Mortgage Loan
Introduction
Loan will be sanctioned for government, Semi government and Business persons on ledging the immovable by valuating 70% of the property value.
Purpose
Loans will be advanced for as follows.
- To improve their business organization
- Alteration of the houses and buildings
- For higher education
- Marriage purpose and Religious functions
- Medical expenses incurred
- Small Industries
- Purchase of new Vehicles
- Business Development
Conditions
- Security offered property should be in the juridiction of muncipal area or city corporation.
- Applicant should have SB A/c with nominal membership.
- Mortigaged property should be free of encombrince.
- The applicant should bear two cobligant as desired by the bank
- Such proposed cobligant should have A/c (Account) with Nominal membership
- The Applicant should produce his source of income for repayment of the loan with the recomandation of the Branch Manager .
- Repayment of the loan commence from the next month of the advanced date.
The applicant should enclose the following documents for the loan.
- The Generation Tree
- Original documents of the immovable property (Sale deed, mother deed) Katha Extract, Registered Partrition deed.
- Encombrance Certificate for 15 Years
- Up to date Kandayan Receipt
- Valuation of the Building
- Income Sources
- Salaries persons
3 months salary certificate with HRMS. - Business Class
- Business License
- Tax payment Receipt
- 3 Years Balance Sheet
- Business place Agreement or Khata Extrac
- Salaries persons
Loan Repayment Procedure
- Loan Sanctioned upto ‘NABARD’ Explosure limit
- Repayment period 60 months from the date 06 Dispursement 06 Loan.
- Insurance compulsory
- The applicant should encash the loan Amount within 3 months from the date of sanction.
- The immovable property should registered through Sub- registar in the name of the Bank. This should be kept under the bank up to the closure of loan.
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