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Loan Take Over
Based on the merits of the case and requirements/ eligibility of the borrower, the Bank may sanction an amount higher than the amount taken over from other bank/ financial institution for purposes of renovation/ extension/ furnishings. Similarly extended repayment period may be sanctioned provided that at all times the criteria regarding maximum permissible finance and security margin under the Bank's scheme are not diluted.
Loan can be taken over from the following Institutions.
Scheduled Commercial Banks (SCBs);
Private and Foreign Banks;
Finance Companies
Subject to the following
Borrower should satisfy the eligibility criteria for availing Loan as per the Banks instructions.
The borrower should have serviced interest and/or instalment of the existing loan regularly, as per the original terms of sanction.
The borrower has valid documents.
Procedure for Take Over
The borrower should address a letter to the bank/ financial institution from whom he has availed the loan asking them to deliver, immediately upon receipt of the loan amount, the title deeds and other securities, if any, direct to our lending branch;
The borrower should give to the branch a request letter for paying to his existing lending bank / financial institution the outstanding amount of his loan by debit to his loan account;
The borrower must give an advice of the actual out standings (with up-to-date interest) in the loan account from the other bank/ financial institutions;
The statement of Account for the entire period of loan or for the last 10/12 months where the loan has run for a longer period;
Confirmation letter from the financing Bank that they have created an equitable mortgage over the property.
Documents required for availing the loan
Disbursal must be effected only subject to the above information being found satisfactory and completion of formalities as regards
Agreement to create Mortgage,
Power of Attorney in the favor of the Bank authorizing the Bank to create equitable mortgage on the borrower’s behalf.
Interim security (Ex: Bank Deposit Receipts, LIC Policies, etc) and the security obtained in the interim period will be released after receipt of the title deeds then the other Bank and creation of a valid equitable mortgage subsequent to verification of the borrower's title to the property.
Required loan documents.
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