Bharat Co-operative Bank (Mumbai) Limited which was established in 1978, now has a customer base of more than 12 lakhs. The Reserve Bank of India has conferred scheduled status to the Bank on 22nd April, 1996 and the Bank subsequently registered as Multi-State Scheduled Co-operative Bank on 26th September, 1997. Today the Bank has 36 Branches which includes 7 branches in Karnataka, four of which are located in Bangalore and one each in Udupi, Mangalore and Suratkal. The Bank has posted a net profit of Rs. 27.55 crores for the financial year ended 31st March 2010 as against Rs. 30.52 crores for the previous year after making necessary provisions in accordance with the extent guidelines of RBI.
Purpose: This loan finances additions, repairs & renovation of residential premises.
Eligibility: Any individual with fair income to repay the loan can obtain this kind of home loan.
Quantum of Loan: Maximum loan amount is Rs. 10 lakhs.
Repayment: Interest is applied on daily reducing balance.
Documents Required: The documents have to be produced at the bank are:
Estimate for house repairing.
Original title deeds
NOC from society / builder for mortgage
Guarantee: Two sureties are required.