MORTGAGE LOAN

Any productive purpose such as:
- Taking up new project(s)
- Business, trade / commercial activity
- Education / Marriage expenses
- Purchase/Repair/Renovation/Construction of office building/residences/Commercial premises/Shops
- Meet any other genuine needs
- Repayment of existing loans
- Any other productive purpose

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Eligibility

  • Salaried individuals in permanent employment for minimum period of 3 years
  • Professionals & self-employed persons in business for at least 3 years
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Quantum

60% of the value of the property to be mortgaged (relaxation at the bank's discretion)

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Repayment Period

Upto 7 years (may be relaxed up to 10 years at the discretion of the bank)

Please note that GST is payable @18% on interest charged on delayed installments (Penal Interest). Kindly pay your installment in time to avoid additional charge.

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Security

  • Mortgage of the property. The property to be mortgaged should be in the name of the applicant or his/her spouse or close relative as per Section 6 of the Companies Act 1956 or persons representing relationship such as Firm / Proprietor, Partnership / Partners, Company / Directors. The person / entity in whose name the property to be mortgaged to either co-borrower or guarantor.
  • One Surety required.
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Rate of Interest

  • Upto Rs.25 lakhs- PLR plus 2.00% i.e. 14.00%
  • Rs. 25 lakhs to Rs. 1000 lakhs - PLR plus 0.25% i.e. 12.25%

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Documents Required

  • PROOF OF IDENTTIY
    Aadhar Card / Driving license / Passport / PAN card/ Election card/Job card issued by Govt. agencies
  • PROOF OF RESIDENCE
    Aadhar Card / Driving license / Passport/ Election card / Job card issued by Govt. agencies
  • PROOF OF INCOME - SALARIED INDIVIDUALS
    Form 16A, Latest Salary Slip for 3 months, Salary bank account statement of last 1 year
  • PROOF OF INCOME - BUSINESS
    Last 3 years Balance Sheets/Income Tax Returns and Salary/Business bank account statement of last 1 year
  • Title search and Valuation Report of Property to be purchased
  • Security/Mortgage documents as applicable

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ccbl@citizencreditbank.com

Citizencredit Co-operative Bank Ltd.
CITIZENCREDIT CENTRE
CTS No:236, Marve Road, Orlem,
Malad (W), Mumbai 400064

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