Mortgage Loans Over drafts
MORTGAGE LOANS OVER DRAFTS
This facility is to be renewed every year. Loans will be granted against vacant urban lay out sites and Building properties. Loan amount will be 40% market value of the property or loan monthly installment should be of 50% monthly income of the applicant. Interest will be charged @ monthly rests and also interest will be calculated every month on diminishing value of the loan outstanding amount. Interest is to be repayable every month. Otherwise penalty of 2% will be levied ,on late payment, on excess amount over the sanctioned limit or after expiry of the limit.
Recurring Deposit Scheme
RECURRING DEPOSITE SCHEME
The scheme is suitable to persons having monthly income. The period is 6 month to 72 months. Interest is quarterly cumulative.