Chikmagalur Kodagu Grameena Bank – Housing Loan Scheme

By Pradeep Yuvaraj | July 3, 2011

Purpose –           Construction /Purchase of House/flat; take over of loan availed for housing; purchase of site and construction of house; repairs /renovation./extension of an existing house

Eligibility                     – Individuals who are resident Indians and aged between 18-60years and who have sufficient income to repay the loan subject to following conditions applicants should be properly introduced, preferably applicants should be exclusively dealing with our bank;

Applicant should have sufficient income to repay the loan amount along with interest. If income of the family member is to be considered for repayment of the loan they should join availing the loan as co borrower and construction/purchase of house should be within our area of operation are eligible for the home loan

Loan Amount –           Construction/Purchase: Loan amount should not exceed 75% of the total project cost or Rs.15lakhs whichever is less. Cost ceiling should not exceed Rs.20 lakhs.

For Repairs/Renovation/Extension: Loan amount should not exceed 50% of the cost of repairs or Rs.5.00 lakhs whichever is less. (Estimation for repairs should be properly assessed)

Rate of Interest –           As applicable from time to time at present; 10.25% for loan period less than 10 years; 11.00%  for loan period more than 10 years

Others                         – In case of purchase of house the house should not be more than 20 years old in case of RCC house and 10 years old in case of tiled roof house.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

2 thoughts on “Chikmagalur Kodagu Grameena Bank – Housing Loan Scheme

    1. Team BankBazaar

      Hi Ashok Kumar,

      You can check your eligibility for a Home Loan here.

      Cheers,
      Team BankBazaar

      Reply

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