House Loan For Soc

TARGET GROUP
Society employees residing in Ernakulam district
PURPOSE
For building house
LOAN AMOUNT LIMIT
Up to 5 lakh
RATE OF INTEREST
Up to 1 lakh @ 11%
1 lakh to 2 lakh@ 12%
2 lakh to 5 lakh@ 13%
5 lakhs to 10 lakhs @14%
REPAYMENT PERIOD
15 years
ELIGIBILITY
Residing in Ernakulam district
Applicant must have sufficient repayment capacity
Applicant or spouse should not have house in their name in Ernakulam district
Property should be  in the name of applicant and free from liabilities
Applicant should not have direct liabilities with the bank
GUARANTEE
Equitable mortgage on Property and house
UPFRONT FEE
30% of the loan amount
INTEREST REBATE
Not applicable to this loan
MORATORIUM
12 months
DOCUMENTS TO BE SUBMITTED
Plan and estimate of house
NOC certificate for construction from local bodies
Salary certificate in prescribed form
Salary recovery agreement
Possession and non attachment certificate
location sketch and land tax bill
property deed
FORECLOSURE  FEE

Download Application Form

Smart Space Loan

TARGET GROUP
residing in Ernakulam district
PURPOSE
To own house, flat, shops, rooms in Ernakulam district
LOAN AMOUNT LIMIT
Up to 50 lakh
RATE OF INTEREST
Up to 5 lakh @ 13.50%
Above 5 lakh @13.50%
REPAYMENT PERIOD
15 years
ELIGIBILITY
Applicant must have sufficient repayment capacity
GUARANTEE
Employee surety
Equitable mortgage of the purchasing property
UPFRONT FEE
Up to 10 lakhs 40%      Above 10 lakhs 50%
INTEREST REBATE
Not applicable to this loan
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
Revenue records and tax receipt and property deed
Agreement from the applicant in prescribed form
FORECLOSURE  FEE
Service charge @ 1%  plus service tax before closing within 2 years

Download Application Form

Property Purchase

TARGET GROUP
Residents of Ernakulam District. 
PURPOSE
Purchasing flat, land ,house, shops
LOAN AMOUNT LIMIT
100 LAKH 40 LAKHS
RATE OF INTEREST
Upto 3 lakh    13%
above 3 lakh 13%
REPAYMENT PERIOD
10 YEARS
ELIGIBILITY
Residing in Ernakulam district
Applicant must have property in Ernakulam district      
Applicant must not have direct liabilities with the bank
Applicant must have sufficient repayment capacity
Eligible amount is 60% of the valuation of purchase property in case of loan applications up to Rs.25 lakhs and 50% of valuation of purchase property for above Rs.25 lakhs. In case of other properties as security, eligible amount will be 70% of valuation of security property or 90% of valuation of purchase property whichever is less.
GUARANTEE
Equitable mortgage of purchasing house or land
Employee surety and surety with land tax receipt
UPFRONT FEE
Not applicable to this loan
INTEREST REBATE
Not applicable to this loan
MORATORIUM
12 months
DOCUMENTS TO BE SUBMITTED
Income proof and certificate
Salary Certificate of the Applicant & Guarantors in the prescribed form
Primary deed, Prior deed and other relevant revenue records.
Original purchase agreement.
Newly registered document after registration.
Surety with LTR for loans up to Rs.5 lakhs.
FORECLOSURE  FEE
Service charge @ 1%  plus service tax before closing within 2 years

Download Application Form

Consumer Loan Soci

TARGET GROUP
All Societies affiliated to our Bank
PURPOSE
 Purchase of consumer articles
LOAN AMOUNT LIMIT
Based on the IMBP & Reserve Borrowing Power of the Society
RATE OF INTEREST
12.5%
REPAYMENT PERIOD
58 months (according to the provision in the byelaw)
ELIGIBILITY
On the basis of Financial position & Reserve Borrowing Power of the society
90 % of Estimate
GUARANTEE
 According .to Byelaw of the society
UPFRONT FEE
10 % of Invoice.
MORATORIUM
Not applicable to this loan
DOCUMENTS TO BE SUBMITTED
1.Prescribed Application Form (Same forms are used for OL,OLM,OLE & HL)
2. Committee Resolution
3.”B Statement” regarding the details of Security offered / Personal Sureties.
4. Copy of Audited Balance Sheet & Latest B/ S, Trading A/C, P & L a/c etc.
5. Copy of Bye Law, Copy of defects pointed out in the Audit Report and measures taken for rectification.
6. Certificates regarding the negative Lien on their fixed Assets.
7. Certificate regarding the Non-Membership in other Credit Co.op Societies.
8. Enclosure Cons/ Socs- I Statement.

Download Application Form

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