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Whether it’s higher education, business expansion or a brand-new vehicle, with Sri Raksh Retail Mortgage Loans, you can put your property to good use and make some dreams come true!
Who can Borrow
Individuals (singly/Jointly) except stock/share broker/s
Purpose
To offer instant solutions relating to business needs or for personal needs any other productive legitimate purpose & not for speculative activities.
Education, Acquisition of assets
Undertake expansion, acquire business assets, renovation in business premises
Security
Mortgage of immovable property (excluding open Plot of Land and Agricultural Land)
Security
Mortgage of Residential premises to be purchased
Margin
| Sr. No. | Property Agreement Date /Purchased on | % of Security Margin |
|---|---|---|
| 1 | Up to 1 year | 20% of Realizable Value OR Market value whichever is less. (Max Rs.70 Lakh against Residential Premises) |
| 2 | Above 1 year & up to 2 years | 25% Of Realizable value |
| 3 | Above 2 years | 30% Of Realizable Value |
Loan Amount
Against commercial property Rs. 300.00 lakh.
Against residential property Rs. 100.00 lakh.
Repayment Period
Maximum 120 months
Branches to obtain 6 (undated) security cheques as the case may be, before disbursement in which only the name of the payee should be filled/ mentioned as “Sri Raksh Souhardha Credit Co-op Ltd”. (These cheques should be held safely along with documents All gold loans/OD A/c to be closed on or before the due date from own source.
Processing Charges
1.00% plus GST (Minimum Rs.5,000/- + GST)
Documentation & legal Charges
As applicable
Prerequisites
1. Application form along with KYC documents &Income Proof
2. Property to be mortgaged should be in the name of the borrower.
3. Latest valuation report from bank’s approved valuer.
Foreclosure Charges & Charges for late payment of loan amount
2% p.a. as penal interest over and above applicable rate of interest.
It is a hidden treasure with which you can fuel a dozen more dreams! Now be it a business expansion, or opening a new branch, put your property to good work with Office Mortgage.
Who can Borrow
Individual (Singly)
Who can Borrow
People engaged in trade, commerce & business professionals, proprietary firms, partnership firms, companies & individuals with high net worth
Purpose
Purchase/construction of commercial premises.
Limit
Max. Limit Rs.300 lacs
Security
Mortgage of commercial premises to be purchased
Margin
10% of Realizable value for loans up to Rs.30 Lacs
20% of Realizable value for loans above Rs.30 Lacs
Repayment
Repayment 5 years – 10 years by way of EMIs. Branches to obtain 6 (undated) security cheques as the case may be, before disbursement in which only the name of the payee should be filled/ mentioned as “Sri Raksh Souhardha Credit Co-op Ltd”. (These cheques should be held safely along with documents All gold loans/OD A/c to be closed on or before the due date from own source.
Processing Fees
1% of the loan amount Plus S.T. (Minimum Rs.5000/- + GST)
Fore-closure & Charges for late payment of loan amount
2% p.a. as penal interest over and above applicable rate of interest.
Legal & Documentation Charges
On Actual Basis
Prerequisites
1.Income Tax Returns for the last three years along with computation of income of Individuals /Partners/Directors.
2.Audited Financial statements for the last three years of the firm/companies
3.Copies of the relevant documents of the property to be purchased /constructed.
