Shopin

LOANS FOR REPAIRS/RENOVATION OF SHOPS & GALAS

  • PURPOSE

    For renovation of Shops, Galas etc.

    MAX. AMOUNT

    Maximum Rs. 10.00 Lakh for House Repairing & Renovation.

    No Ceiling for Shop Repair & Renovation.

    ELIGIBILITY

    Constitution of the Borrower:- Individuals, Proprietorship firm, Partnership Firm, Pvt./Ltd. Co. etc.

    Eligibility as per Repayment Capacity = Repayment capacity * 100000 / EMI factor

    Wherein,
    Repayment Capacity = Net monthly Income – (Less) minimum Take home Pay –(Less) Other Loan deduction.

    A. House Repairing & Renovation Loan for Existing Housing Loan borrower- 40 % of Net Take Home Salary / Income subject to Minimum   Rs.8,000 & Maximum Rs. 20,000/-.

    B. For others - Net Take home salary/ Monthly income after EMI deduction - Rs. 10,000/- p.m. :-
        Loan amount will not exceed 80% of market value of the Flat/House,Shop / Gala

    REPAYMENT

    Upto 84 EMIs for repairing & renovation of House.

    Upto 120 EMIs for repairing of Shop/Gala.

    RATE OF INTEREST

    Click Here

    MARGIN

                                                   Upto Rs. 10.00 Lakh             - NIL

    For Repairing of Shop/Gala :- Above Rs.10.00 Lakh           - 25%

    Total Loan amount should not exceed to 80% of market value in case of existing Loan for Shop /Gala/House.

    MEMBERSHIP

    For Applicant :-
    a) Loan Upto Rs. 1.00 lakh Nominal Membership
    b) Loan above Rs. 1.00 lakh Regular Membership

    For Sureties: Nominal Membership

    SURETY

    No Surety for repairing & renovation House

    For Repairing of Shop / Gala- One surety with net salary/income of Rs.30,000 and above p.m. or Two sureties of Rs.20,000 and above p.m.

    PRIME SECURITY

    Equitable Mortgage of flat/shop against submission of original share certificate, Registered Sale Deed/Agreement, NOC from the society and applicant/owner of the flat should be residing in the flat.

    COLLATERAL SECURITY

    Nil

    SERVICE CHARGES

    As per Service Manual charges.

    SHARE LINKAGE

    As per extant Shareholdings Norms

    INSURANCE

    Insurance of Furniture/Fixtures, Equipments and Flat/House/Shop/Gala.