Business BankingDomestic FinanceMortgage Loan - Business

Mortgage Loan- Business

Mortgage loan enables you to unlock the value of your property for various business needs. SIB Mortgage loans offered in three variants is a perfect solution for all your business needs. The end use of the loan should not be for hoarding, speculation or activity restricted by GOI or State Governments or local bodies.
 

Variants of SIB Mortgage Loan for Non Individuals

  • Overdraft
  • Drop Line Overdraft
  • Term Loan
     

Features

Quantum of Loan

  • Minimum - Rs 5.00 lacs
  • Maximum
    - Rs 3.00 Cr
    - Rs. 1.00 Cr (for Non Income Program)

     

Tenure of Loan

  • For Overdraft variant : 36 months and renewal thereafter
  • For Drop Line and Term Loan:- Minimum 36 months and Maximum 180 months.
     

Types of Property

  • Residential Property
  • Commercial Property
  • Residential Plot (located in Corporation or Municipality. Panchayat residential properties situated in prime locations are accepted, if the total extent of the property is below 30 Cents.), Commercial Plot, Industrial
  • The marked property must have clear road access with a minimum width of 12.00 feet.

Loan to value (LTV) Range from 40% to 70%. Depending on type of property and internal assessment.
 

Restricted Property List

  • Agriculture Property
  • Schools, Hostels, Hospitals, Farm House, Auctioned Property, Disputed Property etc.
     

Charges

  • Processing Fee:- Upto 1.50%
  • Preclosure Charges:- 2% of the Drawing power for Drop Line OD using own funds and 3% of the drawing power for takeover of loan.
  • Preclosure charges:- 2% of the O/s Balance for term loan using own funds and 3% of the outstanding Balance for takeover of loan.
  • Preclosure charges:- 2% of the Sanctioned limit for OD using own funds and 3% of the Sanctioned limit for takeover of loan.
  • Commitment charges at 0.025% of the unutilized portion per quarter for Drop Line OD /Overdraft above Rs 1.00cr.
  • Other charges (Documentation, Property valuation, CIBIL, Cersai etc)
     

Documents Required

  • Proprietorship
    • KYC documents of the proprietor and co applicants/guarantors
    • Shop Establishment certificate/GST/Local Body license etc
    • PAN Card
    • Last 2-year Income Tax Returns with audit reports
    • Last 6 months account statement
    • If takeover: Sanction order of existing facility and loan account statement
    • Property documents
    • If takeover: Sanction order of existing facility and loan account statement
    • Audited Financial Statements for the Last 3 Years.
  • Partnership
    • Partnership Deed, Registration details
    • KYC of partners
    • PAN Card of firm and partners
    • Shop Establishment certificate/GST/Local Body license etc
    • Last 2-year Income Tax Returns with audit reports
    • Property documents
    • If takeover: Sanction order of existing facility and loan account statement
    • Audited Financial Statements for the Last 3 Years.
  • Companies
    • Memorandum of Association(MoA)/Articles of Association (AoA)
    • Latest share holding pattern
    • KYC of directors
    • PAN card of the company and directors
    • Last 2-year Income Tax Returns with audit reports
    • If takeover: Sanction order of existing facility and loan account statement
    • Audited Financial Statements for the Last 3 Years.
  • Trust /Society
    • Trust Deed/Society Bye Laws
    • KYC of the Trust/Society
    • KYC of the trustees
    • Last 2-year Income Tax Returns with audit reports
    • Property Documents
    • If takeover: Sanction order of existing facility and loan account statement
    • Audited Financial Statements for the Last 3 Years.
       

*The above documents are indicative and not exhaustive, Bank reserves right to demand for additional documents at the time of processing application.

Minimum Bureau Score

  • 690 (Satisfactory Bureau report with score of 0 /-1 (i.e applicants without any track record)