Term Loans against security of property (LAP)
For productive purposes:
Loans under this segment may be sanctioned for and against the prime security of property(ies), for productive purposes, such as Business Promotion, purchase of commercial unit, Purchase or construction / alteration of property, purchase of Plant & Machinery (IInd hand also), Acquiring / up-gradation of Business units, education and / or any other such like purposes.
| Maximum Amount | As per RBI Circular |
| Repayment Period | NA |
| Interest Rate | Please refer ‘Interest Rates’ on this site. |
Terms & Conditions:-
- Loan shall be considered for sanction against the security / mortgage of property(ies) registered in the name of applicant or his / her spouse. The Bank at its sole discretion may also accept as security / mortgage of property(ies) registered in the name of any close relative of the applicant and or any third party / person. However, in all such cases the property holder(s) / owner(s) must be a member of the Bank and shall have to be a one of surety(ies) guarantor(s) in loan.
- The applicant shall be required to furnish a declaration on an affidavit as to the usage of loan.
For other purposes:
Loans against the prime security of property(ies) may also be sanctioned for any other personal / consumption nature purposes.
| Maximum Amount | As per RBI Circular |
| Repayment Period | NA |
| Interest Rate | Please refer ‘Interest Rates’ on this site. |
Terms & Conditions:-
- Loan under the segment shall be considered for sanction against the security / mortgage of property(ies) registered in the name of applicant or his / her spouse. The Bank at its sole discretion may also accept as security / mortgage of property(ies) registered in the name of any close relative of the applicant and or any third party / person. However, in all such cases the property holder(s) / owner(s) must be a member of the Bank and shall have to be a one of surety(ies) guarantor(s) in loan.
- The applicant shall be required to furnish a declaration on an affidavit as to the usage of the loan amount.
