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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.

 

Rate Of Interest :

  • Upto Rs 25 lakhs - 8.75% p.a. for general.
                                     8.50% p.a. for Women.
  • Above Rs 25 lakhs - 9.50% p.a.
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