North Malabar Gramin Bank – Home Loans

By | March 29, 2011

North Malabar Gramin Bank is one of the 84 Regional Rural Banks operating in the country established under Regional Rural Banks Act 1976. The ownership is vested with The Government of India, Government of Kerala and Syndicate Bank. The Bank was established on the 12th of December 1976 with its Headquarters in Kannur (Kerala – India).

 

Purpose                      – For acquiring house site and constructing house there on, for construction of house on the land already owned by the party, for making extension or additions to the existing house, for carrying out repairs or to damaged house

 

Eligibility                     – Individuals who are in gainful employment or profession or business are eligible for the home loan

 

Quantum of loan        – 75% of estimated cost of construction and cost of site or in some case 72 month’s gross salary or 6 times the average Annual Income

 

Repayment                 – The home loan is repayable in Equated Monthly Installment, repayment period up to 20 Years, initial Repayment Holiday up to 18 months

 

Security                     – Equitable mortgage of plot and house to be constructed, one Co-obligants having landed property or sufficient income from salary or other sources

 

Others –           Age of the applicant should not be more than 60 years for this particular home 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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