Excellent Co-operative Bank Limited – Housing Loan

By | May 26, 2011

The Excellent Co-operative Bank Limited formerly known as The Safe Co-operative Bank Ltd is serving the banking needs of the common man from the last four decades. During these years it has served thousands of customers. It started in the year 1961 and its first branch was opened at Abdul Rehman Street, Mumbai. At present the bank is having four branches with 70 competent staff.

The bank has been awarded “A” class audit classification by Statutory Auditors as on 31st March 2008. The bank is having good network of Advances Recovery System and concrete steps are taken for the same. The bank grants loan to the priority sectors as well as to the weaker sections of the society as per the R.B.I guidelines.

Purpose                      – The purpose of the home loan is to offer financial assistance to customers for construction of house, purchase of flat or readymade house

Eligibility                     – Individuals

Loan Amount             – 48/60 times the monthly net income or 85% of the cost for salaried Persons For others, the maximum loan amount is 4/5 times their net annual income

Security                      – Mortgage of property purchased with bank finance

Interest Rate             – 11%

Repayment Period     – Maximum 15 years

Documents                 – Letter of Allotment, copy of approved plan, Copy of Agreement, valuation report by Bank’s approved valuer.

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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.

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