The proponent should be an Indian National, preferably residing in the area of operation of the branch, where he intends to avail the facility
The applicant should be a major, having a fixed asset in the form of a house which has a market value. The property should have been obtained by purchase/valid gift. There should be no encumbrances over the property. The title of the property should be clear and marketable as per the opinion of the Bank. The applicant should be in a position to submit other relevant documents in connection with the property, link documents, encumbrance certificate, rent receipts, etc., The surplus income of the proponent supported by documentary evidence, should be sufficient to repay the equated monthly installments. The bank should satisfy with the calculation of surplus income and sole discretion to decide the surplus.
Amount of loan depends on the cost of the project and the value of property proposed for mortgage
Finance up to a maximum of 50% of the market value of the property as estimated by the bank
The tenure is from 60 months to 120 months, depending upon the income of the proponent and loan amount
2.5% per 1 lakh and subject to a maximum of Rs.10000/-
1% of the loan amount
Charges as applicable under stamp act and as prescribed by Government of Andhrapradesh
Original Title deeds, link documents for Thirty years [Earlier documents to the title deeds to establish the transfer rights], Latest Rent receipts in Original, KYC documents of Applicant along with sureties/Guarantors PAN card if available, Photographs of self and joint holders of the property, Municipal plan if any, Income tax returns for the last three years in case of an assessee, income proof [salary certificate latest]. Three years balance sheet and profit and loss account in case of business units, project report in case of new project quotation for the machinery in case of purchase of machinery or vehicle