BANKBAZAAR TIP CENTRAL
How is your EMI calculated?!
At a constant interest rate, EMI is constant month on month. The change happens in the way the principal and interest is added every month! In the initial years of loan repayment principal is lesser than the interest component of the EMI. In the latter years the reverse is true!
Sarva UP Gramin Bank – Mortgage Loan
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%.