Consumption Loan Mortgage

Purpose

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

Eligibility
  • ‘D’ Class Membership in Areekode Service Co-operative bank
  • Security - Immovable Property of Loanee / Guarantor 
Documents Required
  1. Loan Application
  2. Land Documents ( Aadharam , Adiyadharam , Pattayam )
  3. Possession Certificate
  4. Encumbrance Certificate ( Last 15 Years )
  5. Land Tax Receipts
  6. Certified Location Map From Village Officer 
  7. ID Proof of Loanees
  8. Legal Report
  9. 2 Copy of Passport Size Photo (Loanee)

Interest Rates & Charges

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.