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Home Loans

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Home Loans
To fulfil your dream of a new home, MGB provides Home Loans at very attractive rates. Moreover MGB offers loans for Purchase/Construction/Renovation of house/Flat.
Purpose
  • Construction of House
  • Purchase of House / Flat In case flat / house is more than 10 years old then structural stability certificate from Govt. Approved Engineer stating that residual life of building is more than 30 years.
  • Repairs/Renovation of existing house/ flat
Eligibility
  • Salaried Persons
  • Professionals/Businessmen
  • Age:21 years to 55 yrs.
  • Farmers.
Limit & Margin
  • Maximum Loan-
  • Rs. 20 lakh under priority sector, bank can also consider loan proposals more than this limit on merit of each case.
  • Rs. 5.00 lakh for repairs/renovation.
  • The cost of plot in the total estimate should not exceed more than 30 %.
  • Margin
  • 25 % of the total cost
Quantum
  • 75 % of cost or
  • For Salaried person: Maximum 40 times of Gross Salary, subject to 60 % deduction including proposed instalment.
  • For Businessmen/ Professionals: Maximum 3.33 times of average cash accruals of last 3 years. Maximum Deduction allowed –60% of average cash accruals.
  • For Farmers: Maximum 3 times of average net income of last 3 years and having 05 acres of perennial irrigated land.. Maximum Deduction allowed – 60% of average net income.
Insurance
  • For full value with Bank’s clause.
Processing Fees
  • As per given in separate Processing Fee structure booklet.
Documents
  • Application RF-45
  • Receipts F-260
  • Term loan agreement 245 B
  • Guarantee RF-154 A
  • Mortgage of plot / House
  • *For latest details please contact our nearest branch
Security
  • Simple Registered Mortgage / Equitable Mortgage of property,
  • OR Equal amount of paper security (NSCs, FDRs of our Bank etc. excluding shares)
  • Two Guarantor( EPF nominee, in case of salaried person should stand as additional guarantor)
Repayment
  • Max. Repayment period is as under -
  • For construction of house 20 years.
  • For repairs/renovation 5 years.
Interest Rates
  • As per given in separate interest rate structure note.

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