Loans
Home Loans
Buying a house is almost always the biggest financial transaction of a life time. Very few people are able to fund it themselves due to the high cost of the asset. New India Co-Operative Bank Limited offers you attractive home loans to help you finance your house purchase.
Eligibility :
- Salaried Employee should be in permanent employment for not less than 3 years. In exceptional cases 2 years may be considered as per merits of the case.
- Professional / Business men / self employed persons having sound financial position as per the Income tax returns for minimum period of 3 years.
- Co-borrower i.e. close relative like spouse, parent, sister, brother could also be considered for loan eligibility.
- Where the property is held in joint names, all the joint holders to join as co-borrowers to the loan.
Purpose :
- Construction / Purchase of new house / bungalow / flat etc.
- Purchase of existing flat / house / bungalow of not more than 15 yrs. old.
- Repairs or renovation of existing accommodation.
Security :
Equitable / Registered mortgage of the flat / residential accommodation proposed to be purchased, constructed, repaired, renovated as advised by the bank advocate.
Loan amount :
Purchase / construction of new / old residential accommodation - Maximum of Rs.70 lakhs.
For Repairs / Renovation - Maximum of Rs.5 lakhs.
| Salaried Employee | (80 times of net monthly salary) |
| Professional / Business men / Self employed | (6 times of net cash accruals) |
Repair / renovation of residential accommodation - Maximum of Rs.5 lakhs.
| Salaried Employee | (35 times of net monthly salary) |
| Professional / Business men / Self employed | (2 times of net cash accruals which includes interest on loans, depreciation and net profit after tax) |
Guarantors :
- Guarantee of minimum one / two person of good means.
Repayment :
- 240 Equated Monthly Instalments.
- Repairs / Renovation – Maximum 60 EMI.
Interest :
- On reducing balance method.