Before granting the loan the bank officials/Manager will inspect the security for the loans and they will ascertain the Value of the property by taking the following factors:
(A) Location of the Property
(B) Age of the building and present condition
(C) Salability of the property.
(D) Access to the property, whether any tenant is occupying the building or land .
The branch also obtain legal opinion from the Bank's Legal advisor, for scrutiny of the loan the legal advisor needs the Encumbrance certificate for the last 13 Years and latest tax receipt is also must.
The valuation of the property also done by bank's approved Engineer.
Procedure before Creating Equitable Mortgage:
(I) A written application from the borrower stating
1.The amount of advance needed
2.Purpost for which the loan is required
3.Detail of the property offered as security
4.If the property belongs to third party a letter from the third party .