Chaitanya Godavari Grameena Bank – Housing Loan for Purchase of House

By | March 29, 2011

Chaitanya Grameena Bank and Godavari Grameena Bank sponsored by Andhra Bank into a single Regional Rural Bank with its Head Office at Guntur, Andhra Pradesh. The bank was thus established on 01.03.2006.

Purpose: The loan finances purchase of new house.


Eligibility: The house proposed to be purchased should not be more than 10 years old. The life and condition of the property that is kept as security should not deteriorate before the closure of the loan. Certificate of an engineer proving the condition of the house is also required to be submitted to the bank. Any salaried employee, businessman, agriculturalist, etc. can avail this loan. The age of the applicant should be in between 18 and 55. In case of farmers who are of age more than 55, their legal heirs are co applicants for the loan. Percentage of Equated monthly/ Quarterly / Half Yearly / Yearly installment should not exceed 30% of respective Gross Monthly / Quarterly / Half Yearly / Yearly income of the applicant.


Security: Guarantee of a person is required. Mortgage of house/flat financed by the Bank shall be the primary security. In case of title of the property being unavailable, collateral security for 150% of the loan amount is required.

Repayment: Repayment period should not exceed 15 years.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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