The bank was started in 1917 at a central place in Tripunithura which was then the seat of the Cochin Royal family, the institution was one of the pioneers of the co-operative movement. The main function of the Bank then was to lend money at reasonable rates of interest to the common people in order to save them from the clutches of money lenders who used to charge usurious interest and extort the common people.
Purpose –
- Purchase of Land
- Constructing Housing
- Purchase of Housing
- Purchase of a Flat etc.
Eligibility –
- All who have a resident (permanent) or employed or own Land in the Kanayannur Taluk in Ernakulam Dist. Kerala can purchase the Bank’s share.
- Those firms (Partnership firms & Public Ltd Co’s) whose Registered office in the Kanayannur Taluk can also purchase shares from Bank.
- Must remit the cost of one share plus admission charges (Face value of one A Class share =Rs.25 (for individuals) and B Class share =Rs.1000 (for firms)
Quantum of Loan – Loan up to 25 Lakhs
Duration – 10 Years
Interest Rates – For home loan up to 15%, Loan up to 2 Lakhs – 15% (1% rebate prompt repayment), Above 2 Lakhs – 15% (1% rebate prompt repayment)
EMI – EMI facility available