A mortgage is a loan where the property or real estate which is used as collateral. The borrower will enters into an agreement with the lender for the borrower where they can receives cash upfront & then makes payments over a period of time span until he pays back the lender in full as mentioned.
Features & Benefits :
- No prepayment penalty*
- Flexible repayment schedule.
- Interest on a daily reducing balance basis.
Eligibility :
- Member of the Navabharatha Souharda Co-operative Ltd.
- Holding either single account or joint account with other family members’ viz., father, mother, wife, son or daughter with regular source of income.
- Individuals who may be employed/self-employed in business having regular income.
- Permanent employee of Central/State/Defence//Public or Joint Sector Undertaking/reputed firms/established Educational Inst/Professional/Businessmen having regular income.
Purpose of Loan
- Up-gradation, renovation and extension of residential property.
- Medical, emergency expenditure for maintenance of family.
- To meet the Wedding Expenditure.
- Major Surgical operation.
- For expansion of your existing business or begin a dream venture.
- Meeting any other genuine need as may be specified by the Borrower and agreed to by the Lender.
- Planning to start a small Business.
Quantum of Finance – As per eligibility and Income Earning Capacity.
Repayment Details – By EMI or Regular.
Processing Charges – 2%
Supporting Documents for Loan Sanctioning
Photo Identity Proof:
- Aadhar Card
- PAN Card
- Voter ID / Driving License / Pass port
Residence Proof:
- Telephone / Electricity / Gas Bill
- Letter from any recognized Public Authority
- Ration Card
- Letter from employer subject to satisfaction on Bank
- Property Tax Book/Receipt
- Registered Lease Deed
Loan Procedures
- Application on Prescribed form
- Two photographs of Borrower and Guarantors
- Address proof of Borrower and Guarantors
- Income proof, Copy of Income Tax Return, Financial Statement of the Firm, Sales Tax returns etc.
- 3 Months Bank statement (Latest)
- 3 Months Salary slip (if you are a salaried)
- Profile of Guarantors.
- Loan should be guaranteed by three financially sound Guarantors having net individual worth twice the loan amount.
- Any other marketable security.