SRA Funding For Builders

In Metro cities like Mumbai, where the land is scarce and lot of projects are taken by the builders for development of Slum areas. We provide assistance in getting the credit facility for construction of Free FSI.

Documents Required For SRA Funding

Sl.No. Documents
1. Application form duly filled and signed by the Borrower
2. Latest statement of Assets and Liabilities of all the Directors / Partners / Properties / Guarantor as the case may be duly filled and certified by Chartered Accountant
3. Latest shareholding pattern in case of company duly certified by Chartered Accountant.
4. Copy of MOA and AOA / Partnership deed as the case may be. Copy of Certificate of Incorporation and Commencement of Business in case of Company.
5. Audited Financial Statements along with annexure / schedules and Auditors report for the last three years.
6. Projected financial statement along with annexures / schedules for the current year along with assumptions of the projected figures.
7. KYC of all the Partners/Directors along with their three year ITR
8. CMA data incorporating audited financials for the last two years, current year along estimates and next year projections.
9. All relevant paperwork/approvals from competent Authorities to be submitted. All the approvals under SRA should also be submitted
10. Details of the associate concerns of the Borrower in terms of their principal activity, directors, Financial details i.e., turnover tangible networth and net profit for the last two years along with the details of credit limits enjoyed by the associate / group concerns of the firm along with financial statement for the last two years.
11. Details of primary security and collateral security available / offered for the credit
12. Details of credit limits enjoyed with other Banks / Financial Institutions.
13. Copy of VAT, Service tax Details

Procedural Aspects For SRA Funding

CHECKING OF LOAN AMOUNT ELIGIBILITY Loan eligibility is normally finalized by the Bank based on the CMA projections submitted by the Company, however the entire tenure of the loan right from the disbursal to repayment shall be Of 36 months only.
CIBIL SCORE CIBIL OF ALL THE Directors/Partners/Proprietor is checked by the Bank
DUE DILIGENCE 1. KYC:PAN CARD, AADHAR CARD,ADDRESS PROOF
2. BANK STATEMENT=== 06 MNTHS TO 1 YEAR, VERIFICATION OF INCOME TAX RETURNS
3. VISIT TO EXISTING:OFFICE/FACTORY/GODOWN, RESIDENCE, THE SITE WHERE THE NEW PROJECT IS TO BE FINANCED
TITLE & SEARCH 0F THE PROPOSED PROPERTY THE TITLE OF THE SECURITY THUS OFFERED IS SCRUTINISED BY BANK’S ADVOCATE
VALUATION VALUATION OF THE PROPERTY THUS OFFERECD WILL BE SUBJECT TO VALUATION BY THE BANK’S APPROVED PANEL VALUATORS
PAYMENT OF STAMP DUTY FOR DISBURSMENT OF LOAN:
CERTAIN BANK DOCUMENTS ARE TO BE STAMPED BEFORE THE LOAN IS DISBURSED AND THE SAID STAMPING IS DONE BY: FRANKING, E-PAYMENT, E-CHALLAN, E-SBTR
ONCE THE FRANKING IS DONE THEN ALL THE DOCUMENTS ARE TO BE SIGNED BY THE BORROWERS.
LOAN DISBURSAL AND ENTRY IN CERSAI BY THE BANK
NOTICE OF INTIMATION (ONLY IN THE STATE OF MAHARASHTRA)
IT IS A PROCEDURE WHERE IN EACH MORTGAGE CREATED BY THE BANK HAS TO BE INTIMATED TO THE RESPECTIVE SUB-REGISTRARA WHERE THE PROPERTY IS REGISTERED, WHICH ATTARACTS CERTAIN COST TO BE BORNE BY THE CUSTOMER.

Time Frame Required For The Entire Procedure

Normally All Banks Take Around 3 Week To 4 Weeks For Sanction Of The Loan If All The Papers Are In Place.
MAA Capital Solution will act as intermediary between the concerned Bank and you. Considering the fact that all the relevant papers are in place and the legal scrutiny of the property is hassle free then MAA Capital Solution will assure to give a timely loan sanction from the Bank within a time frame of 10 to 12 working days.