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Home >> Loan >> Retail Schemes >> Earnest Money
Earnest Money

EARNEST MONEY SCHEME

Purpose

 

To finance Earnest Money Deposit for applicant desirous of purchasing flats/plots under scheme by state Housing Boards (SHB/UDA).

Eligibility

Any person or group of persons, singly or jointly having capacity at least to repay the Earnest Money Loan.

Classifications

Non-Priority Sector

Amount of Loan

100% of Earnest Money Deposit subject to maximum of Rs. 10.00 Lacs

Margin

NIL

Rate of Interest (floating)

Click here to view rate of interest.

Upfront interest (fixed for scheme period) to be paid.

Process Fee

Click here to view Process Fee.

Security

Lien on Earnest Money Deposit with SHB/UDA.

Personal Guarantee

NIL

Prepayment Penalty

NIL

Documents

i)           Loan application

ii)         Letter of undertaking.

iii)        Application-cum-Authority Letter.

iv)        DP Note / Agreement to loan

v)         Other documents:

a.         Photocopy of Application

b.         Two crossed Post Dated Cheques favoring Oriental Bank of Commerce.

c.      Identity & Residence Proof (such as Ration Card / Pan No./ Passport / Voter Card to comply KYC norms

* For further details please contact the nearby branch or call at 1800-180-1235 & 0124-2340940