Nainital – Almora Kshetriya Gramin Bank – Home Loan

By | May 1, 2011

Nainital-Almora Kshetriya Gramin Bank (NAKGB) was established on 26th March, 1983. It is sponsored by Bank of Baroda. Presently the bank has over 58 branches across 4 districts of Uttarakhand, Udham Singh Nagar, Nainital, Bageshwar and Almora.

The bank aims to provide banking facilities in rural area and provide financial assistance particularly to small, marginal, landless labourers and other weaker sections. NAKGB is a joint venture of Government of India, Government of Uttarakhand and Bank of Baroda. NAKGB has its headquarters situated in Nainital.

Purpose: This loan provides for finance in relation to the purchase /construction of a new house, Extension & Renovation of house financing of an old house or purchase of a plot for residential purpose.

Eligibility: This loan can be availed by any individual who has sufficient capacity to repay the loan.

Nature of Loan: This is a Term loan scheme.

Quantum of Loan: The maximum quantum of loan that is granted under this home loan scheme is three times of average income of last three years as per income tax returns subject to an upper limit of Rs. 50 lakhs.

Security: Equitable Mortgage of land and building constructed with the banks finance is taken as security for the loan.

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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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