Municipal Co-Op Bank Ltd offer Home Loan for purchasing a house anywhere in Maharashtra

Purpose :

To purchase a Flat/Row House/Bunglow from the BUILDER/ CIDCO/MHADA/HUDCO

To purchase a Flat/Row House/Bunglow of Re-sale.

To construct a House/Bunglow on a plot allotted by the Co-op.Housing Society/owned by self.

Eligibility :

2 years’ continuous service in the Municipal Corporation of Greater Mumbai

He/She must be the member of the Bank

Monthly Bank recoveries should be regular (Non-Defaulter)

After deducting loan installment he/she must retain net amount 30% of his /her gross salary in hand.

Maximum Limit: Rs. 50,00,000/-

Rate of Interest 10.25 %

90% of Agreement Value or Market Value will be considered for sanction whichever is less than Rs.20,00,000/- and 80% of Agreement Value or Market Value will be considered for sanction whichever is from Rs.20,00,000/- to Rs.50,00,000/-, but net salary of the member will also be considered while sanctioning housing loan in comparison with the above Agreement Value and Market Value whichever is less.

If Husband and wife both are members of the bank then jointly they can avail Housing Loan upto Rs. 1 Crore for the same House/Flat.

The applicant required to offer one guarantor upto Rs.12,00,000/-& two guarantors above Rs.12,00,000/-.

Repayment Period :

Maximum 20 years or remaaining service in the MCGM whichever is less.

Legal Fees of Rs. 1,000/-

Architect Fees : Rs. 1,000/- for purchasing a home within the limit of MMRDA.

Rs. 1,500/- for purchasing a home outside the limits of MMRDA –

Processing Fees Rs. 1,500/-.

Loans for purchase of house/flat with the non-member is not admissible

Contact-

Municipal Co-Op Bank Ltd
Head Office 'Municipal Bank Bhavan',
245, P'Dmello Road, Fort, Mumbai- 400 001.
Tel Office: 22616911/12 Ext : 200