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Easy Mortgage Loan

loan against mortgage of property / securities

Learn more about our Easy Mortgage Loan under TMB Business Loan Products.

Our easy mortgage loan can be availed based on collateral security of any marketable property owned by the loan applicant for any purpose. This scheme offers loans upto a maximum of Rs. 50 Lakhs either in the form of OD Limit / Term Loan or Combination of both with interest on diminishing balance. Repayment period under term loan can be selected upto 60 months.

Purpose
To Provide hassle-free finance to borrowers to be used for productive purposes other than speculative purpose like purchase or investment in land, stock & shares.
Eligibility
Individual / Joint, Sole Proprietary Concerns, Partnership firms. The facility under the scheme shall not be extended to NBFC, Money Lenders, Private Bankers, Chit Fund Companies and Stock Brokers.
Loan Quantum
50% of the value of easily saleable immovable property*. Either in the form of Over Draft Limit / Term Loan or Combination of Both: Up to a maximum of Rs. 50 Lakhs. (*) Valuation of property based on the Distressed Sale Value should be obtained from at least two approved valuers in addition to the independent valuation of the Manager. Panel Engineer’s Valuation or Manager’s Valuation whichever is lower will be taken in to account.
Repayment Capacity
The Sanctioning Authority shall ensure that the borrower has sufficient income to service the existing and proposed debt obligations by verifying the necessary documents.
Repayment
  • Working capital limit - One year.
  • Term Loan - Repayment period shall be fixed on the basis of income generation of the borrower up to a maximum of 60 months.
Margin
50%.
Security
  • Land and Building property for value not less than 200% of the loan amount.
  • Collateral: Agricultural land should not be taken as collateral security. Third party security should not be accepted except those of the family members.
  • Personal guarantee of mortgager should be obtained
Other Conditions
  • Registration of Memorandum of Title Deeds under the respective State’s Stamp Act should be insisted upon and it should be mandatory.
  • In respect of property situated in other states where law for Registration of Memorandum of Deposit of Title Deeds under the respective states stamp Act is not enacted, registered mortgage should be insisted upon.
Insurance
Insurance for the full market value of the property with the Bank Clause.
Rate of Interest
  • BR + 7.75% (18.50% p.a.).
  • Current Base Rate for Lending (BR) is 10.75% p.a.
Penal Interest
Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing Charges
  • Term Loan: 1.00% of Limit sanctioned without any maximum cap.
  • Working Capital [Fund and Non-Fund Based]: 0.50% of the loan amount without maximum cap.
Documentation
Usual documents as per our Bank norms.
Submission of Stock Reports
Not Applicable.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.