Shop/Commercial Loan

PURCHASE/CONSTRUCTION OF COMMERCIAL BUILDING/SHOP

1. Purpose/Object:

The main object of the scheme to provide financial assistance to meet the various needs/requirement of the individuals/self-employed persons or Professionals/business persons for purchase/construction of commercial building/shop.
 

2. Eligibility:

- Individuals ( it may include co- borrower) who are-
Self employed persons.
Professionals
Businessman
b) Others –HUF, Trust ,firm including partnership firm, group, association of persons & Pvt/ltd Company.
 

3. Age limit:
Maximum age limit 60 years. If age is above 60 years than co-borrower be Insisted upon.
 

4. Loan amount:
Admissibility of loan be assessed based on the following:
1) 48 times of monthly income or 4 times of yearly income. Or
2) 75% of registered value Or
3) On the basis of project report. Or
4) Maximum amount /up to Rs.100 lacs.

Note Relaxation:
i.In genuine cases loan limit up to 5 times of annual income may be considered by the Loan sub committee. The loan amount would be lowest of the above.
ii. Relaxation in margin up to 5% be considered by the Loan sub-committee (i.e. up 80% of registered value be considered by LSC instead of 75% as above)
 

5. Security:  Equitable mortgage of legally acceptable title documents of non- encumbered shop/ commercial building/Urban property allotted by the JDA/other municipal authority in the name of borrower either self occupied or vacant, is not mortgaged to any institution/bank for any purpose. In case of shop being purchased from builder in a commercial building/trade centre, the following documents would be required:
I) Original stamped agreement executed with the builder on Rs.100/- stamp paper.
II) Receipts of the payment made to the builder.
III) Certified copy to permission letter granted by the competent authority (JDA/JMC etc.) to the builder.
IV) Certified copy of approved plan of building /commercial complex.
V) Any other document, if required.