Mortgage Loan

Mortgage Loan

Purpose of loan : Mortgage Loan can be availed by member for the purpose of House Repairs, Children Education, Medical Treatment, repayment of any other loans as per RBI norms, etc.

Maximum Limit : Maximum Loan Limit is Rs. 50,00,000/-. Member can avail the loan upto Rs. 50,00,000/- or 75% of property cost as per the property valuation report obtained from Government Valuer or as per the repayment capacity of borrower, whichever is low. Structural Stability certificate is must in case of property is older for 25 year or more.

Rate of Interest : 10.50% p.a.

Eligibility : Member who have completed at least 3 years of permanent service in MCGM and one year old bank’s membership.

Guarantor : One Guarantor required if property located in Grampanchayat area. Eligibility criteria for guarantor will be same borrower.

Repayment term: Maximum Repayment term is of 120 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Remaining service of borrower and guarantor(s) should be equivalent.