Recognition by Reserve Bank of India in the Bank's strength can be gauged from the fact that Bank of Madura is the only Indian Private Sector Bank to get it's approval for starting the Money Market Mutual Fund (MMMF) and Satellite Dealership for Retail Securities Dealing. Can advise and help you in transactions not only in deposits but also to park your short term funds in Money Market Securites and also for disposal of debentures and other bearer securities.

Our Certificate of Deposit programme has been awarded with 'P1+' rating indicating the highest safety on repayment by CRISIL (Credit Rating and information Services of India Ltd). The networth of the Bank as on March 1999 is USD 50.23Million (Rs.211crores) comprising: 

    Equity : USD 2.80 Million (Rs.11.77 Crores)

    Reserves : USD 47.62 Million (Rs.200 Crores)

NRIs intending to buy or construct a house or flat for his own occupation on return to India can avail a NRI Housing loan from us as per the following terms and conditions:

ELIGIBILITY

       Non-Resident Indian holding a valid Indian passport.

• completed atleast 2 years of employment in a reputed firm/business enterprise/ body corporate/multinational company/ Government body or undertaking

• draws a minimum monthly gross salary equivalent to Indian Rupees 25,000/-

• employed in a country where there is no restrictions on outward remittance

• NRE account to be maintained with our bank

• The property to be acquired/constructed should be in the applicant's name.

PURPOSE OF THE LOAN :

To acquire / construct only one house / flat for self occupation by the non-resident borrower on his/her return to India and not for any other purpose.


AMOUNT OF LOAN

Upto 20 times gross monthly salary subject to a maximum of Rs.10 Lakhs.


APPLICANT'S INITIAL CONTRIBUTION

Minimum 25% of the cost of the house / flat should be recieved in advance by foreign remittance or out of his/her NRE/FCNR account in India .

REPAYMENT

• Period : Not exceeding 5 Years.

• Method : Principal plus interest in equated monthly instalments

• If the house / flat is rented out,and if the rental amount is not sufficient to cover the monthly instalment the short fall should come either by remittance from abroad or out of his/her NRE/FCNR account in India.

• the entire rental amount should be remitted to the loan account even if it exceeds the instalment amount.
  

HOLIDAY PERIOD
 
Repayment shall commence after one month from the date of completion or six months from the date of first disbursal whichever is earlier. Repayment shall commence after one month from the date of completion or six months from the date of first disbursal whichever is earlier.


INTEREST RATE
 
18.5% on diminishing balance with quarterly rests exclusive of interest tax (Subject to change as per the directives of the Reserve Bank of India issued from time to time.)


SECURITY

Mortgage of the property financed & to get the property insured for the full value for fire risk, with Bank Clause.


MISCELLANEOUS

In case of acquisition of flats, only flats promoted by the reputed builders will be financed absolutely at the discretion of the bank. Loan will be released in stages according to the progress in construction, after obtaining the necessary valuation certificate from the Bank's Approved Engineer.


PROCESSING CHARGES

1% of the loan sanctioned subject to a minimum of Rs.3,000

For further details : www.bankofmadura.com