Latest News:-

SCHEME FOR GRANTING OF LOAN AGAINST PROPERTY

AMOUNT OF LOAN: RS. 25.00 LACS OR THREE TIMES OF NET ANNUAL INCOME WHICHEVER IS LESS.

Rate of Interest: 14% P.A. (Calculation of interest rests monthly)

Repayment period: 7 Years in EMIs.

Terms and Conditions:

i) Loanee and guarantors should be nominal member of the bank.

ii) Loanee and guarantors should be resident of Chandigarh/Mohali/Panchkula.

iii) The advancement should not exceed 50 % value of property.

iv) 5 Advance Cheques for repayment of loan in favour of the bank.

v) 2 Good guarantors known to the bank.

vi) Equitable mortgage of property for securing the repayment of loan amount.

vii) Loanee should produce proof of ownership, valuation certificate, non-encumbrance certificates, and possession certificate, issued by the competent authority regarding immovable property to be pledged in favour of the bank in lieu of the loan.

viii) Should be income tax payee and should submit last 3 years returns subject to the condition that total advances of the bank shall not exceed 10% of the deposits of the bank.

ix) The legal expenses, fees, registration charges and other incidental charges incurred in connection with the financing shall be borne by the borrower.

x) Valuation certificate of an immovable property to be mortgaged should be from govt. authority or govt. approved valuer or architect approved by the bank at the cost of loanee.

xi) The loan is designed to offer instant solutions relating to socio economic needs such as children’s higher education, travel, daughter’s marriage, medical emergencies etc.

xii) Bank statement for last six months.