Bharat Co-operative Bank (Mumbai) Limited Housing Loan

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 that ended on 31st March 2010 as against Rs. 30.52 crores for the previous year.

Purpose: This loan finances purchase / construction of residential premises.

Eligibility: The home loan can be availed by a customer with existing account or/and by applying for membership of the bank. The applicant should have a fair income to repay the loan.

Interest Rate: Interest rate varies from 11.5% to 17% depending on the category.

Quantum of Loan: The maximum amount of loan that could be obtained is Rs.50 lakhs. Value of stamp duty and registration may be considered for maximum amount eligible for loan.

Rate of Interest: Interest is applied on daily reducing balance.

Security & Guarantee: Loan is mortgaged against house/ flat purchased by the loan amount.