FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Nainital – Almora Kshetriya Gramin Bank – Home Loan
Nainital-Almora Kshetriya Gramin Bank (NAKGB) was established on 26th March, 1983. It is sponsored by Bank of Baroda. Presently the bank has over 58 branches across 4 districts of Uttarakhand, Udham Singh Nagar, Nainital, Bageshwar and Almora.
The bank aims to provide banking facilities in rural area and provide financial assistance particularly to small, marginal, landless labourers and other weaker sections. NAKGB is a joint venture of Government of India, Government of Uttarakhand and Bank of Baroda. NAKGB has its headquarters situated in Nainital.
Purpose: This loan provides for finance in relation to the purchase /construction of a new house, Extension & Renovation of house financing of an old house or purchase of a plot for residential purpose.
Eligibility: This loan can be availed by any individual who has sufficient capacity to repay the loan.
Nature of Loan: This is a Term loan scheme.
Quantum of Loan: The maximum quantum of loan that is granted under this home loan scheme is three times of average income of last three years as per income tax returns subject to an upper limit of Rs. 50 lakhs.
Security: Equitable Mortgage of land and building constructed with the banks finance is taken as security for the loan.