United Mortgage Loan Scheme
Objectives:
Providing loan against mortgage of property to the owner of the
property. The property may be House/ Flat or any other commercial property but not
agricultural land of any other vacant land.
Purpose:
The loan is meant for general purpose of the borrower to meet any
personal/ business requirement except speculations.
Eligibility:
Any individual in the age bracket of 21-65 years having property to be
mortgaged and sufficient income to replay the loan.
Company, Partnership firm, Co-operative Society and Trust are, however, not eligible of
the loan. Third party property also cannot be mortgaged for taking a loan.
Quantum of loan:
In case of Term Loan minimum Rs. 1.00 Lac and maximum Rs. 15.00 Lac. In
case of OD facility for business purposes the maximum amount may be raised to Rs. 25.00
lac subject to the followoing.
24-times of monthly net income excluding the EMI of the
proposed loan.
60% of the value of property.
Total monthly deduction from gorss income including the
proposed EMI should not exceed 60% of the gorss income of the borrower.
Margin:
40.00%
Rate of Interest w.e.f 09.04.07 :
For Term Loan
(Irrespective of Period) |
14.50% i.e. BPLR + 1.25% |
| For Overdraft |
15.00% i.e. BPLR + 1.75% |
Repayment : In case of a Term Loan you will have to
repay the loan within a maximum period of 60 months by EMI and in case of OD the limit
will be reviewed annually. There is no prepayment penalty
under the Scheme.
Click here for United Mortgage Loan Form
Click here for Agreement Format for
assignment of rent under United Mortgage Loan Scheme
Pdf
format for United Mortgage Loan Form
Pdf format for agreement for assignment of rent
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