|Purpose||To offer term loan/ overdraft facility for specified purpose against the security of immovable property (i.e. for investment in business, personal expenses etc.).
The loan can be used to meet any legitimate need based Investments / expenses except speculative & prohibited purposes as restricted by Law.
|Loan Limit||The Limit shall be as per MPBF Calculations subject to maximum upto ₹ 10.00 Crore.
Minimum Loan Limit:
Minimum loan to be considered under the scheme is of ₹ 5.00 lacs.
|Assessment of Loan Limit||
1. The above eligibility shall be subject to maximum to repaying capacity of respective borrower.
2. The Net take home income criteria shall be as under in case of Individuals/Proprietor after all deductions including income tax and the EMI or monthly servicing of interest and principal of the proposed Term loan/Overdraft under the scheme.
|Type of facility & Period of Loan||
Term Loan: Maximum upto 120 months repayable on EMI basis
Overdraft limit: 120 months subject to annual review with progressively reducing limit on monthly instalment basis so as to liquidate the facility within the maximum period
Mortgage (Registered or Equitable) of self-occupied Residential / Commercial / Industrial Land & Building standing in the name of individual / joint owners / close relatives who will also stand as Guarantors (viz. spouse, parent, brother, sister, son, daughter) / company / firm.
The Loan against agricultural land / plot of land shall not be granted. However, in case of non agriculture plot is well bounded and minimum construction has been done as per the requirement of local bodies/development authorities, it can be considered as security under OMLS.
|Rate of interest (floating)||
Term Loan : MCLR+2.25%
|Repayment Age||The facility shall be considered in the shape of Term Loan or Overdraft Limit subject to last repayment age of the borrower mentioned below: