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.