217      
3050 Crores

Mortgage Loan

Our Mortgage Loan assures you hassle free finance whenever you need it. Being a broad-spectrum loan, it can be availed for life’s unforeseen circumstances. When you face the need of funds for the marriage of your beloved daughter, want to take your family for a holiday or for a sudden health emergency, our mortgage loan comes to your rescue. If you have some property, but would rather not sell it, then you can definitely go for this LOAN FOR ALL PURPOSES. Lokmanya Society now makes it very much feasible for you not only to only keep your property, but also have liquid funds by using it as collateral.


Eligibility :

  • Member of the Society.
  • Either single account or joint account with other family members’ viz., father, mother, wife, son or daughter with regular source of income.
  • Individuals who may be employed/self-employed in business having regular income.
  • Permanent employee of Central/State/Defense/Police Force/Public or Joint Sector Undertaking/reputed firms/established Educational Inst/Professional/Businessmen having regular income.


Purpose of Loan

  • Up-gradation, renovation and extension of residential property:
  • Uses associated with home improvement, maintenance/insurance of residential Property;
  • Medical, emergency expenditure for maintenance of family
  • Meeting any other genuine need as may be specified by the Borrower and agreed to by the Lender.


Quantum of Finance

  • As per eligibility

 

Repayment Details

  • Moratorium up to 6 months wherever loan is taken for under construction flat or building.
  • By EMI or Regular
  • The maximum repayment period should not exceed 15 years for purchase of house


Rate of Interest

  • 18% Reducing Balance


Processing Charges & Service Tax

  • 0.70 %  Processing Fees and Other Charges (Inclusive) PLUS Service Tax  as applicable.


Other Attractive Features

  • No prepayment penalty
  • Insurance facility against Fire, allied perils including earthquake, personal accident (Death)
  • Flexible repayment schedule
  • Loan sanctioned within no time if application in full as per requirement.
  • Interest on a daily reducing balance basis.


Criteria for loan sanctioning

  • Photo Identity Proof:

         - Pass port

         - PAN card

         - Voters Identity Card

         - Driving License

  • Residence Proof:

         - Telephone Bill

         - Letter from any recognized Public Authority

         - Electricity Bill

         - Ration Card

         - Letter from employer subject to satisfaction on Bank

         - Properly Tax Book/Receipt

         - Registered Lease Deed

  • Application on prescribed form.
  • Two photographs of borrower and guarantors.
  • Income proof of the borrower such as Income Tax Return, financial statements of the Firm, copy of Bank Pass Book etc.
  • Profile of two guarantors.
  • Original Title Deed, Property Extract, Nil Encumbrance Certificate for 13 years.
  • Valuation report of the approved Valued.
  • Legal opinion report of approved advocate.
  • Tax paid receipt if within the limits of corporation.
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