1.Home Loan

• Housing Loan may be granted for the purpose of :
a. Acquisition of a house, new or old.
b. Acquisition of a site or plot and construction of a house thereon.
c. Construction of a house on a site or plot of land already acquired.
d. Extension or renovation of the house already acquired.
e. Acquisition of an old house and renovation / extension thereof or acquisition of an old house, its demolition and reconstruction.

• Eligibility of Loans : The intending parties must possess / proposed to purchase the minimum extent of land fixed by the Bank from time to time. The land so possessed / proposed to purchase, should be in the name of the borrower and should have clear titles. The permanent employees of the Govt. /Semi Govt. Public limited Companies / Bank Employees may also be eligible for the loan provided they have atleast 7 to 10 years of service to reach superannuation.

• Maximum Limit : The maximum limit of Housing Loan is upto 70 Lakhs depends upon the income level & remaining period of service in case of salaried employees.

• Margin : Loans will be granted upto 70% of the valuation of property including the cost of investments to be made in the land.

• Repayment Period : Repayment of Loan will be by way of monthly instalment & interest and extended over a maximum of 15 years. The repayment of the loan will commence after the next month of completion of construction of house / purchase of house or 18 months of the disbursement of instalment of the loan whichever is earlier.

• Co-obligants (Sureties) : There shall be atleast one co-obligant as decided by the Bank from time to time.

• Security : The housing loan shall be secured by Mortgage of un-encumbered immovable property belonging to the applicant situated within the jurisdiction of the bank.

• Rate of Interest : The Rate of Interest chargable at present is. which may vary subject to the loan policy of the bank from time to time. Intrest on loans shall be calculated on daily product 8.25% per annum basis and charged monthy rests.

• Penal Interest : Penal Intrest shall be charged at 2% pa above the normal intrest rate on overdue loans.

• Share Linking : The Borrower shall hold shares of the bank to the extent of 1% of loan amount sanctioned.

• Processing fee : 0.5% of loans amount will be charged as processing fee.

2.Mortagage loans

•Purposes :

Mortagage Loan may be granted for the purpose of
a. Business purpose.
b. Acquisition of a site or plot .
c. Construction of a house on a site or plot of land already acquired.
d. Extension or renovation of the house already acquired .
e. Marriage / Medical expenses etc.
• Eligibility of Loans : The intending parties must possess / proposed to purchase the minimum extent of land fixed by the Bank from time to time. The land so possessed / proposed to purchase, should be in the name of the borrower and should have clear titles. The permanent employees of the Govt. /Semi Govt. Public limited Companies / Bank Employees may also be eligible for the loan provided they have atleast 7 to 10 years of service to reach superannuation.

• Maximum Limit : The maximum limit of Mortagage Loan is upto Rs. 7 crores depends upon the income level & remaining period of service in case of salaried employees.

• Margin : Loans will be granted upto 70% of the valuation of property including the cost of investments to be made in the land.

• Repayment Period : Repayment of Loan will be by way of monthly instalment & interest and extended over a maximum of 10 years. The repayment of the loan will commence after the next month of completion of construction of house / purchase of house or 18 months of the disbursement of instalment of the loan whichever is earlier.

• Co-obligants (Sureties) : There shall be atleast one co-obligant as decided by the Bank from time to time.

• Security : The housing loan shall be secured by Mortgage of un-encumbered immovable property belonging to the applicant situated within the jurisdiction of the bank.

• Rate of Interest : The Rate of Interest chargable at present is 11.50% per annum. which may vary subject to the loan policy of the bank from time to time. For prompt repayment of loan as per repayment terms, an amount to the extent of 0.5% interest rebate will be given, calculated & reimburesed at the end of september & march of every year.

• Penal Interest : Penal Interest shall be charged at 2% pa above the normal intrest rate on overdue loans.

• Share Linking : The Borrower shall hold shares of the bank to the extent of 1% of loan amount sanctioned.

• Processing Fee : 0.5% of loans amount will be charged as processing fee.

2.PERSONAL loan

•Purposes :

Personal Loan may granted for the purpose of
a. Purchase of Consumer durables and furniture/ fixture/ computers
b. Repairs / renovation of flat / house
c. Purchase of 2 wheelers
d. Marriage & other religious ceremonies
e. Domestic / Foreign tours & travels
f. Repayment of existing debt
g. Medical expenses for self / family members
h. For any purpose which is acceptable to bank .

• Eligibility of Loans : The intending parties must possess / proposed to purchase the minimum extent of land fixed by the Bank from time to time. The land so possessed / proposed to purchase, should be in the name of the borrower and should have clear title. The permanent employees of the Govt. /Semi Govt. Public limited Companies / Bank Employees may also be eligible for the loan provided they have atleast 7 to 10 years of service to reach superannuation.

• Maximum Limit : The maximum limit of Personal Loan is restricted to Rs. 50,000/-

• Repayment Period : Repayment of Loan will be by way of monthly instalment & interest and extended over a maximum of 3 years.

• Co-obligants (Sureties) : There shall be atleast one co-obligant / surety owing immovable property / salaried persons / or such other persons as decided by the Bank from time to time.

• Security : The Personal loan shall be secured by one members of the bank & surety owing immovable property.

• Rate of Interest : The Rate of Interest chargable at present is 11.90% per annum. which may vary subject to the loan policy of the bank from time to time. For prompt repayment of loan as per repayment terms, an amount to the extent of 1.0% intrest rebate will be given, calculated & reimburesed at the end of september & march of every year.

• Penal Interest : Penal Intrest shall be charged at 2% pa above the normal intrest rate on overdue loans.

• Share Linking : The Borrower shall hold shares of the bank to the extent of 5% of loan amount sanctioned.

• Processing Fee : 0.5% of loans amount will be charged as processing fee.