Mortgage Loan
Secure financing against property for business needs
About Mortgage Loan
Business financing secured by property
Fingrowth Bank offers Mortgage Loans as a general-purpose financing solution secured by property to meet various financial needs. Utilize funds instead of taking multiple small loans.
Available for salaried individuals, self-employed professionals, businessmen, and business entities. Choose between Term Loan for specific purposes or Overdraft (OD) for flexible working capital needs.
Who Can Borrow?
Salaried Individuals
Employees with regular income and stable employment
Professionals & Self-Employed
Doctors, lawyers, CAs, architects, and other professionals with stable income
Businessmen (Income Tax Payees)
Business owners with documented income and tax filings
Business Entities
HUF, Trust, Partnership Firm, Company & Associations
Age & Income Criteria
Maximum Age: 60 years at the time of applying. If age is above 60 years then co-borrower be insisted upon.
Minimum Income: Net monthly income for salaried individuals is not less then Rs. 5000/- P.M. or net annual income is not less then Rs. 60,000/- in case of self employed and others.
Loan Amount & Terms
Based on Income
4-5X Annual Income
Or 60x monthly income
Based on Property
70% of Value
Market value of property
Margin
30%
Borrower contribution (5% relaxation allowed)
Repayment Period
10-12 Years
120-144 months tenure
Security Requirements
Primary Security
Equitable mortgage of legally acceptable title documents of non-encumbered immovable property including:
Residential Property
House, flat, or apartment in borrower's name
Urban Property
Urban land or developed plots
Commercial Property
Shops, showrooms, or commercial buildings
Industrial Property
Warehouse, factory, or industrial land
Property Criteria
- Property must be in borrower's name
- Property should be non-encumbered (not mortgaged elsewhere)
- Clear title documents required
- Property can be self-occupied or vacant
- Not mortgaged to any other institution/bank
Property Valuation
The value shall be assessed by the approved valuer of the Bank. Maximum loan amount will be 70% of the assessed market value of the property.
Personal Guarantee
Third party personal guarantee of two persons having good credentials, adequate net worth, and satisfactory income
Documents Required
Duly filled application form along with the following documents:
Personal Documents:
- Income Tax Return of last 2-3 years
- PAN Card copy
- Address proof (Aadhaar Card, Voter ID, Passport, etc.)
- Identity proof (PAN, Aadhaar, Passport, Driving License)
- Passport size photographs
Business Documents:
- Business registration documents (Partnership deed, MOA/AOA, etc.)
- GST registration certificate
- Business bank statements (last 6-12 months)
- Business income proof/turnover statements
- Office address proof
Property Documents:
- Original title documents of the property
- Encumbrance certificate
- Property tax receipts
- Approved building plan (if applicable)
- NOC from society/builder (if applicable)
Interest Rate & Disbursement
Interest Rate
Floating interest (reducing balance method). Penal interest: 2% extra on default. As per bank policy.
Disbursement
Term Loan: 1-2 installments after loan agreement and documentation
Overdraft (OD) Options
Option 1: OD Limit reduces every 6 months
Option 2: No reduction, yearly renewal required
Interest Calculation
For OD: Monthly interest charged like Credit Card account. Pre-EMI during construction period, Full EMI after completion.
Processing Fees & Charges
Processing Fee
0.70% + GST
Minimum Fee
₹500
- Fees and charges are one-time and non-refundable
- Legal and other charges to be borne by the borrower
- Property insurance coverage is mandatory
- As per bank rules and applicable policies
Key Features
Two Loan Options
Term Loan or Overdraft
Up to 10-12 Years
Extended repayment period
Multiple Use Cases
Working capital, expansion, equipment
Competitive Rates
Business-friendly interest rates
Need General Purpose Financing?
Apply for Mortgage Loan (Term Loan or OD) at your nearest branch
Business Loan Products
Quick Eligibility Check
- Annual income Rs. 60,000+
- Age below 60 years
- Own unencumbered property
- Established business/practice
Where to Apply?
Visit any branch in Jaipur, Kishangarh (Ajmer), Palanpur (Gujarat) or contact Head Office.