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SCHEME OF FINANCIAL ASSISTANCE AGAINST MORTGAGE OF IMMOVABLE PROPERTIES

SCHEME OF FINANCIAL ASSISTANCE AGAINST MORTGAGE OF IMMOVABLE PROPERTIES

scheme September 19, 2016 11 Views

Government of Goa has come up with a new scheme to provide loan against mortage of immovable poperties i.e. land and building of the unit and additional non-agricultural properties offered as additional/collateral security by the applicant.

Objectives:

To provide financial assistance to existing units, with nil or nominal debt, to fund their projects for:

  • Acquisition of additional assets for expansion, modernization, diversification, renovation and purchase of assets of an existing unit.
  • Repayment of outstanding term loan/working capital of other banks/ financial institutions.
  • Repayment of unsecured loans (except margin contribution)/creditors of fixed assets.

Eligibility:

  • Existing industrial concern/enterprise and service sector units for expansion/ modernization/ diversification/renovation.
  • The unit should be in existence for at least five years and should have cash profits for at least two years with networth positive as on last financial year.
  • The repayment history & past dealings of the promoters/unit /sister concerns/group concerns with the Corporation/Banks/FIs should have been satisfactory and the loan account classified as standard for past two consecutive years with bank/financial institution in case of takeover of loans.
  • The loan amount shall be utilized for creation of fixed assets, take-over/repayment of outstanding loans (only standard assets) of applicants from other banks/institutions against fixed assets acquired.
  • The residual life of the plant and machinery assets being financed should not be less than 10 years. In case of building, it should be minimum of 20 years.
  • The proposed property to be mortgaged should not be presently leased out/rented out and should not be leased out/rented out in future without the permission of the Corporation.
  • The applicant should furnish all the required approvals and be agreeable to mortgage its immovable property as prime security.

Benefits:

  • The maximum loan assistance to be considered shall be up to 50% on the value of existing immovable properties
  • The maximum amount of loan shall be subject to the following limits:
    Proprietory concerns Rs.200.00 lakhs
    Partnership firms Rs.400.00 lakhs
    Corporate bodies/ Limited liability Partnership Rs.750.00 lakhs

 Area of operation:
State of Goa and the Union Territories of Daman & Diu and Dadra and Nagar Haveli.

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