HYPOTHICATION LOAN

Hypothication Loan Above Rs.5,00,000/- Property mortgage mandotary.

Hypothication Loan upto Rs.15 lacs is available for Business use.

Last years balance sheet, copy of income tax return, copy of Partner’s personal return for loan application.
One photographs of Applicant
Business proof of Applicant
Applicant’s Pan card / Partner’s Pan Card.
Bank account statement .
Stock statement of the business(Monthly)
Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.

In mortgage cases, Hypothication Advances borrower should paid 20% of his / her firm limit at the end of maturity date.
The limit will be decided on the basis of turn over (sales) / projected sales i.e. 10% of turnover (sales) or projected sales against stock 40% margin of stock.
Applicant has to provide collateral security to the tune of 60% of the limit by way registered mortgage declaration of residential premises, office, shop, godown, shed etc.
Insurance of stock and mortgage property to be taken in favour of bank by the applicant.
Original documents such as Tax receipt allotment letter are required for registered mortgage of the property.
Applicant has to submit stock statement at the end of the month and before 10th of the next month.
Limit is subject to renewal after 12 months.
Applicant has to take share 2.5% of the limit.
No Processing charges for sanction loan.