Bombay Mercantile Co-Operative Bank Limited
Housing Loan
- Everybody dreams to have one's own house. BMC Bank's Housing Finance Scheme helps one realising the dream. The scheme provides for easy repayment facility and charging of interest at low rates.
Purpose
Under the scheme persons are eligible to avail loan for purchase of house/flat, besides repairs/extension of existing houses.
Eligibility
Individuals and housing boards undertaking housing project/schemes are eligible to avail finance under the scheme. The persons should have permanent source of income, repayment capacity and should be prepared to contribute 20%-25% towards cost of flat/renovation/repairs/extension/Construction.
Borrowing Capacity
The amount of borrowing depends upon one's income. In case of married person the income of spouse is also clubbed to determine the loan amount.
Individual Limits
The maximum quantum of loan to individual borrowers under the scheme is Rs 50.00 lacs for the purchase of house. For repairs, additions, alterations maximum amount of loan for individual borrower will be Rs.1.00 lac in rural & semi urban areas and upto Rs.2.00 lacs in urban areas.
The loan shall ordinary be for a period of 10 years and in exceptional cases for 15 years.
Interest is charged at Monthly rests on daily products basis. This means that whenever any amount is repaid, it reduces the interest liability. However in case of delay in payment of stipulated instalments, one is liable to pay penal interest on amount in arrears.
w.e. from 27th February, 2017
The advance can be repaid in equated monthly instalments.
One can deposit amounts over and above stipulated instalments in loan account. Bank does not levy any pre-payment charges unlike many other agencies.
The Sale deed of the Flat/House should be duly registered. Besides, one is required to secure the loan with the following:
- Mortgage of Flat/House
- Guarantee of person/s as acceptable to the bank
- Insurance of House property covering fire, SRCC and Natural calamities risks
- The borrower / Guarantors have to become members of bank and have to acquire requisite shareholding as per rules