LOAN AGAINST PROPERTY

Purpose:
- To cover expenditure towards Medical / Education / Marriage / Travel /Legal etc
- Purchase / Construction of residence
- Renovation / Repair
- Repayments of Existing loans
- Business Purpose
- Any other resonable purpose

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Eligibility

  • Salaried employees/ Professionals/ Self-employed
  • Loans can be applied by Individuals either solely or jointly
  • Total deduction including deductions of LAP (installment & interest) to be meet from firm/company‚Äôs net cash accruals
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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)

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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 - Loan Against Property

    Festive Mortgage Loan (Limited Period Offer)
  • PLR less 2.50 % i.e. 9.50% p.a.*
  • Mortgage Loan Rate
  • Rs. 5 lakh to Rs. 10 lakh - PLR i.e 12.00% p.a.
  • Rs. 10 Lakh and above upto Rs. 1000 lakh - 11.00% i.e. 1.00% below Bank's PLR

Rate of Interest - Mortgage Loan

  • 2% above PLR i.e 14% p.a.

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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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MSE 100

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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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