Langpi Dehangi Rural Bank – Housing Loan

By Pradeep Yuvaraj | July 8, 2011

Langpi Dehangi Rural Bank, sponsored by State Bank of India was established on 27th January 1982 under Section 3 (1) of Regional Rural Bank Act 1976. The Head Office of the Bank is situated at Diphu, the district head quarters of Karbi Anglong District.

The Bank has a total network of 42 Branches and 1 satellite office, out of which 34 Branches are operating in Karbi Anglong District and 8 Branches in N.C. Hills District. Out of 42 branches, 6 branches are situated in Semi-urban Centres and the remaining 36 branches are situated in rural areas. Its loan portfolio comprises of home loan, personal loan, education loan, business loan etc.

Purpose                      – For Construction/Renovation/Addition & Alteration of Residential House/Flats

Eligibility                     – Permanent employees of state/Central Government, PSUs, Corporations, Private Sector Companies, Reputed establishments

Quantum of Loan       – Maximum Rs.10 lakhs calculated @48 times of Gross monthly salary, subject to take home salary being not less than 50% of gross salary. In case spouse is also permanently employed and becomes joint borrower/guarantor, his/ her salary is taken into account to calculate loan eligibility

Repayment Period     – Maximum 180 months in equated monthly installments subject to EMIs finishing at least 1 Year before retirement.

Moratorium                – Nil; Repayment will start from the month following first disbursement.

Security                      – Equitable Mortgage of property including construction erected over the plot and third party guarantee

Processing Fee           – 1.10% of loan amount

Pre-Payment              – Permitted without penalty

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Pradeep Yuvaraj

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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