Important Links/Sites 
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.
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/ flatFeatures & Benefits
Lowest rate of interest.
No Preclosure/premayment charges.
Lowest processing fees.
Maximum Loan repayment upto 30 Years.
Loan to purchase of Flat/Readymade House/Plot and construction thereon .
Top Up loan for repair renovation and other purpose .Eligibility
Salaried Persons
Professionals/Businessmen
Age:21 years to 55 yrs.
Farmers.Limit & Margin
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 %.
25 % of the total costQuantum
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 branchSecurity
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
For construction of house 20 years.
For repairs/renovation 5 years.Interest Rates & Charges
As per given in separate interest rate structure note.
For Loan interest rates click here
