Overdraft facility against security of urban immovable property located in CRDA and TUDA regions. The facility can be for any purposes viz. to repay the existing debts /take over from other institutions, expenses related to domestic, educational, health, repairs/developments to house/flat, to improve the business etc., but not for speculative purpose.
Individuals who have the title deed registered in his/her name.
Individuals (other than NRIs) from the age of 21 to 65 years whose maximum age on due date is not to be more than 75 years.
The prospective borrower/s should be a customer of our bank.
The prospective borrower/s should have the repayment capacity.
The income of Co-applicant/s shall also be taken into consideration for arriving the repayment capacity of the prospective borrower.
Minimum CIBIL Score is 650
Minimum extent of property should be 50 sq.yards.
| Interest Rates % | |||
|---|---|---|---|
|
S. No |
CIBIL Score |
Urban & Semi-Urban |
Rural |
|
i. |
650 to 700 |
13.00 |
13.50 |
|
ii. |
701 to 749 |
12.75 |
13.25 |
|
iii. |
750 to 799 |
12.50 |
13.00 |
|
iv. |
800 and above |
12.25 |
12.50 |
a) These OD limits will be sanctioned against equitable mortgage of immovable property located in the areas of TUDA and CRDA including Municipalities of Tirupathi, Vijayawada, Guntur, Tenali and Mangalagiri.
b) If the property offered is not having approved layout (plots situated in residential area surrounded by houses) by the competent authority, the BM should physically verify and give his/her recommendation/certificate with regard to possession/occupancy, marketability.
c) The borrower may provide a Co-applicant to the loan from any one of his/her major income earning family members.
d) Initially the SOD limits are sanctioned for a period of ONE YEAR only. On satisfactory operations on the sanctioned limit, limit will be renewed on calendar year basis with 10% reduction.
e) The BM can call back the facility at any point of time if the operations are not satisfactory and BM will be authority to initiate legal action in case of default.
