Consumption loan mortgage is a special loan scheme for meeting the financial requirements of business and non-business activities. This loan is provided by pledging any immovable property of the loanee/guarantor. This scheme provides comparatively higher repayment period.
Eligibility
- ‘D’ Class Membership in Areekode Service Co-operative bank
- Security - Immovable Property of Loanee / Guarantor
Documents Required
- Loan Application
- Land Documents ( Aadharam , Adiyadharam , Pattayam )
- Possession Certificate
- Encumbrance Certificate ( Last 15 Years )
- Land Tax Receipts
- Certified Location Map From Village Officer
- ID Proof of Loanees
- Legal Report
- 2 Copy of Passport Size Photo (Loanee)
The bank will sanction a maximum of ₹ 5,00,000 at an 11.50% p.a (monthly remittance) interest rate. The repayment period is 60 months.