MORTGAGE LOAN, NRI MORTGAGE LOAN
Loan Against Property can get you a higher loan amount
for your business or personal needs with the benefit of lower EMI.
With easy documentation, speedy approvals and flexible repayment options,
getting a loan couldn’t get easier
LOANS AGAINST PROPERTY
A dream comes true! An ALL PURPOSE LOAN
for anything that life throws up at you!!
Do you need funds for a Marriage ceremony,
want to take your family to a well-deserved
holiday or for a sudden medical emergency?
you have some property, but would rather not sell it?
Then why not avail of this ALL PURPOSE LOAN from Vel Associates?
Vel Associates now makes it very much possible for you to only keep
your property but also have liquid funds.
Complete transparency in operations
Access this loan from our wide network of branches
Interest rates are levied on a monthly/
daily reducing balance method
Lowest processing charges.
Long repayment period of 60 months,
upto 120 months for salaried individuals with check-off facility
No Hidden costs or administrative charges.
No prepayment penalties. You can have surplus funds at any time thereby conveniently reducing your loan liability and interest burden.
Property Loan Scheme
Avail of an All-Purpose loan against mortgage
of any of your property. We offer you these loans
at all our Personal Banking Branches and those branches
having Personal Banking Divisions amongst others.
Purpose
This is an all purpose loan, i.e.,
the loan can be obtained for any purpose whatsoever.
If amount of loan is Rs.5.00 lacs and above then purpose of
loan will have to be specified along with an undertaking that
loan will not be used for any speculative purpose whatever
including speculation on real estate and equity shares.
Eligibility
You are eligible if you are:
A. An individual who is;
An Employee or
A Professional, self-employed or an income tax assesse or
Engaged in agricultural and allied activities.
B. Your Net Monthly Income (salaried) is in excess of Rs.12,000/-
or Net Annual Income (others) is in excess of Rs.1,50,000/-.
The income of the spouse may be added if he/she is a
co-borrower or a guarantor.
C. Maximum age limit: 60 years.
Salient Features
Loan Amount
Minimum: Rs.5 Lacs.
Maximum: Rs.150 crore. The amount is decided by the following
calculation:
24 times the net monthly income of salaried persons
(Net of all deductions including TDS) OR 2 times the net annual
income of others (income as per latest IT return less taxes payable)
Margin
We will finance up to 60% of the market value of your property.
Repayment
Maximum of 60 equated monthly installments, up to 120 months
for salaried individuals with check-off facility. You could opt to
divert any surplus funds towards prepayment of the loan without
attracting any penalty.
Processing Fees
2% of the loan amount [inclusive of the service tax].
Security
As per banks extant instructions
