HOUSE MORTGAGE LOANS:
The Bank is providing financial assistance to the Business traders, Petty Business traders, salaried persons (Private Companies, Quasi Government bodies, Local self Governing Bodies, Government departments) and Self Employed to carry out their business activity and meet domestic expenditure.
The scheme is covered only Municipal areas and Mandal Head quarter village
Eligibility Criteria:
1.Applicant should be a permanent resident of the Karimnagar Dist.
2.He should have crossed 21 years of age.
3.He should have a “B” Class membership in the Bank.
4.The applicant should have a Savings/Current A/c with the Bank.
5.He should have immovable property i.e. House with RCC roof.
6.The building should have clear approach road.
7.The building should not be more than 20 years old. Houses constructed under Govt. Schemes i.e., Indiramma Houses, Assigned Lands etc., not eligible for sanction of loans.
8.The applicant should have clear Title with absolute rights on the property to mortgage to the bank.
9.The property should be free from encumbrances.
10.The property tax and Income tax should have clearly paid up to date.
11.For the business purpose, the applicant should have valid license to carry out the business.
Documents to be produced for sanction of Loan:
1.The applicant should produce Xerox copies any two documents such as PAN card/Driving license/ Voter identity Card/Identity card issued by the State Govt./ Govt. of India.
2.The applicant should produce Xerox copies of any two documents such as Ration Card/Electricity bill/Telephone Bill as residence proof.
3.Application form provided by Bank.
4.Bank account statement for the last Six months.
5.Registered Sale Deeds, 15 years old pahani & current year pahani issued by the concerned Tahsildar.
6.House Ownership Certificate issued by the Municipal Commissioner/Grama Panchayat.
7.The Xerox copies of House Tax receipts for the last 15 years.
8.The income tax assessment for the last 5 years.
9.The valuation certificate issued by Gram panchayat/Municipality.
10.Xerox copy of the business license issued by the authority concerned.
11.“B class/Nominal Membership registration card issued by the bank.
12.Approved Plan of the proposed House for mortgage.
13.Xerox copy of salary slip/statement of income (last 5 years income tax assessment order,)
14.The applicant should submit “No Due Certificate” from the service area Bank.
Security :-
60% value of House located in Municipal limits or Mandal Head quarters village.
Assessment of the value of the property:
Value of the property shall be average of the following (4) for sanction of the loan.
- The values have to be taken from the Sub-Registrar of Assurances,
- Valuation certificate issued by the Municipal Commissioner or the concerned Tahsildar subject to maximum of 200% SRA valuation
- Local market value certified by the Field Inspection Officer of the financing bank subject to 200% of “a” above
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Market value assessed by the approved valuer of the Financing bank subject to maximum of 200% of SRA valuation
* The value shall be average of “a, b, c and d” above
Quantum of loan: The quantum of loan shall be maximum of `.2.00 Lakh in municipal limits and a maximum of `.1.00 Lakh in Mandal Head quarter villages.
Rate of Interest:- 14% per annum. 2% penal interest will be charged in case of Default. The rate of interest is subject to change from time to time.
Coverage of Insurance:- The house shall be insured on the joint names of the financing Bank and Applicant till the repayment of entire loan amount.
