Loans to Indian Resident Individuals

1. Quantum of Loan

Purchase/Construction
Minimum - Rs 7,500/-
Maximum - Rs 25,00,000/-
Upgradation/ Major Repairs/ Additional Construction
Minimum Rs 7,500/-
Maximum Rs 5,00,000/-

2. Margin
15% of the project cost

3. Rate of Interest

• In respect of loans for Construction/Purchase

Upto Rs 50,000/- 12.00%
Rs 50,001 - 5,00,000/- 13.50%
Rs 5,00,001 - 10,00,000/- 14.50%
Rs 10,00,001 - 25,00,000/- 15.00%


• In respect of loans for Upgradation/ Major Repairs/Additional Construction

  Upto Rs 60,000/- 13.50%
  Rs 60,001 - Rs 3,00,000- 14.00%
  Rs 3,00,001 - Rs 5,00,000- 14.50%
  

12.00% - Rs. 112
13.50% - Rs. 123
14.00% - Rs. 126
14.50% - Rs. 130
15.00% - Rs. 134

5. Age of Building (In case of Purchase)
Not exceeding 20 years.

6. Repayment PeriodMinimum : 5 years.
Maximum : 20 years.
Subject to the repayment period not extending beyond the retirement in the case of salaried class and beyond 65 years in the case of others.

7. Security
Equitable Mortgage of the property / Registered Mortgage wherever necessary and guarantees from 2 suitable persons

8. Other Charges

Registration fees - Rs 10/-
Processing fees:
Upto a loan limit of Rs 5 lacs - 0.75% of the loan applied (non refundable).

Loan limit of above Rs 5 lacs - 1% of the loan applied for. (1/4 th of the fee is refundable in case of rejection of application).

Administration fees - 1% of loan sanctioned(non refundable).

Prepayment charges - NIL

Commitment Charges - 1% of the loan if not availed within 3/9 months in case of purchase/ construction.

9. Insurance
Company will arrange for adequate insurance of the property at the cost of the borrowers.

Source: http://www.indian-bank.com/