Surat Peoples Coop Bank Ltd. Loans – Mortgage Loan

By | March 30, 2011

Purpose: This loan can be taken for personal purpose.

Eligibility: Any salaried individual can take this loan (businessman, employed, self employed or professional) on mortgage of property.

Margin: There is a margin of 20%.

Rate of Interest: The rate of interest is 10.5% per annum.

Repayment: Period of loan could be up to 5 years.

Documents Required:

  • Ownership paper of property
  • Proof of Ownership
  • Latest 6 months Bank Statement (where salary/income is credited)
  • Last 2 years ITR with computation of income / Certified Financials
  • Proof of Turnover (Latest Sales / Service tax returns)
  • Proof of Continuity current business or industries (IT Returns / Certificate of business continuity issued by the bank)
  • Proof of Identity (any one)Passport / Driving License / Voters ID / PAN card / Photo Credit Card / Employee ID card
  • Proof of Residence (any one) Ration Card / Utility bill / LIC Policy Receipt
  • Proof of Office (any one) Lease deed / Utility bill / Municipal Tax receipt / title deed
  • Proof of Qualification Highest Degree (for professionals and Government employees)

Other features: Nominal processing charges. There is no prepayment penalty just as in the case of the car loan.

 

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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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