|i||Eligibility||Individuals & Business entities who is a bonafide member of the bank.|
|ii||Purpose||Any legitimate requirement of finance, except for speculative purposes.|
Maximum 200.00 Lakhs,
|iv||Nature of Facility||
|v||Rate of interest||As per bank rules|
|vi||Margin||Up-to 60% of the distress value of property.|
|vii||Period||Loan – 120 months subject to repaying capacity.|
|viii||Insurance||The property will be comprehensively insured by the borrower with usual bank clause for the market value of the property (excluding value of land).|
|ix||Sureties||At least two satisfactory sureties of good means.|
a) Mortgage of non-encumbered freehold/ Lease hold property owned by the borrower or surety, subject the condition that the relevant is a self occupied property.b) The property to be mortgaged have no encumbrance to any type and clear marketable title and construction plan has been sanctioned.
|xi||Other Conditions||a) In case of Salaried Persons total deduction from salary and instalment of proposed loan shall not be more than 60 % of gross salary.
b) In case of partly rented properties, finance may be allowed against the realizable value of self-occupied portion only.
c) If subsequent to availment of credit facility, the property is proposed to be let out, Bank’s permission would be required. The sanctioning authority would accord permission on merit of individual case and on such terms and conditions as deem fit.
d) The borrowers, mortgagor and guarantors should be members of the Bank before processing the Loan application.
e) Other usual terms and conditions as per Bank’s rules as may be decided from time to time.
f) Relax the margin on the merits of cases.
The Vaish Cooperative Adarsh Bank Ltd.
Address: H.O.3, Netaji Subhash Marg, Darya Ganj
Phone: + 011 28832058/28834059/