Shriram Urban Co-operative Bank Limited – Mortgage Loan (Home Equity)

By | June 15, 2011

Shriram Urban Co-operative Bank Ltd. Nagpur named after Lord Shriram, idol of the people of India commenced its business on the eve of Ramnavami, the 21st March, 1996. The bank is in profit since inception and has been consistently receiving “A” classification in the statutory audit for all these years. Bank has complied all the norms of R.B.I. and it has been categorized as Grade 1 Bank as per R.B.I. yardsticks.
The bank offers home loan, personal loan, educational loan, vehicle loan etc.

Purpose For any purpose

Quantum of Loan Maximum limits Rs. 10 lakh or 4 times net annual income which ever is less. Term loan up to 65% of valuation by panel value

Guarantors –           Only two guarantors

Rate of Interest 16.50%

Other Conditions

  • 3 years I.T. returns along with Balance Sheet and Profit & Loss account and last 6 months Bank statement.
  • Property under HUF, in Joint name and HIBA not allowed.
  • Certificate of the Architect to be obtained as regards the life of the property and valuation.
  • Registered mortgage with deposition of title deed.
  • Property to be insured for its present market value with Bank clause.
  • Banks’ charge should e noted with City Survey Office
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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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