This is a unique variant of housing loan that facilitates repayment of principal on Home Loans with a flexible approach that allows for EMI payment on part of the loan while the other part of the loan can be settled in bulk on yearly basis.
NMB Reverse Ballooning
The Reverse Ballooning loan option allows repayment of principal on Home Loans by a unique modality which allows for EMI to diminish over every 5 to 10 years as chosen and required by the customer.
Original copy of blueprint, trace map of the location where property is located
Copy of char killapramanit (4 Boundary demarcation) from ward office/VDC
Original/copy of approved structure design from Municipality (Naksa Pass) and / or VDC
Construction completed certificate for buildings wherever applicable
Copy of registration certificate of concerned association/organization (in case of professionals such as Engineers, Doctors, Chartered Accountants etc.
Original Credit Facility offer letter signed by borrower and acknowledged by guarantors
Loan deed (Tamasuk)
Personal / Corporate guarantee of guarantors
Collateral ownership certificate of the borrower (Lalpurja)
Registered Mortgage Deed (DhitoDristibandhaki)
Promissory note signed by the borrower converting the loan amount
Ownership transfer deed (Rajinama), mandatory in case of outright purchase
Original insurance premium paid receipt with policy
Complete valuation report including original char-killa (4 boundaries certificate), blue print, latest land revenue paid receipt, approved structure design from Municipality (Naksa pass), construction completion certificate (wherever applicable), copy of government rate of land etc.
Borrower’s declaration on multiple banking
Note: Other documents as per Bank laid down procedures, as applicable
Key Features of NMB Ballooning Housing Loan:
Ballooning loan option up to 40% of total loan limit
EMI based repayment for non-ballooning portion
Key Features of NMB Reverse Ballooning:
Diminishing repayment obligation over years during the loan tenure as per customer preference