Karnataka Gramin Bank

All Purpose Mortage Loan

  • Purpose
  • Scheme Code
  • Eligibility
  • Loan Amount
  • Margin
  • Repayment
  • Security
  • Insurance

Purpose

Purpose

  • To Meet the general needs of the salaried class without any restriction except speculative purpose.

Scheme Code

Scheme Code

  • GA231

Eligibility

Eligibility

  • Confirmed employees of State or Central Government or reputed Pubic Limited Companies with minimum completed service of two years.
  • Maximum age at the time of availing loan is 55 years.
  • Minimum net annual income of the applicants should be Rs.2,00,000/
  • Salary is to be credited to the account with our Bank with standing instruction mandate for payment of EMI. Five post-dated cheques should be obtained.
  • Where salary is not drawn through our Bank an irrevocable ECS mandate.
  • The property for which loan is to be sanctioned should be "A" Khata property.

Loan Amount

Loan Amount

Maximum 36 times the net monthly income

  • The loan amount will be determined by the EMI/NMI ratio.
  • Maximum EMI/NMI ratio can be 50%. Minimum net annual income of the applicants should be Rs.2,00,000/.

Margin

Margin

  • 50% of the Forced Sale Value of the property offered as Security.

Repayment

Repayment

  • 84 Months. The total repayment obligation towards Term Loans including the EMI for the APML should not exceed 50% of the net monthly income.

Security

Security

  • Simple/Equitable Mortgage of properties in Semi Urban, Urban & Metro centres followed by RMOTD.
  • Loan against vacant sites should not be sanctioned.
  • The property/ies should be Non-Agricultural property/ies and enforceable under SARFAESI Act. The property should be free from encumbrances.
  • Third party guarantee, if necessary.

Insurance

Insurance

  • The property must be insured.