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
1. Salaries persons
  3 months salary certificate with HRMS.
2. Business Class
  1. Business License
  2. Tax payment Receipt
  3. 3 Years Balance Sheet
  4. Business place Agreement or Khata Extrac

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.