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To provide hassle free credit for the conversion of residential properties into Home stay facility for tourists. The loan shall be provided for renovation/refurbishment of upto 04 Double Bed Rooms per dwelling unit and purchase of other required materials only.
All desirous persons who:
want to convert their residential properties into “Home Stay accommodation for Tourists”,
where there is scope for such conversion and
who have obtained requisite permissions/ registration from Tourism Department, J&K Govt can avail finance from the bank required for such conversion. However, wherever the loan is extended for changes in external structure/extension of structure (increase in dimension), borrower (where ever applicable), shall have obtained prior permission from concerned authorities to carry out the same.
- Priority-Services
Quantum of finance:
It shall depend on actual requirement subject to a maximum of Rs.2.50 lac per room and Rs.10.00 lacs per residential house to be converted into Home Stay for Tourists. The quantum of finance has been fixed after considering the average requirements for such conversion.-
Stipulation of minimum take home salary shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.
- Term Loan
- The loan shall be repayable in 60 equated monthly instalments after the initial moratorium, hence the loan shall have door to door tenor of 66 months. The interest during moratorium shall be capitalized.
- 20%
- Primary: Hypothecation of all furniture, fittings and other movable assets created out of the loan proceeds along with hypothecation of receivables, if any.
- Collateral: To be covered under CGTMSE, guarantee fee shall be borne by the Borrower
- Processing charges: 0.25% of the Loan amount +applicable GST.
- prepayment charges: Prepayment from own sources shall be allowed without any prepayment charges. However, in case of takeover, prepayment charges @ 4% of balance taken over along with applicable GST shall be applicable
- RLLR+1.00% present effective 10.45% (Floating) with monthly rests.
- The maximum age at loan maturity shall not be more than 75 years
