DFCC Vardhana Bank’s new mortgage loans

DFCC Vardhana Bank (DVB) recently announced a new product intended to positively impact consumers - Mortgage Loans.

The bank said it was introducing this new mortgage product with a view to help its customers become home owners without a hassle.

The new product, the bank said, is expected to increase consumer acquisition for the bank as DVB will now be able to access a whole new consumer niche.

DVB has listed the following conditions to the offering of the new product: Loans will only for housing construction, renovation, and/or house/apartment purchases; Mortgage Loans are restricted to a minimum of Rs. 1 million and a maximum of Rs. 20 million; The bank will provide financing for up to 80% of market value or purchase price (whichever is lower); Several flexible re-payment options are provided; The loan can be settled over a maximum period of 15 years or until the borrower reaches the age of 55, whichever occurs first; DVB provides added freedom by allowing both spouses apply jointly as long as at least one applicant is a salaried employee or self-employed; and the mortgage loan will be granted only if the customer maintains demand deposit accounts with DVB and arrangements are made to route the salary/income through that account.