Mortgage Loan
This scheme provides loan facility against mortgage of property at the rate of interest fixed by the Bank. The scheme is for people engaged in trade, commerce & business and also professionals & self employed, Prop. Firm, partnership firms, companies, NRIs and individuals with sufficient repaying capacity including salaried people and agriculturists. The product provides an opportunity to customers to borrow against a fixed asset (mortgage of property) at a short notice without much paper work/attendant hassles.
Purpose
- To meet the credit needs of trade, commercial activity, other general business, Profession as also for their bonafide requirements.
- To meet marriage or medical or educational expenses of family members including near relatives.
- To undertake repairs/renovation/extension to the residence/commercial property.
- Purchase of consumer durables.
- To purchase/construct house/flat, purchase of plot.
- To purchase 2/4 wheeler / heavy vehicles.
- For going on pilgrimage/tours/excursions, etc.
- Repayment of existing loans from other Banks/FIs.
Eligibility
- Persons having membership in the Bank, engaged in trade, commerce and business, Professionals, Self-employed, Prop. Firms, partnership firms, individuals with high networth, salaried people, agriculturists etc.
Procedure
- submit application with necessary documents.
- After verification the Branch will submit the application to HO with their recommendation.
- After getting legal opinion HO will sanction the loan and issue orders.
Charges and other costs
- The charges levied are forms, insurance, notice, legal fee, valuation charge and miscellaneous charges. Please visit the page of service charges in this site.
Period
Eligible amount
- Maximum Rs. 50,00,000/-
- percentage of share linking is 2.5 %
Repayment
- Monthly instalment.
- Customers are free to repay part amount of loan and/or accrued interest thereon at anytime. Interest is calculated on daily product basis on the amount of loan outstanding at the end of the day.
Rate of interest
- To see the interest rate please visit the page of Interest rate in this site. The overdue interest rate is 2% .
