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  • Dena Bank Mortgage Loan

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  • Owning a property in India is akin to owning a goldmine, a place whose value doesn’t diminish regardless of other factors. While owning a property is great, making money on it can be the icing on the cake. Mortgaging a property can give you financial freedom to live your dreams and Dena Bank Mortgage Loan can be a perfect ally when it comes to living this dream. A popular public sector bank with a banking experience of nearly 5 decades, Dena Bank offers a host of products designed to aid you in every step of your financial journey. Their mortgage loan comes with attractive features and benefits, making it a sought after product in the market.

    Purpose of Dena Bank Mortgage Loan

    Dena Bank Mortgage Loan can be used for any legitimate purpose, be it meeting marriage expenses, medical treatment costs, higher education, a vacation or just to upgrade your home appliances. This loan can be used towards meeting any personal financial requirement, provided it is not used in risky ventures.

    Dena Bank Mortgage Loan Eligibility Criteria

    Individuals who wish to obtain a Dena Bank Mortgage Loan need to satisfy a few basic eligibility criteria.

    • Age - An applicant should be at least 21 years old in order to apply for this loan.
    • Employed - An applicant should be employed with a regular source of income. He/she could be a professional/self-employed or an agriculturist.
    • Income Tax Assesse - An applicant should be an income tax assesse for at least 2 years.
    • Income - An applicant should have a minimum net monthly income of Rs 12,000.
    • Property owner - An applicant should own the property in question. This property should be free from legal tangles and could be a residential, commercial or non-agricultural property.

    Documents Required for Dena Bank Mortgage Loan

    Applicants would be required to furnish the following documents in order to avail a Dena Bank mortgage loan.

    • Income proof - A proof of income highlighting the net monthly income of an applicant or his/her spouse.
    • Property documents - Proof of ownership of property being mortgaged.
    • Valid government approved ID card.
    • Bank statement
    • Passport size photographs

    Features and Benefits of Dena Bank Mortgage Loan

    Dena Bank mortgage loans come with a host of features and benefits, a few of which are highlighted below.

    • High loan amount - An applicant can get loans ranging from Rs 2 lakh to Rs 5 crore, depending on the property in question.
    • Competitive interest rate - Dena Bank mortgage loans can be availed at competitive interest rates.
    • Simple documentation - Applying for this loan is simple and hassle free with minimal documentation.
    • Flexible repayment options - The loan can be repaid through flexible EMIs, with a maximum repayment period of 84 months.
    • High margin - Loans up to 50% of the property value can be availed under this scheme.

    Dena Bank Mortgage Loan Interest Rate

    The interest rate charged by Dena Bank on its mortgage loan is one of the lowest in the industry, ensuring that repaying a loan doesn’t become an additional financial burden on a borrower. The interest rate charged towards the mortgage loan depends on the base rate, which currently stands at 9.7% (effective 05/10/2015). The overall interest rate stands at 11.40% per annum (as of November 2015).

    Note - Interest rates charged by Dena Bank are at their sole discretion and are subject to change without any intimation.

    Fees and charges

    Dena Bank charges a processing fee equivalent to 1% of the loan amount. In the event of a borrower wishing to prepay the loan, he/she would be charged a prepayment charge which is 0.50% of the loan amount.

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