Mahanagar Co-operative Bank Ltd. – Housing Loan

By | March 29, 2011

Mahanagar Co-operative Bank Ltd. was established by the people in Ahmednagar District in the name of “The Ahmednagar Sahakari Bank Ltd.” on 6th October 1973. The bank changed its name from “The Ahmednagar Sahakari Bank Ltd.” to “The Mahanagar Co-operative Bank Ltd” and the new name came into force with effect from 21st January, 1998. The Reserve Bank of India awarded scheduled status to the Bank on 30th January 1998.

Purpose: To purchase / renovate a House this loan can be utilized.

Eligibility for Home Loan: Professionals / Self Employed / Salaried or businessmen are eligible for the home loan.

Quantum of Loan: The maximum amount that is granted as Home loan is Rs. 35 lakhs.

Repayment: The repayment can be done in either 120 months or 180 months in monthly installments. For business men the repayment period is 120 months.

Guarantee: Minimum two sureties are required out of which one should be an income tax payer. The borrower and all the sureties should be Regular/Nominal members of the bank. Hypothecation of the house acquired by the loan is required.

Documents Required: Residential proof, Income Tax Returns of last three years of the Borrower(s) and the sureties, in case of old house valuation report of valuer etc. is required

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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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