A property mortgage loan from Sri Ganapathi Urban Co-Operative Bank Ltd., is a financial product designed to help individuals purchase, construct, or renovate a house or flat. It can also be used to take over an existing housing loan from another bank.
Key Features and Terms 🏡
- Loan Purpose: The loans can be used for Business, Home renovating an existing one and etc...
- Loan Amount: The maximum loan amount is ₹300 lakhs.
- Repayment Tenure: The maximum repayment period is 240 months
- Disbursement: Loan funds are disbursed directly to the member account.
- Interest Rate: The interest rate is compounded monthly on a reducing balance and is subject to revision based on the bank's and RBI's directives. the interest rate for a the loan is 12.50% p.a..
- Security: The borrower must secure the loan by creating a mortgage of the immovable property in favor of the bank. The property's value, certified by the relevant authority, must be sufficient to cover the loan amount. The bank requires a comprehensive fire insurance policy on the property with a bank clause.
Eligibility and Documentation 📄
- Eligibility: To be eligible, an applicant must be a member or associate member of the bank. Family members, including a spouse, may be required as co-obligants or sureties to assess the family's overall repayment capacity. Any existing liabilities with the bank must be in good standing with all installments and interest paid up to date.
- Area of Operation: The bank's operations are limited to specific taluks within the Shimoga District of Karnataka.
Required Documents:
- Property-related documents: This includes the parent deed, sale deed, possession certificate, Khatha extract, and up-to-date tax receipts. You'll also need a recent encumbrance certificate (for the last 15-30 years).
- Income Proof: Documents proving your income, such as salary certificates for salaried individuals or income tax returns and financial statements for self-employed individuals.
- Other documents: This may include a plan and estimate sanctioned by the proper authority, a betterment charges paid receipt, a DC conversion order (for converted land), RTC extract, mutation record, and a genealogical tree. The bank's legal scrutiny report may require additional documents.
- Additional for takeover: For a loan takeover, a foreclosure letter and loan statements from the existing bank are necessary.
