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    NKGSB Co-Operative Bank Mortgage Loan

    Overview about NKGSB Mortgage Loan

    Established in 1917, NKGSB has developed into a multi-state bank following a rather modest beginning. It currently boasts of 99 branches across Maharashtra, Goa, Karnataka and Gujarat and union territories like Dadra and Nagar Haveli, Diu, and Daman. Mumbai alone is home to 48 branches, and the consistent manner in which the bank continues to grow in terms of quality as well as quantity ensures that it will offer top-notch financial products and services to its customers. The Mortgage Loan offered by the bank can be used to finance a home or property and meet other expenses as mentioned below.

    Purpose of NKGSB Mortgage Loan

    • To repay old debts
    • To repay medical debts
    • To invest in profession or business
    • To pay for house repairs and renovations
    • To finance higher education
    • To pay for marriage expenses

    Eligibility Criteria for NKGSB Mortgage Loan

    • Must be a salaried individual / businessman

    Features and Benefits of NKGSB Mortgage Loan

    • Interest is calculated on a reducing balance method
    • Competitive interest rates
    • Easy documentation
    • Quick loan approval
    • No pre-payment charges if the loan is repaid through own source
    • Simple repayment options – standing instruction / post-dated cheques / ECS
    • Insurance is offered to cover all assets at competitive premium
    • Low processing charges
    • The bank accepts two guarantors as security
    • The maximum repayment period is seven years
    • The commercial or residential property can be pledged as mortgage

    Documents Required for NKGSB Mortgage Loan

    • Account opening form
    • Proof of identification
    • Bank statement for the past year
    • Proof of residence
    • Repayment track record in case the customer has had any previous loans
    • Two recent passport size photographs
    • Pan card
    • Income proof: income tax returns, balance sheet and profit and loss statement for the past three years in case the customer is a businessman, and salary slips for the past three months along with income tax returns and form 16 of the past three years in case the customer is a salaried individual
    • In case the funds are utilised for house repairs, the borrower must provide an estimate of renovations and repairs
    • In case the money is spent on improving the business, the customer must provide tax returns along with audited statement of accounts for the past three years
    • In case the funds are used to meet medical expenses, the customer must provide all medical bills
    • In case the funds are used to clear off old debts, the borrower must provide the bank with an acknowledgement of debt
    • In case the funds are used to pay for marriage expenses, the customer must provide the bank with an estimate of expenditure along with the wedding invitation
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