Apex BDA Initial Deposit

Loan scheme to individuals to pay initial deposit as notified by Bangalore Development Authority in their offer letter.

Purpose:

Loan scheme to individuals to pay initial deposit/EMD as notified by BDA in their offer letter.

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:

Clean loan.

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:

Upto 5 Years 12.50% per annum
Upto 5 Years 13.50% per annum

Pre-Closer Charges:

1.00% on outstanding balance.

Processing Charges:

Rs.1,000/- irrespective of dimensions of site to be collected upfront, along with interest at the time of sanction.

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.