The Yavatmal Urban Co-operative Bank Limited – Home Loan

By | June 7, 2011

Yavatmal Urban Co-op. Bank offers innovative service and schemes. The bank was registered under Maharashtra State Co-operative Societies Act, 1960 on 12th April, 1965 vide registration no. YML/BNK/114 and license number UBD/MH/906P on 9th Nov.1987 and is governed by the Banking Regulation Act 1949 (A.A.C.S.) sec 5(CCV).

Purpose The home loan is offered for the Purchase/Construction of Flat/Independent Banglow

Eligibility Salaried, professional or self employed with repaying capacity are eligible for the loan

Quantum of Loan – Maximum Limit will be as per Exposure Norms

Margin –           15% for ready possession and 30% for under-construction of Flat/House

Guarantor –           Two guarantors are required

Period –           Maximum 13 yrs. / Maximum moratorium 18 months or date of possession, which ever is earlier

Others Valuation to be done by approved Architect of the Bank. Title Verification to be done by Bank’s Advocate; Advance to be given to the extent of 85% of the value. Home / Flat to be insured for full market value with Bank clause;

Recovery through Post Dated Cheques / Salary deduction or SI on SB A/c. Registered mortgage of the property and all original title deed to be deposited with the bank.

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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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