Secured Loans to Individual Members
i. Eligibility Any individual member of the Bank.
ii. Type of Facility Term Loans.
iii. Limit Up to maximum of ₹25.00 Lacs, subject to the repaying capacity of the borrower and limited to 48 times of their monthly income.
iv. Purpose
  1. For repair, additions/alteration, renovation of borrower’s own house or house in the name of spouse/parents/parents-in-law (in case of married female members).
  2. Any other legitimate requirement of funds (except speculative purpose), such as marriage, medical expenses, education of dependents, etc., subject to documentary evidence.
v. Margin 15% of the cost of repair/renovation, and suitable margin on the value of mortgaged property in other cases.
vi. Rate of Interest As per Bank’s rules from time to time.
vii. Other Charges As per Bank’s rules from time to time.
viii. Repayment Maximum up to 84 equal monthly instalments with interest, including moratorium (if any), subject to deductions not exceeding 60% of applicant’s monthly salary.
ix. Security
  • Mortgage of respective immovable property or any other property owned by borrower or surety.
  • Loans up to ₹5.00 Lacs may also be considered against an Employer’s Consent Note ensuring repayment through salary attachment or terminal benefits.
x. Sureties Two sureties of good means as per bank’s discretion.
xi. Other Conditions
  1. Borrower to submit proof of income: Salary certificate/Pay Slip, ITR or Affidavit (if income below taxable limit), or financial statements if in business/profession; also required from sureties.
  2. Estimate of cost of repair/renovation etc. must be provided from a registered Architect.
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