The Greater Bombay Co-operative Bank Limited is commonly known as Greater Bank. It started about over five decades ago on 10th December 1952, when a small group of philanthropists got together to set up the Bank. Though the founders were pursuing interests of their own, they decided to establish the bank with the sole motto of serving the community at large. Having this idea fixed in mind they introduced attractive deposit and lending schemes applicable to the times. The Bank is well known for its high quality of service, which primarily induced several customers to the bank. Having achieved the status of a scheduled bank in 1996, The Greater Bombay Co-operative Bank has been making giant strides by attracting customers from the low, middle and upper income strata. This speaks volumes about the faith and the trust reposed in the Bank by the public.
Purpose – The loan is offered for Repair, renovation of Flat House
Eligibility – Salaried individuals, Businessmen, Self-employed professionals like Doctors, Engineers, Lawyers, Chartered Accountants, etc., Entrepreneurs
Margin – 20% of cost of work as specified in quotation
Quantum of Loan – Rs.10, 00,000/- (Rupees Ten Lakhs Only) unlike other home loan schemes offered
Rate of Interest – 13.00% per annum
Period – Maximum 10 years or unexpired period of housing loan whichever is lower.