Loan for Construction of Shopping Complex
Type of loan
|
Long term loan – Non-agriculture.
|
Method of Repayment
|
Non-EMI
|
Purpose
|
Construction of shopping / housing complex
|
Eligibility criteria
|
Individuals, Institutions and companies.
|
Scale of finance
|
Not applicable.
|
Limit of loan |
Rs:3 Crore or 2/3rd of estimated cost whichever is less.
|
Margin
| 1/3rd of estimated cost.
|
Holiday period
| Depends on project
|
Repayment period |
Depends on project
|
Rate of interest
|
As per interest structure.
|
Penal Interest |
2% for overdue installments. When the loan becomes Fully overdue 2% of additional interest on contract rate is Charged.
|
Charges
|
1) Upto 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000 it is @ 0.5%.this Is credited under the head HO Miscellaneous Income. 2) Risk fund @ 0.25% of loan amount is collected from the Loanee with a minimum of Rs: 100 and a maximum of Rs:525. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.
|
Subsidy/Re-finance
|
Yes.
|
Security
|
Mortgage security.
|
Insurance policy for the estimate amount should be submitted.
Disbursement according to the Debt Equity Ratio. Drawal is permitted on production of utilization certificate from a civil engineer