Mortgage loan from SAMMCO Bank., is a financial product designed to help individuals purchase, construct, or renovate a house or flat. It can also be used to take over an existing housing loan from another bank.
► Loan Purpose: The loans can be used for Business, Home renovating an existing one and etc...
► Repayment Tenure: The maximum repayment period is 100 months
► Disbursement: Loan funds are disbursed directly to the member account.
► Interest Rate: The interest rate is compounded monthly on a reducing balance and is subject to revision based on the bank's and RBI's directives. the interest rate for the loan is 10.00% p.a..
► Security: The borrower must secure the loan by creating a mortgage of the immovable property in Favor of the bank. The property's value, certified by the relevant authority, must be sufficient to cover the loan amount. The bank requires a comprehensive fire insurance policy on the property with a bank clause.
Required Documents:
► Property-related documents: This includes the parent deed, sale deed, possession certificate, Khatha extract, and up-to-date tax receipts. You'll also need a recent encumbrance certificate (for the last 15 years).
► Income Proof: Documents proving your income, such as salary certificates for salaried individuals or income tax returns and financial statements for self-employed individuals.
► Other documents: This may include a plan and estimate sanctioned by the proper authority, a betterment charges paid receipt, a DC conversion order (for converted land), RTC extract, mutation record, and a genealogical tree. The bank's legal scrutiny report may require additional documents.
► Additional for takeover: For a loan takeover, a foreclosure letter and loan statements from the existing bank are necessary.