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Sarva UP Gramin Bank – Mortgage Loan

by BankBazaar.com Desk on    0 |

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Sarva U.P.Gramin Bank, sponsored by Punjab National Bank one of the leading commercial Bank of India, came into existence by amalgamation of 4 Regional Rural Banks. The Bank has its Head Office in Meerut.

Purpose: Loan against Mortgage of immovable property in Urban and Semi urban centers finances need of business &/or personal needs.

Eligibility: Individuals/Business Enterprises having immovable property are eligible for this loan. Minimum Net annual Income of the applicant should be Rs.2 lakh.

Quantum of Loan: Minimum of Rs.2 lakh and a maximum of Rs.10 lakh could be granted as loan. Total deductions including proposed loan installment should not be more than 50% of Gross income of the applicant.

Margin: There is no margin for this loan.

Rate of Interest: The rate of interest is 12.5% per annum in case of a term loan [Quarterly Compounding] and 13% per annum for overdraft facility [Quarterly Compounding]

Repayment: In case of term loans the repayment has to be done within 60 Equal Monthly installments and the overdraft facility undergoes annual renewal.

Security: Mortgage of immovable property in the name & possession of the borrower valued at minimum 150% of Loan amount is required for term loans. In case of overdraft, it is 200%.

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