SOD Against Mortgage of
Property

SOD Against Mortgage Of Property Loan Overview

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.

Eligibility
  • 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.
Features & Benefits

Amount of Loan: upto ₹25.00 lakhs

For Flats: The loan shall be considered 70% of the SRA value or 60% of the market value, whichever is less

Tenure of the loan upto 120 months

For Independent Houses: The loan shall be considered 90% of SRA value or 65% of the market value, whichever is less.

Facilitate your working capital requirements

Enjoy anytime usage of credit limit.

Pay interest on amount used.

Lower Rate of Interest.

No prepayment/foreclosure charges

Multiple purpose uses allowed.

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
Security

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.

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SOD against mortgage of property

Overdraft facility against security of urban immovable property located in CRDA and TUDA
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    FAQs

    1. What is a mortgage loan?

    A mortgage loan is a type of loan specifically used to purchase real estate. In this arrangement, the property being purchased is used as collateral to secure the loan.

    2. What is the difference between a mortgage lender and a mortgage broker?

    Mortgage Lender: A mortgage lender is a financial institution or bank that provides the funds for the mortgage. They lend you the money directly. Mortgage Broker: A mortgage broker is an intermediary who connects borrowers with mortgage lenders. They help you find the best mortgage deal from various lenders.

    3. What factors determine my mortgage interest rate?

    Several factors influence your mortgage interest rate, including your credit score, loan amount, down payment, loan term, and current market conditions.

    4. What is a down payment, and how much do I need to put down?

    A down payment is a portion of the home's purchase price paid upfront. The amount varies but is often between 3-20% of the home's price. A larger down payment can often secure a lower interest rate.

    5. What is mortgage pre-approval?

    Mortgage pre-approval is a process where a lender evaluates your financial information and creditworthiness to determine how much they're willing to lend you. It gives you a clear understanding of your budget when house hunting.