Interim Security Pending Mortgage:-
Wherever creation of mortgage is likely to be delayed for any valid reason,
suitable security including third party guarantee, as considered necessary,
may be taken for the interim period.
Utilisation of the loan:
The amount of the loan shall be utilized strictly for the purpose detailed in
the Arrangement Letter and in the manner prescribed. The construction
of the house/flat or the modification/extension proposed by the borrower
in the existing house/flat should be strictly according to the plan approved
by the Local Authorities/Town Planning and Development authorities. Any
modification desired in the plan as originally approved, can be undertaken
only after express sanction for it has been obtained from the appropriate
authority.
Insurance:
The house/flat purchased/constructed with Bank’s finance should be
insured against the risk of fire/riots/earthquakes/lightning/ floods etc. in the
joint names of the borrower and the Bank for the actual project cost after
netting off the cost of land (including undivided share of land in case of
flats), cost of stamp duty and registration charges. Cost of the same shall
be borne by the borrower.
Inspection: The Bank will have the right to inspect, at all reasonable
times, the borrower’s property by an officer of the Bank or a qualified
auditor or a technical expert as decided by the Bank and the cost thereof
shall be borne by the customer.
Fees and charges:
Processing fee: Collected at the time of Documentation.
0.35% of the loan amount plus applicable GST. Minimum: Rs. 2,000/- plus
applicable GST, and Maximum: Rs. 10,000/- plus GST.