Immovable Property Loan
PURPOSE |
A loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full. Basically, the borrower has possession of the property or the home, but the lender is the one who owns it until it is completely paid off. |
REPAYMENT |
Monthly |
ELIGIBILITY |
Individual/ Institutions customers having satisfactory dealings with our bank |
QUANTUM |
As per the board decision |
PERIOD |
Up to 7 years; Monthly equal installments |
RATE OF INTEREST |
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DOCUMENTS AND FORMALITIES TO BE SUBITTED |
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SECURITY: FINANCIAL AGAINST |
Property acceptable to the Bank having clear marketable title. |