Secure OverDraft Mortgage Loan

Maximum amount ₹25.00 lakhs

Tenure of the loan: 120 months

Rate of interest: 11.50% -12.00% p.a

Know About

Secure OverDraft Mortgage Loan

A Secure Overdraft Mortgage Loan, also known as a Secured Overdraft Facility or a Mortgage Overdraft, is a financial arrangement that combines elements of a mortgage loan and an overdraft facility.
  • Facilitate your working capital requirements
  • Enjoy anytime usage of credit limit.
  • Pay interest on amount used.
  • Lower Rate of Interest.
  • No prepayment/foreclosure charges.
  • Multiple purpose uses allowed.
  • All individuals who can enter into contract within the age of 21 to 60 years.
  • Above 60 years his/her spouse shall join as co-applicant.
  • Monthly credits in the accounts.
  • Minimum CIBIL score of the Borrower should be 650.
  • Amount of Loan: upto ₹25.00 lakhs
  • Tenure of the loan: Sanctioned for a period of 1 year
  • Low processing charges
  • The limit can be sanctioned and released for takeover of the loans availed by the customers against mortgage of property from other Banks/ Financial Institutions and also Top-up Loans.
  • The SRA value of the property shall be 100% of loan limit or the Market value (by Approved Valuer) of the property shall be 150% of loan limit - whichever is lower.
  • Rate of Interest:12.00% p.a

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    What is a mortgage loan?

    A mortgage loan is a type of loan provided by banks or financial institutions to individuals or businesses to finance the purchase of real estate property, such as a house or land. The property being purchased serves as collateral for the loan.

    How does a mortgage loan work?

    When you take out a mortgage loan, the lender provides you with a certain amount of money to buy the property. You then make regular monthly payments, which include both the principal amount borrowed and interest, over a specified period (loan tenure) until the loan is fully repaid.

    What is the loan tenure for a mortgage loan?

    Mortgage loan tenures can vary, but common options are 15, 20, or 30 years. The length of the loan tenure affects the monthly payment amount and the total interest paid over time.