Indian Bank - Ind Mortagage scheme

Ind Mortagage scheme

Target

Salaried Class:

* Permanent Employees of Central/State Govt/Quasi Government Bodies/Public Limited Companies/. Reputed Private Ltd Companies with minimum 3 years of completed service.
* Employees of Indian Bank and other banks (PSU/Private/Foreign Co-op) are also eligible.
* Should have/open duly introduced account with us.

Others:

Self Employed/Professionals/ Traders/Businessmen are eligible

Income Criteria:

Salaried Class:

Regular income of Rs.15000/- p.m. (Minimum) - take-home after the proposed EMI should not be less than 40% of the Gross income.

Others:

Minimum income to be Rs.8000/- p.m. after proposed EMI.

Purpose

Any bona-fide purposes other than speculative purpose

Age Group

Salaried Class:

The applicant should not be aged more than 53 Years. Circle Head can relax upto 55 years.

Others:

The borrower should not be aged more than 55 years at the time of applying loan.

Place of Property

The property to be offered as security should be in Urbank and Metropolitan centres. The property can be either self occupied or let out.

Quantum of Loan

Minimum of Rs. 1 lakhs
Maximum of Rs. 10 lakhs

Repayment

Repayment not exceeding 84 EMI (No holiday period)

Margin

50% of the market value of the property offered as Security

Rate of Interest w.e.f 10.11.2008

Floating: BPLR+TP+1.50% i.e. 15.25% floating

Security

* EM of the property in the name of the applicant/s.
* In case the property is owned jointly, all the joint owners have to apply for loan or one of them can avail the loan with
1. NOC from other co-owners and
2. Co-owners to offer personal guarantee.

* Property owned by Karta of HUF should not be accepted as security.

Service Charges

* 1.15% on loan amount

Guarantor

* Suitable Guarantee from acceptable person/s.
* In case of Joint property, the guarantee of co-owners should be obtained.
* Guarantee by spouse of the owner of property is compulsory.

Insurance

Property to be insured at borrower’s cost with bank’s clause against fire, flood, earthquake, riot and other risks, which are normally covered by Insurance companies.

Others

Properties accepted as securities should be easily accessible, marketable, saleable and realisable . Proper approach road should be there. Regular income substantiated with cash flows should be ensured

Conditions for Sanction

Loan application complete in all respects, photo, proper introduction, income proof, Assets and Liabilities statement, Income tax assessment/returns copies (wherever applicable) etc. should be obtained by the branch manager and verified.

1. Applicant should own the property with free-hold rights.
2. In case of leasehold properties, the proposal should be referred to Head Office.
3. The property should be free from encumbrance. EC to be obtained before disbursement and 3 months after disbursement.
4. Agricultural properties, disputed properties, properties attached by any Tax Authorities not to be considered for this purpose.
5. The legal opinion by approved advocate should certify clear and marketable title.
6. In case of advance against tenanted property, the certified copy of the rent/lease agreement should be furnished. Applicant to produce affidavit that there is no dispute pending in any court of law in respect of the property (with tenants or with others).
7. In case of rented property, borrowers to undertake to deposit the entire rent/ portion of the rent equal to EMI, directly in the loan account. Branch to enquire about the relationship with the owner and tenant.
8. A fresh valuation of the property by an approved engineer to be obtained. The life of the building should be more than the repayment period by at-least 10 years.
9. Receipts of Upto date tax paid to local bodies such as Town Panchayat/ Municipality/Corporation/Any other bodies concerned to be obtained before disbursement and thereafter regularly as per stipulated periodically till full repayment of the loan.
10. The value of the property should be discreetly enquired and accepted. This is apart from the valuation received from the approved valuer.
11. a. The loan can be pre-closed without penalty from own resources/sale of the property. During the pendency of the loan, if the borrower wants to sell the property, the proposed buyer should deposit the sale proceeds in the loan account and then only the documents can be released.
b. Property owned in co-op society, apartment also can be accepted as security. In such case, the extant procedure of mortgage, transfer of share certificate in the name of the Bank, NOC from society etc will apply.
12. Proof of Income:
i. Salaried Class:
Pay slip/Certificate from Employer/Income Tax Form 16A.
ii. Others:
Income Tax Returns for immediate preceding 3 years.
13. As the loan is given against the security of land and building, Branches should not issue any certificate to Tax Authorities enabling the borrowers to seek any tax relief.
14. All the guidelines as applicable to lending against immovable properties as detailed in “Conventional Advances” manual should be followed.
15. Loan can also be considered by way of second mortgage in case the borrower is an employee in PSUs/ any Nationalised Bank / State & Central Govt. Organisation provided Employer gives NOC and cede second charge over the property in favour of Indian Bank and the first charge should rest only with the Employer for the housing loan taken and moreover the loan with the Employer should be in order and required margin is available / maintained.

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