BANKBAZAAR TIP CENTRAL
How is your EMI calculated?!
At a constant interest rate, EMI is constant month on month. The change happens in the way the principal and interest is added every month! In the initial years of loan repayment principal is lesser than the interest component of the EMI. In the latter years the reverse is true!
The Zoroastrian Co-operative Bank Ltd- Housing Loans
The Zoroastrian Co-operative Bank Ltd. was registered on 17th June, 1927 as a Co-operative Credit Bank governed under the then Bombay Act VII of 1925. The Deputy Registrar thereafter granted permission on 1st July, 1987 to change the name of the Bank to The Zoroastrian Co-operative Bank Ltd. The Bank thereafter obtained license to carry on banking business under Section 56 of the Banking Regulation Act on 16thFebruary, 1994.
The Bank has thereafter made considerable progress under all parameters of banking business and has effectively rendered banking facilities to its Shareholders and Clients of all communities within the framework of Banking Regulations. What identifies the Bank as distinct from its competitors is a high level of personalised services and effective catering to the need-based requirement of its constituents hailing from all the strata of society.
The home loan offers financial assistance for lower and middle income groups up to 70% of agreement value (maximum – Rs. 50.00 Lakhs). The repayment period of the loan is maximum 15 years. There is no pre payment charges imposed on the loan. The bank offers reduced interest rates for loans up to Rs. 5.00 Lakhs.