LOAN AGAINST MORTGAGE

 

 

Eligibility of borrower:

  • Having current/saving account holder of the Bank
  • Borrower must be a member of the Bank

Purpose of Loan:

  • Purchase/construction of residential property for his own use
  • Purchase of Shop, Factory shed, Office (Business premises) etc
  • Renovation of property


Quantum of Finance:

  • Up to 70% of property value
  • Maximum finance up to Rs. 30 Lacs


Features:

  • 20% of annual turnover/sales.
  • Loan tenure up to 120 months
  • Nominal Processing Charge
  • 2% loan closure charge of loan outstanding amount will be charged, In case of Loan closed above Rs. 10 Lacs through Bank transfer
  • Easy Process
  • Interest is to be charged on reducing balance method
  • Two Guarantors, out of one must be a non-relative guarantor


Security:

  • Mortgage of property
  • Up to 65% of the value of the stock.