Shriram Urban Co-operative Bank Limited – Housing loan

By Pradeep Yuvaraj | June 15, 2011

Purpose The home loan is offered for the Purchase/Construction of Flat/Independent Bungalow

Quantum of Loan Maximum Limit will be as per Exposure Norms.

Terms –           Maximum 13 yrs. / Maximum moratorium 18 months or date of possession, which ever is earlier

Margin –           15% for ready possession and 30% for under-construction of Flat/House

Guarantors –           only two guarantors

Other Conditions

  • Valuation to be done by approved Architect of the Bank. Title Verification to be done by                             Bank’s Advocate.
  • Advance to be given to the extent of 85% of the value.
  • Home / Flat to be insured for full market value with Bank clause.
  • Recovery through Post Dated Cheques / Salary deduction or SI on SB A/c.
  • Registered mortgage of the property and all original title deed to be deposited with the bank.

Calculation of EMI – Housing Loan

Term Loan amount Rs. 1,00,000/- Loan amount Rs. 5,00,000/ Loan amount Rs. 10,00,000/
5 years 2,224 11,122 22,244
10 years 1,435 7,174 14,347
13 years 1,269 6,343 12,687
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Pradeep Yuvaraj

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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