Mortgage Loan
Purpose Financing for fulfilling fund requirement of the individual for single or various purpose like social function, entertainment, travel, medical expenses, repayment of personal borrowing etc.
Financing Ratio: Up to 100% of the required fund.
Nature i) Revolving & renewable (a/c type 3F)
(ii) Non-revolving & non-renewable (Scheduled Mortgage Loan- a/c type 3D)
Disbursement After completion of the loan documentation, credit limit is maintained on the mortgage loan account of the borrower and allowed to withdraw any amount within limit as per need under a/c type 3F and as per request of the client amount is disbursed on nominee a/c under Scheduled Mortgage loan, a/c type 3D.
Principal Repayment (i) partially or lump sum within expiry.
(ii) On EMI/EQI basis.
Interest Repayment: On quarterly basis and/or on loan expiry date.
Security: At least 150% coverage by the mortgaged collateral security or as guided by the prevailing NRB directive.
Tenure: Maximum one year for revolving & renewable mortgage loan and maximum 10 years for schedule mortgage loan.