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KVB Mortgage Loan

KVB Mortgage loan is a multi-purpose loan ideal for general business purposes other than speculative purposes.

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20 Lakhs

Min loan amount

500 Lakhs

Max loan amount

12 Months

Min repayment tenor

Features and Benefits

Business enterprises, viz. proprietorship concerns, partnership firms, HUFs, LLPs, limited companies.
The property should be owned by the business enterprise or its proprietor or partner or director or spouse / parents / major children of proprietor or partner. Title holders should extend the guarantee. In the case of HUFs, the property should be owned by HUF and no personal property should be accepted.
The Business enterprise must be profit making for the last two years and show a positive growth trend in its business turnover. Financials shall be satisfactory.

Eligible Properties

The property should be located within 50 Kms radius of any of the branches of the Bank.
Residential properties put to residential use.
Commercial properties put to commercial use.
The property should be owned by a resident Indian.
Up to 3 Tenanted properties are allowed. However, the properties mortgaged should have separate & unhindered entrance and the properties where one unit have more than one tenant are not to be funded e.g., one floor having one unit and having more than one tenant should not be funded.
Industrial property converted to commercial property.
Doctors' clinics.
Approved vacant land either residential or commercial not exceeding 10,000 sq.ft. The land must be approved. No deviation is permitted.

Ineligible Properties

Godowns, Factories and Hospitals.
Cinema Halls, Restaurants, Hotels, Marriage Halls, Schools, Banquet Halls.
Agricultural Lands.
The nature of the loan is Term Loan (EMI) against Residential / Commercial Property.

Charges and Limits

Limit	Minimum of Rs. 20 Lakhs and Maximum of Rs. 500 Lakhs.
Income Eligibility	Based on the last three years average income as per audited financials or last year's net profit whichever is lower. Extraordinary income or income from other sources, which is not consistent to be excluded for computing the eligibility.
Repayment Tenor	Term Loan (EMI) - Minimum repayment period 12 months Maximum repayment period 84 months (The residual age of the building as confirmed by the empanelled valuers at the maturity of the loan should not be less than 15 years.).
Primary Security	Equitable mortgage (EM) of the property to be financed, by way of deposit of title deeds. Property mortgaged should have clear and marketable title.
Collateral Security	Nil
Loan to Value (LTV)/Margin	60% of Market Value (As certified by empanelled Valuers) of residential/commercial properties. (100%-60%LTV = 40% Margin). (Reduction in margin is not permitted).
Insurance - Property	To be insured comprehensively against all risks for the value of the security.
Guarantors	Partners / directors / property owners / husband of lady partner / lady director / lady owner.
Processing / Upfront Fees	TL- 0.75% of the loan amount.
Foreclosure Charges	For TL- 2% will be charged on the amount pre-paid.
Penal charges	Additional 3% per annum on the arrears / overdue amount.
Take Over	Permitted. Top-up also permitted subject to eligibility. For more details contact your home branch.
Papers to be obtained along with application	Audited financial statements for the last three years. Copy of Income Tax Return (ITR) pertaining to a period of the last three years. Shops and Establishment certificate Excise / Sales Tax registration certificate MSE registration certificate, if applicable. Last one year current account statement.

Interest Rate

The applicable Rate of Interest (ROI) is linked to the Credit Score / Rating.
For details please refer the section on Interest Rates.