A home loan is a secured loan obtained to purchase a property by offering it as collateral.

Who can take out a loan?
1. To avail such a loan, one must be a Class A member of the organization.

2. The applicant and guarantor should have sufficient income to repay the loan amount.

3. Scheme Name: Wainganga Home Loan

4. Home loan limit up to 50 Lakh.

5. Loan up to 80% of the appraisal value

6. Maximum term 18 years

Loan amount:-
The individual maximum loan limit (unsecured) will be determined from time to time as per the orders of the institution and the Hon'ble Board of Directors.

Reason for loan/collateral:-
1. House construction/flat purchase/house renovation

2. Maximum loan limit – Maximum loan amount is 70% of the home's valuation.

3. Repayment period (maximum) – 20 years (240 months).

4. Interest rate of 18%

Distance (Margin) :-
1. A 20% deposit will be kept for a new house and 30% for an old house/house construction and the deposit amount should be deposited in a savings/current account.

2. Loan will be sanctioned for 70% of the house construction estimate.

If the loan transaction is unsatisfactory (the account becomes NPA if 3 consecutive installments are missed), the entire loan will have to be repaid in a lump sum with interest.
The Board of Directors of the institution shall have the right to change the interest rate from time to time as per the policy of the institution and as per the approval of the Board of Directors.