|Amount||Rate of Interest|
|From one lakh to one crore||15.00%|
Simple mortgage for immovable property.
Two sureties required from regular members of the society.
1. The claimant is requested to have deposit required for a loan
sanctioned by the Co-operative as per existing by laws.
2. They are requested to bare the cost of registration of the property mortgaged to the society.
3. Loan Processing Fees and Other expenses will be paid by the member for the sanctioned loan.
4. the borrower and the sureties are required to furnish documents related to aforesaid loan and sign in the required documents.
5. The applicants are advised to maintain the immovable property pledged to the society in a good condition and pay related taxes/insurance/other expenses time to time. If necessary the society reserves the right of inspection by designated officers.
6. The Loan installment should be paid between 1st and 10th of every month.1% extra interest will be charged on remaining balance if loan installment is not paid within fixed date.
7. Surety is also responsible for non-payment of loan installment and overdue.