An Advance Against Land & Building is a secured loan where the borrower pledges immovable property—such as a plot of land, a residential house, or a commercial building—as collateral to the bank. The bank creates a legal "charge" or mortgage on the property. The loan amount is determined by the property's market value (LTV - Loan to Value ratio), and the funds can be used for business expansion, personal requirements, or working capital.
SIGNIFICANT FEATURES:
- Duration of Repayment is 180 Months
- Rate of interest
- Installment
- Loan amount can 80 to 100 % of Market Value or Document Value as the case may be
- Repayment capacity is 50% of total income and evaluation is based on the income of Applicant & Co-Applicant (Family Member)
- If Property is located at Nagarpalika/ Gram Panchayat then Advance will be furnished.
TYPE OF APPLICANT (MINIMUM REQUIREMENTS):
- KYC Docs are Mandatory
- Applicant has to be RNSB Shareholder (If not then they may subscribe for the same)
SERVICE CLASS APPLICANT:
- Form 16 or Salary Slip (Last 3 Month)
- Confirmation from employer for allowing deduction of EMI straight from the salary.
FOR PROPRIETOR / PARTNERSHIP / COMPANY / PROFESSIONAL / VOCATIONAL:
- Self Declaration of Income
- Financial Statement (Last 3 Years)
- Income Tax Return (Last 3 Years)
- Shop Act License
- VAT / CST / SSI Certificate
- Service Tax Certificate
- Partnership Deed - Latest
- Registrar of Firms
- Certificate of Incorporation
GUARANTOR COMPLIANCE:
If one guarantor want to furnish then Guarantor must has immovable property, otherwise furnish Two Guarantor.
PURPOSE BASED RULES (CONSTRUCTION WORK):
- Estimate of Cost of Construction.
- Authorized / Approved Plan.
- Requisite Permission
PURCHASE:
- Recent Document Deed (Register within 1 Years from the Date of Application)
- Satakhat (Register within 1 Years from the Date of Application)
