When the unforeseen expenses seems too daunting, SVC's Double Plus will ensure that you are able to meet every challenge.
|Who can Borrow
||Individuals (singly/Jointly) except stock/share broker/s.
Applicant who have availed Housing / Loan for purchase of Commercial premises (i.e. in line with our SVC office Mortgage Loans) with our bank or any other bank, NBFC & repayment in these accounts are regular for a minimum period of 18 months.
- Maximum overall limit against residential flat / house - Housing Loan together with additional limit not to exceed Rs.200.00 Lac.
- Maximum over all limits including additional limit on commercial property i.e. under our SVC Office Mortgage not to exceed Rs.300.00Lac.
The above limits under a & b will be applicable for branches :
- In Mumbai Region (excluding Gujarat & Nashik Branches).
- In Pune / Pimpri Chinchwad City Limits. (Excluding Branches in Kolhapur & Aurangabad Division).
- In Bengaluru City Limits.
- Delhi City Limits.
- Residential property situated in cities / towns other than detailed in clause No. a - above - Rs. 70.00 Lac.
- Commercial property situated in cities / towns other than detailed clause No. b above - Rs. 200.00 Lac.
||For any legitimate purpose but not for speculative activities.
||Extension of / equitable / registered mortgage as the case may be over existing immovable security (residential or commercial).
||Combination of Housing Loan / Commercial Premises Loan (in line with our SVC Office Mortgage Loan) along with additional loan will have to fulfill the following margin criterion :
Customers satisfying 18 months of satisfactory repayment tenure :-
Minimum stipulated security margin after sanction will be 35% - on the fair “Market Valuation” of the immoveable property.
|Repayment Schedule / Tenure
||Maximum 120 months such that mortgage loan co-terminating with the Home Loan or lesser.
(i. e. the existing housing loan will continue for the remaining tenure or will be taken over for the residual period. And the tenure of additional mortgage loan should not exceed the due date of housing loan / SVC office mortgage loan for which the immovable security is primary security)
- Loan Processing charges - @0.50% + Service Tax (as applicable) for Double Plus Loan & 0.65% + Service Tax ( as applicable) for Housing Loans ( in case of takeover)
- Valuation, Documentation & legal charges: on actual basis.
- Share Linkage – NIL for existing customers & new customers should become members of the bank first.
- Application form & latest photographs.
- Latest income papers.
- Latest KYC documents.
- Latest Valuation report from bank’s approved valuer.
- Repayment in the existing loan accounts should be regular.
- Copy of sanction letter and loan statement since beginning to be obtained
- Documentary proof to confirm the end use of bank finance, depending on the purpose of applied loan.
- Total percentage deduction to gross incomes (including EMIs of proposed loan) not to exceed 60% in case of salaried & 67% in case of business persons