The Sarvodays Sahakari bank limited – Home Loan

By | June 14, 2011

Purpose                                  – For the purpose of Purchase OR Construct a House Property for residence within the District, Surat

Eligibility                                 – Any person having sufficient repaying capacity

Quantum of Loan –            Loan maximum up to 85 % of the Purchase Cost as per Sale Agreement OR Cost of Construction as per Construction Agreement in case new Construction or Valuation by the approved valuer of the Bank whichever is less; Loan amount will depend upon the repaying capacity of the applicant and the worth of the personal guarantees offered

Personal Guarantee              – At least two persons having income / asset expectable to the Bank

Primary Security                   – Mortgage of the House Property

Rate of Interest                     – Floating Scheme: 10 %. (Shall be changed if required by the bank after a Period of 2 years)

Fixed Scheme: 11 %

Interest Scheme once selected at the time of disbursement can’t be changed afterwards.

Processing Charges               – Minimum Rs. 250/- Or 0.50 % of the Sanctioned Amount out of which Rs.250/- to be deposited at the time of submission of the loan application.

Pre-Payment Charges           – Nil

Share Money Contribution    – 2.5 % of the Loan Sanctioned.

Tenure For Repayment         – Maximum 180 Months, depending upon the age of the applicant/ co-applicants

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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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