Mortgage Overdraft
Flexible overdraft facility against property mortgage
About Mortgage Overdraft
Revolving credit facility against property
Fingrowth Bank offers Mortgage Overdraft at competitive interest rates to meet various needs and requirements of individuals, self-employed persons, professionals, and businessmen by mortgaging immovable property.
This facility provides you with a flexible credit line that allows you to withdraw funds as needed up to the sanctioned limit. Interest is charged only on the amount utilized, making it a cost-effective borrowing option.
Who Can Borrow?
Salaried Employees
With net monthly income not less than Rs. 5,000/-
Professionals
Doctors, lawyers, CAs, architects with net annual income not less than Rs. 60,000/-
Businessmen & Others
Self-employed and income tax payers with annual income of Rs. 60,000/- or more
Age Limit
Maximum: 60 years at the time of applying
Note: The genuine income of spouse may be considered if he or she is a co-borrower
Overdraft Limit & Terms
Based on Income
4X Annual Income
Four times of yearly income
Limit Range
Rs. 1-10 Lakh
Minimum to Maximum limit
Margin
50%
Of market value of property
Repayment Period
10 Years
Reduced half-yearly by 10%
Security Requirements
Primary Security
Legally acceptable title documents of non-encumbered residential house/flat/urban property/commercial/industrial property in the name of borrower, either self-occupied or vacant, not mortgaged to any other institution/bank for any purpose.
Property Valuation
The value shall be assessed by the approved valuer of the Bank. Market value determines the maximum OD limit after applying 50% margin.
Personal Guarantee
Third party personal guarantee of two persons having good credentials and adequate net worth
Documents Required
Duly filled application form along with requisite documents:
For Salaried Employees:
- Salary certificate / Income Tax Return
- Verification of employment from employer
- Permanent address for correspondence (if job is transferable)
- Identity and address proof
For Self-Employed Persons:
- Evidence of income
- Copy of bank accounts (if not an account holder of the bank)
- Income Tax Return of last 2 years along with PAN Card
- Residence proof
Interest Rate & Disbursement
Interest Rate
As per prevailing rates from time to time. Interest charged only on utilized amount.
Disbursement
Borrower can withdraw required amount up to sanctioned limit. The limit will be gradually reduced half-yearly.
Processing Fees & Charges
- 0.5% of the loan amount as processing fee
- After sanction: 1% of loan sanctioned or Rs. 1 lakh (whichever is lower) as share money contribution
- Fees and charges are one-time and non-refundable
- Legal and other charges, if any, to be borne by the borrower
- Property insurance coverage is mandatory
Key Features
Flexible Credit
Draw funds as per requirement
Interest on Usage
Pay interest only on amount used
Up to Rs. 10 Lakh
Maximum OD limit
10 Year Tenure
Long repayment period
Need Flexible Credit Against Your Property?
Apply for Mortgage Overdraft at your nearest branch
Personal Loan Products
Where to Apply?
Visit any branch in Jaipur, Kishangarh (Ajmer), Palanpur (Gujarat) or contact Head Office.