Loans
 
  Objective
To boost up Bank’s credit portfolio in high yielding segment.
 
  Eligibility
  • Individuals who have assured and verifiable sources of income and who own urban immovable properties at the identified Town / City are eligible to avail loan / limit under the scheme. Maximum age of applicant as on date of application is 65 years.
 
 Purpose
  • The purpose of Loan / Limit under the scheme can be for investment in Business, for personal needs like marriage / medical expenses or for any other trade related or family related needs.
 Amount:
  • The Term Loan / Cash Credit limit (with reducing drawing power) under the Scheme is limited to 50% of the Forced Sale Value of the urban Land & Building subject to a maximum ceiling of Rs. 100.00 lacs.
 Margin
  • 50% of the Forced Sale Value of the urban Land & Building.
 Security :
  • a) Land and building located at following Municipal Corporation / Municipality / NAC Areas are only acceptable as Mortgage under the Scheme. BHUBANESWAR, PURI, KHURDA, NAYAGARH, JATNI, BALUGAON (K), BANPUR, KONARK, NIMAPARA, PIPLI, TALCHER, DHENKANAL, ANGUL, Page 2 of 3 BHUBAN, KAMAKSHYA NAGAR, CUTTACK, BANKI, BALASORE, KHANDAPARA BARIPADA,KEONJHAR, ANANDPUR, BARBIL, JODA, BHADRAK, VYASANAGAR, PARADEEP, JAGATSINGHPUR, JALESWAR, KENDRAPADA, CHANDANESWAR, RAIRANGPUR, KARANJIA, UDALA, NILAGIRI, SORO, BASUDEVPUR, ATHAMALLIK, ATHAGARH, PATTAMUNDAI & JAJPUR TOWN. b) The proposals backed by immovable property, which are not located at selected centers, can be considered for sanction on its merit only at the discretion of the CAC of the Bank. c) Proposals backed by Liquid security by way of Bank’s TDRs, NSCs, KVPs, LIC Policies and Gold Ornaments will be given preferential treatment at the time of sanction of loan / limit under the scheme. The loan / limit will be determined taking into account 50% of valuation of Urban Land and Building in addition to 100% of the market value of the liquid security offered. d) Following categories of Land and Building will not be accepted as security under the Scheme. i. Property located at Urban & Semi urban centers other than the identified centers as said above. ii. Rural properties and agricultural lands. iii. Land and Building owned by companies, firms, societies & HUF. iv. Properties allotted for a specific business or industries.
 Repayment :
  • The Term Loan is repayable in 120 EMI or the borrower attaining 70 years of age, whichever is ealier.
 
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