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.