[nilesh]

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Someone is here who will tell me about Mortgage Loan (Loan Against Property) offering by Abhyudaya Bank? Actually my father wants to apply for Mortgage Loan (Loan Against Property) at nearest branch of Abhyudaya Bank, so tell about its eligibility?

[Vishal Kotkar]

I am giving information about eligibility criteria required for Mortgage Loan (Loan Against Property) offering by Abhyudaya Bank:

Eligibility:
Loan amount would be derived at after ascertaining the repayment capacity of applicant based on net profit of the year, projected income, Debt Service Coverage ratio (DSCR) etc

Purpose:
For Business Purpose

Maximum Amount to be given:
Rs. 100.00 Lakh
To Business Enterprises/ Firm/ Company/ Self- Employed Persons and Professionals for use in business.

Prerequisites:
Property i.e. (Flat, House, Gala, Office, Factory premises etc.) should be in the name of the Applicant or Co-Applicant.

The Owner of the Properties would be accepted as Co-applicant if he/she is non-earning member.

Repayment:
120 EMI

Margin:
40%

Membership:
Applicant – Regular Membership.
Sureties --
Loan up to Rs. 25.00 lakh - Nominal Membership.
Loan above Rs. 25.00 lakh - Regular Membership.

Sureties:
Two surety of good means.

Security:
Mortgage & Insurance of immovable property.

Service Charges:
1.30% of sanctioned limit .

Share Linkage:
2.5% of amount sanctioned