The Ahmadabad Mercantile Co-op. Bank Limited – Housing Loan

By | September 23, 2011

Purpose: For the purpose of construction of purchase of house

Eligibility: Salaried/ businessmen/ self-employed capable of repaying the loan are eligible for the housing loan

Quantum of Loan: 80% Value of House & Maximum up to Rs.50 Lakhs

Rate of Interest: 10.90%

Security: Loan would be secured by reg. equitable mortgage of property financed

Repayment: Maximum 15 years

Processing Charge: 0.50% of the Loan amount + S.T

Documents Required: The following documents are required for the home loan

  • All documents pertaining to the property to be purchased under housing scheme.
  • Income-Proof of borrower.
  • In case of firm, Balance-Sheet, Profit-Loss ac & copy of Sales-tax, in come-tax challan, Residential proof of partner or proprietor.
  • Detail of guarantors along with their income proof, Residential proof etc.
  • Permission from competent authority for development construction and approved plan copy.
  • Valuation report, Visit report.
  • No due, No Objection certificates from association and other required documents borrower
  • Stipulated by our solicitor.

Others: The home loan is offered at fixed rate during the loan period

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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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