Mortgage Loan

A mortgage is a loan in which property or real estate is used as collateral. The borrower receives funds upfront and repays the loan over a fixed period. The borrower retains possession of the property, while ownership remains with the lender until the loan is fully repaid.

Purpose

For individuals for non-business purposes only, such as meeting unforeseen expenses, urgent personal requirements, and medical needs.

Eligibility

• Individual customers having satisfactory dealings with the Bank
• New customers who are well introduced and creditworthy with satisfactory banker’s / market reports
• Age of the applicant should not exceed 55 years
• Maximum individual loan limit: Rs. 1,80,00,000/-
• For group / partnership firm: Rs. 4,80,00,000/- (conditional; varies from time to time)
• Amount of Finance: 50% of property valuation or 75% of estimate, whichever is lower
• Maximum Loan Period: Up to 120 months / 10 years

Security

• Mortgage of property with clear and marketable title acceptable to the Bank
• Land offered should be converted land / building only
• Proper four-wheeler road access to the mortgaged property is mandatory

Guarantee

• Two personal guarantees of adequate net worth acceptable to the Bank

Rate of Interest

• Up to Rs. 5.00 lakhs – 14.00%
• Above Rs. 5.00 lakhs and up to Rs. 10.00 lakhs – 14.50%
• Above Rs. 10.00 lakhs – 14.00%

Interest will be charged at the rate fixed by the Bank from time to time or applicable at the time of disbursement and debited to the loan account every month.