Mortgage of unencumbered immovable property
Third Party Guarantee of 2 persons
* Third Party Guarantee shall be accepted only if the quantum of limit is upto 2 lacs only, subject to the satisfaction of the Branch Manager. Otherwise the finance shall be secured by mortgage of immovable property.
Forced value of the property must be based on latest valuation report (not older than 3 months.) of the Bank’s approved valuer. Branch should satisfy itself about the valuation strictly as per circular no. CR-74-203 dated 01-11-2002. The valuation shall be reviewed annually thereafter.
The account is to be adjusted by reduction in the credit limits by 20% each month starting December onwards till the final adjustment of the account in April every year.
Subject to above stipulations, the limit under the scheme shall be reviewed annually and revised/ cancelled /enhanced depending on the performance of the borrower.