Property Loan

The deposit or down-payment is an amount of money that the borrower is required to pay, as the first contribution towards clearing the debt, so that the loan deal can be finalized. The deposit is usually higher than the monthly contribution towards the loan. Some loans require a deposit while some do not. The deposit is usually a fraction, typically a percentage, of the total amount that is loaned out.

Property Loan Schemes

Period Rate of Intrest(%) Scheme
12 Months 13 RFPL 1
24 Months 14 RFPL 2
36 Months 15 RFPL 3
60 Months 16 RFPL 4
120 Months 18 RFPL 5

Terms and Conditions

  • Maximum Loan period: 120 months
  • Delayed payment charges at 2% per month on defaulted amount, for delayed days to be charged.
  • Legal scrutiny charges to be collected.
  • Collection charges at Rs.200/- to be collected from 3rd defaulted EMI onwards, where actual collection is involved.
  • Incidental charges-postage, photostat, site inspection, valuation fee etc. to be collected.
  • Maximum loan amount shall be confined to 60% of the property value.
  • In addition to the borrower, there should be one guarantor for all proposals.
  • The property should be valued by an outside valuer for proposal above 3 lakhs.
  • In addition to the outside valuer all properties, irrespective of loan amount, has to be verified and valued by the concerned Branch Manager together with the nearby Branch Manager
  • The processing fees of 2% - 4% of the loan amount will be charged up on the various schemes.

  • Pre Closure Conditions

  • Pre closure below 12 months-- No discount
  • Pre closure above 12 months—1/3rd of the future finance charges may be allowed as discount.