Hypothecation is legal term that refers to the granting of a hypothec to a lender by a borrower. In practice, the borrower pledges an asset as collateral for a loan, while retaining ownership of the assets and enjoying the benefits therefrom. The term comes from civil law; although its usage varies from jurisdiction to jurisdiction, it is nearly synonymous to a lien or mortgage.
Eligibility
- Individual/Proprietorship,Partnership having existing business for last 3 years.
Limit
- Maximum 7 Crore.
Tenure
- Every Year Renewal Required.
- Amount of loan upto 60% of Property Valuation.
Documents required
- ID and Address proof
- PAN Card
- Security for Loan
- Existing track record
- Balance sheet and other financials
- Valuation Report
- Non-encumbrance and Title Report
- Proof of Income/Self-assessment from borrower
- Copy property insurance with banker’s clause
Guarantor
- Two guarantors (who holds property and share holder of SKNSBL)
*All loans are applicable to actual bank charges which include valuation, legal and all actual bank charges.
To know more visit your nearest branch.
