SDBL Surakshit Ghar Yojana –SSGY; Borrower pays the only interest, premium on the insurance & gets bonus at the end of loan tenure
Siddhartha Development Bank (SDBL) has introduced "SDBL Surakshit Ghar Yojana –SSGY" for the first time in Development Bank to its customer. SDBL has partnered with Prime Life Insurance (PLIC) in this Offer.
SDBL will finance from Rs 5 lakhs to 1 Crore for the period of 10 to 20 years. The loan can only be used to construct Home, Buy Home, Renovate old one or add storey to the existing house. Under this scheme the borrower will have a life insurance policy with PLIC equivalent to the amount borrowed. If borrower is to die before paying back the loan, PLIC will repay the remaining amount of the loan. Interest of the loan and the premium of the life insurance can be paid directly to the account in SDBL by the borrower.
In this scheme, the borrower would only be liable for the Interest portion and the premium of the life insurance. The yearly premium on life insurance is fixed for duration of loan whereas the Interest amount decreases every yearly basis. Besides, the borrower also gets bonus after settlement of the loan.
The existing home loans in other bank financial institutions can also be transferred to SSGY home loan in SDBL. The loans taken should have to be for Buying, Building or renovating or adding storey to the house. The transferred home loan will get all the benefits provided under this scheme.
For example, a borrower aged 28 borrows Rs 10 lakh for 20 year to build a house. The borrower would have to pay approximately Rs 8,493 as first month's Interest. As the Interest portion decreases every yearly basis the last month's Monthly Installment (i.e. 240th Month) for this loan becomes approximately Rs 2000 at the end of 20 year period. The yearly premium for the life insurance, which is fixed, would be approximately Rs 62,266 P.A. As long as the borrower pays all the monthly interest and premium, s/he should not pay the principle on the loan. Additionally, the borrower also gets a bonus of Rs 12 lakh at the end of the loan tenure i.e. after 20 years. However, if the borrower of the loan who is also the bread earner of the family dies before the end of loan cycle, the loan will be paid by the insurance company. The family of the deceased borrower will get the house plus they do not have to worry about loan or monthly Interest or premium. This offer kicks in as soon as the borrower pays first month interest and the first year's premium of the insurance.
This Home loan is available from all branches of SDBL. For more information on this offer please visit SDBL's official page at
http://www.sdbl.com.np/pages/loan_schemes.php?id=ssgy
