LOAN AGAINST PROPERTY |
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| Product Range :: |
2 Normal Products (Retail + Premium) |
Ten Product Variants
- Retail Mortageage Take-over
- Premium Mortgage Take-over
- Liquid Income Product
- Gross Turnover Product
- Gross Receipts Product
- Banking Product
- Low LTV Product
- EMI Equaliser Product
- Drop Line Overdraft
- LARR(Loan against rent recievables)
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| CommonCredit Norms :(exceptions detalied in product norms) |
| Age |
- 60/65 years |
| Minimum loan amount |
-Rs. 2 lacs |
| Maximum loan amount |
- Rs. 100 Lacs |
| Maximum tenure |
- 120 months (10 years) |
| Business/Empl. Stability |
- 3 years |
| Residence Stability |
- 3 years |
| Loan to value |
- Within Norms |
| Fixed Oblig/Income (FOIR) |
- Within Norms |
| Telephone at Res + Office |
- Mandatory |
| Contact Point Verification |
- Positive |
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| Fraud Checks - ITR verification, Dedupe, CIBIL check, RBI check, etc. |
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| 1. Retail Normal Product (RNP) |
Applicable for Loan Amount upto Rs.50 lacs |
Minimum Income - Rs. 1.20 lacs (salaried) |
| - Rs. 1 lac (S.employed) |
| LTV - 55% (residential) |
| - 45% (commercial) |
| - 65% (Self employed) |
| Banking - Regular transactions |
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| 2. Premium Normal Product (PNP) |
| Applicable for Loan Amount upto Rs. 100 lacs |
Minimum Income - Rs. 5 lac (salaried) |
Net Profit - Rs. 2 lac (S.employed) |
LTV - 60% (residential) |
- 50% (commercial) |
FOIR - 50% (salaried) |
- 65% (Self employed) |
Banking - Regular transactions |
| Detalied Personal Descussion by Credit Buyer |
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| 3. Retail Mortagage Take-over Product (RMT) |
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Loan Amount upto Rs. 50 lacs |
Minimum repayment track record of 18 months |
Not more than 2 bounces over 18 month period and never 30dpd during the tenor and current at the time of loan application |
| No Income documents/Rinancials required |
| Additional 5% extra LTV allwed |
| Loan Eligibility = Prin. O/s (Take-over amount) + (No. of EMIs paid* EMI) |
| Documentation - 18 months repayment track record |
| Loan Eligibility = Prin. O/s (Take-over amount) + (No. of EMIs paid + EMI) |
| Documentation - 18 months repayment track record |
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| 4. Premium Mortgage Take-over Product (PMT) |
| Loan Amount upto 100 lacs |
| Minimum repayment track record of 18 months |
| Not more than 2 bounces over 18 months period and never 30dpd during the tenor and current at the time of laon application. |
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| Income document/Financials required |
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| Loan Eligibility = As per normal calculations |
| Additional 10% on either FOIP or LTV (any combination restricted to 10%) allowed. |
| Documentation - 18 months repayment track record |
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| 5. Liquid Income Product (LIP) |
| Maximum loan amount unver the product is Rs. 50 lacs. |
| Applicable for cases where customer is eligible for min. of Rs. 5 lacs |
| Applicable for traders, service industry etc. (Non manufacturing concerns ) |
| Eligibility based on Specialised Agency report on Re-worked Financials and Income Re-worked profit capped at 2.5 times the declared profit/incomeas per audited financials. |
| Loan Eligibility as per normal caluclations based on re-worked proft |
| Documentation - Normal including financials and 12 months bank statements. |
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| 6. Gross Turnover Product (GTP) |
| Applicable for Traders, Distributors & Businesses (non-manufacturing) |
| Maximum loan amount under the product is Rs. 50 lacs |
| Applicable for cases where the customer is eligible for minimum of Rs. 5 lacs as per normal policy 10% Of Gross Turnover to be taken as Net Profit |
| Loan eligibility as per normal calculations based on re-worked net profit |
| Documentation - Normal inicluding financials and 12 months bank statements |
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| 7. Gross Receipts Product (GTP) |
| Applicable for Doctors & Architects only |
| Maximum loan amount under the product is Rs. 25 lacs |
| Applicable for cases where the customer is eligible for minimum of Rs. 5 lacs as per normal policy 50 % of Gross Receipts to be taken as Net profit |
| Loan eligibility as per normal calculations based on re-worked net profit. |
| Documentation - Normal including financials and 12 months and statements. |
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| 8. Banking Products (BKP) |
| Maximum loan amount under the procuct is Rs. 50 lacs |
| No financials or income documents required |
| Maxmimum LTV will be 40% (both residential and commercial) |
| Only Savings and Current Account customers will be evaluated |
| Banking Norms |
| Avg. balance (on a daily basis) to be calculated - adjusted for cheque returns (last 12 months statements, abow 25 lacs 18 months statements) |
- Atleast 3 customer initiated transactions every month
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| Not more than 2 cheque bounces over 6 month period |
| For Loans upto Rs. 15 lacs - Avg. Bal/EMI should be 2 times |
| For Loans upto Rs. 25 lacs - Avg. Bal/EMI should be 3 times |
| Gor Loans upto Rs. 50 lacs - Avg. Bal/EMI should be 5 times |
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| 9. Low LTV Product (LLP) |
| Maximum loan amount under this product will be Rs. 25 lacs |
| Applicable only for self-occupied residentail property |
| Maximum LTV under this jproduct in 25% |
| No financials or income documents required |
| Avg. bal./EMI should be atleast 1, no negative tracers (cheq bounces, min. bal charges, etc.) |
| Documentation - Last 12 months bank statements. |
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10. EMI Equaliser Product |
| Maximum loan amount under this product will be Rs. 50 lacs |
| Applicable only for self-occupied residential property |
| Normal LTV (max. 55% ) will apply |
| loans considered for eligibility perposes - Home Loans, LAP, Personal Loans & Business Loans |
| Atleast 12 months track record for each loan |
| Loan expired in last 12 months with atleast 12 months track record can be considered |
| No financials or Income documents required |
| Total EMIs of oLoans to be taken over + EMI of our LAP laon @Bank PLR currently at 11%) |
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| 11. Drop line overdraftproduct |
| Applicable fro all category of borrowers |
| Personal Guarantees of all directors/partners in case of Pvt. Ltd. Co. and partnership firms. |
| Applicable of self-occupied residentail or office/commercial premises only |
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| Minimum Loan Amount - Rs. 10 lacs |
| Maximum Loan - Rs. 100 lacs |
| Max. Tenor - 10 years |
| Facility Renewal - Every Year based on repayement behaviour |
| Residence Stability - 3 years |
| Business Stability - 3 years |
| Maximum LTV - 50% (both res. + comm) |
| Income Norms - Same as for normal product |
| Principal Repayment - 3% of Outstanding Principal wil be debited monthly |
| Intrest Repayment |
| Annual Maint. Charges - Rs. 5000/- per annum |
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