Vaish Cooperative Adarsh Bank Ltd. – Housing Loan

By Pradeep Yuvaraj | May 16, 2011

Purpose: This loan finances acquiring of a house.

Eligibility: The applicant should not be over 55 years of age. The applicant should have an annual income of at least Rs. 2 lakh. In case of salaried employees, the employers consent to deduct the EMI from the salary account need to be submitted. In case self employed applicants, they should be giving tax for at least the previous 3 years.

Quantum of Loan: Up to maximum of Rs. 15 lakh is granted as loan. In case of salaried employees, a maximum of 60 months monthly gross salary (including the salary of the spouse) is granted as salary. In case of others, a maximum amount of 5 times the average annual income as per the income tax returns is granted as loan.

Security: The property has to be mortgaged as security. One of the sureties must be a government employee. In case of a female applicant, one of the sureties must be a male member of the family.

Repayment: The post dated cheques have to be submitted at the time of disbursement of loan to pay the EMI. The repayment has to be done within 120 monthly installments. The repayment has to be completed by the age of 65.

Other features: 0.5% of the loan amount is charged as processing fee.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.
Category: Articles Glossary Tags: ,
Pradeep Yuvaraj

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.

Leave a Reply

Your email address will not be published. Required fields are marked *