Loan Against Property

• The loan amount is up to a maximum of Rs. 10,00,000/-.
• The rate of interest on loan @ 18% p.a. compounded quarterly (1.5 % p.m.)
• Loan Tenure will be up to a maximum of 60 months (5 years). Subject to the approval of the managing committee.
• Loan Processing Charges shall be charged @ 2% of the loan amount.
• Share capital shall be 10 % of the loan that shall either be paid up by the applicant or it will be deducted from the sanctioned loan amount & the disbursement of the loan shall be made accordingly.
• Upon three successive defaults in payment of loan installments, penal interest @ 3% p.a. compounded quarterly, in addition, shall be charged.

Documentation procedure to be followed by the borrower & guarantors for obtaining loan against property from the society:-

• The applicant must be a Member of society.
• 4 Government Guarantors required (Guarantor shall be the existing member of the society and should not be a defaulter).
• Photo Id Proof:-Voter ID card, Aadhar Card, Pan Card, and Driving License.
• Address Proof (Electricity bill, Aadhar Card).
• In case the applicant is residing in a rented property, a rent agreement duly registered shall be required.
• In the case of Govt service: - Salary Slip (3 months), Office ID Card, Form 16, Bank statement (6 months).
• In the case of Self-employment:- ITR (3 Years), GST Certificate, Bank Statement (6 months).
• 2 Latest passport size photograph of applicant & sureties.
• A non-encumbrance certificate is to be provided by the applicant.
• Valuation report
• Registered Mortgage dead in favour of the society