The Greater Bombay Co-operative Bank Ltd, more popularly known as Greater Bank, was established over five decades ago on 10th December 1952. The bank was established with a single motto of serving the society in large. In 1996, the bank achieved the “Scheduled Bank “status. The Bank has been functioning very well in the recent years and has successfully crossed a deposit mark of more than Rs.1200 crores and a business mix of more than Rs. 2000 crores.
Purpose: This loan finances repair / renovation of flat / house an existing house. This could be therefore called a home refinancing loan.
Eligibility: Salaried individuals, Businessmen, Self-employed professionals like Doctors, Engineers, Lawyers, Chartered Accountants, etc. and entrepreneurs can avail this loan if they have sufficient capacity to repay the loan.
Quantum of Loan: The maximum amount granted as this kind of home loan is Rs.10 lakhs.
Rate of Interest: The rate of interest is 13.00% per annum.
Margin: The margin for this home loan is20%.
Repayment: The maximum period for repayment for this loan is 10 years.
Security & Guarantee: Two guarantors with regular income & good net worth are also needed.