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Primary:
Equitable/ Registered mortgage of the property or
Pari- passu charge over the property if the borrower (salaried person) has already availed loan from his organisation.
Collateral Security:
Personal Guarantee of one person of means and standing acceptable to the Bank will be taken in all cases.
However, in case of delay in creation of mortgage Personal Guarantee of two person of means and standing will be taken, where delay over 6 months in creation of equitable mortgage of the property to be financed by the Bank is expected.
In case of delay in creation of equitable mortgage of the property beyond 6 months, collateral security to the extent of loan amount in the shape of immovable property or financial securities or personal guarantee of two persons of means & standing acceptable to the Bank will be taken.
However, the same will not be needed where a property is being purchased from seller/builder as mentioned hereunder: Housing Board/ Development Authority /Govt agency
Good rated /reputed housing company / builder/developer well known at national / state level (VIZ: Ansal, Gujarat Ambuja, Bengal Ambuja, Bengal Peerless, Sahara Housing).
List of such reputed housing companies/ developers will be circulated by respective Zonal Offices after its careful scrutiny and a copy will be endorsed to Retail Credit Section, Head Office.
Approved Housing Societies notified by Zonal Offices.
Builders/Developers whose project has been approved by the Bank as per bank's guidelines. (Approval of housing projects for the purpose of tie-up arrangement for loan to their prospective buyers where builder/developer is not seeking finance from the bank for the housing project may now be accorded by the Zonal Head). |
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