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Loan scheme to individuals to pay initial deposit as notified by Bangalore Development Authority in their offer letter. Purpose: Eligibility: - Salaried individuals-confirmed in service .
- Non salaried class-Engaged in business, professionals and self employed persons like doctors, Chartered Accountants, Architects and others who are IT assessee.
- The applicant should preferably be a customer of the Bank with satisfactory dealings. Non customers should be well introduced to the Bank with satisfactory O.P.L/Market report on them.
- Normally, the age of the applicant should not be above 55 years.
Quantum: - Initial deposit/EMD as notified by BDA for various dimensions of sites as per their offer document.
Security: Disbursement: - DD/PO for full amount of the application depending on the dimension of site applied should be remitted directly to BDA along with application be debiting the loan account of the applicant.
- Applicable DD/PO commission should be collected along with processing charges.
- The designated branch shall ensure to send the related application for site along with DD/PO in time to BDA. The DD/PO and the application should not be handed over to the applicant under any circumstance.
Repayment: - In case of allottees, 6 months period .
- In case of non-allottees, the loan amount shall be closed by adjusting the proceeds of the refund amount.
Rate of Interest: Pre-Closer Charges: Processing Charges: Documentation: - Application.
- Pronote/Pronote covering letter.
- Photograph of the borrower/co-obligant.
- Salary certificate/ITAO.
- Authorisation letter to make the payment directly to BDA.
- Undertaking letter from the applicant addressed to BDA authorizing to collect refund cheque directly in case of non-allotment and adjustment of refund towards clearance of loan account.
- The Branch should given an acknowledgement to the borrower for accepting the BDA application addressed to BDA in the prescribed format.
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