the bank at the cost of loanee .

xviii) EMI shall start after six months from the date of Ist installment in case of construction only.

xix) In case of built up and purchase of plot, the EMI will start from next month from the date of advancement of loan