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    Cosmos Bank Home Loan Reviews

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    Home Loans from Cosmos Bank:

    Established in 1906, Cosmos Bank (Cosmos Co-operative Bank Ltd.) is one of the oldest surviving urban co-operative banks in India. With a strong presence in 7 states and 38 major Indian cities, Cosmos Bank is also one of the very first banks in India to not only adopt the Core Banking System using the Finical-Infosys Core Banking Software but also the third bank in to receive an Authorized Dealer license from the RBI in 30 years. Cosmos Bank deals in a variety of financial products and services surrounding personal banking, corporate/SME banking and NRI banking.

    Under personal banking, Cosmos bank offers a variety of loans, among which one of the most popular is the home loan. The Cosmos Bank Home Loan Scheme may be utilized for the purpose of buying a new/resold house / flat, for the construction of house or bungalow or for taking over an existing home loan taken with another bank or financial organization.

    Features of Cosmos Bank Home Loan:

    There Cosmos Bank home loan scheme is accompanied by a set of unique features to help you realize your dream of owning a house with greater ease. To find out more about what this loan offers, read on.

    • There is no prepayment fees that shall be levied if you pre-close your loan, provided it is repaid with your own funds.
    • The income of other members of the family can also be considered to enhance the eligible loan amount.
    • Maximum limit up to which this loan may be obtained is capped at Rs 70 lakh.
    • This loan may be availed for a maximum tenure of 20 years. However, in case of a takeover, the repayment period automatically becomes the unexpired period remaining on the loan or 20 years, whichever is earlier.
    • The loan margin for a new flat shall be 80% of the total value of the flat (including registration, mortgage expenses, processing fee, stamp duty, share money, etc.). Loan margin for a resale flat shall be up to maximum limit of 70% of the cost of the Agreement or valuation, whichever is lesser.
    • One of the noteworthy features of this loan is that the interest is calculated on daily reducing balance basis.

    Cosmos Bank Home Loan – Documentation:

    If you wish to apply for the Cosmos Bank home loan, then following is the list of documents which you are required to furnish.

    • Basic Documents – Most recent photograph, photo ID proof, proof of residence (of applicant and guarantors).
    • Salaried Applicants – Last 3 months salary slip, last 6 month’s bank statement and Income Tax Returns for the last 3 years.
    • Businessmen – Profit & Loss A/c for the last 2 years, legal documents for creation of mortgage, Income Tax Returns (copy) for the past 3 years, last 6 month’s bank statement balance sheet.

    Cosmos Bank Home loan Interest Rates:

    This home loan offers one of the most affordable for the simple reason that it offers very attractive interest rates. The interest rate on housing loans depends on the type of interest plan applicable on the particular loan.

    • strong>Housing Loans - Floating Interest Rate:

      For loans up to Rs 25 lakh – 9.75%

      For loans above Rs 25 lakh and up to Rs 70 lakh – 10.00%

    • strong>Housing Loan – Fixed Interest Rate

      For loans up to Rs 25 lakh – 11.00%

      For loans above Rs 25 lakh an up to Rs 70 lakh – 12%

    Cosmos Bank Home Loan EMI Calculator:

    A home loan EMI calculator is a very helpful tool which helps you find out just how much your home loan is going to cost you. Cosmos Bank presents you the very same tool in an easy to use interface to help you find out how much you have to pay towards your chosen home loan down the years. This information can especially help you budget your finances in the future to accommodate the EMI payments towards your home loan. All you need to do is input information like the loan amount, loan tenure and interest rate (on a reducing balance basis). Armed with that information, the tool will instantly calculate and display the EMI which shall be payable each month.


    1. What is the processing fee charged with the cosmos Bank home loan?

      This loan is accompanied with a processing fee of Rs 1,500.

    2. What is the security required in order to apply for this home loan?

      An equitable mortgage of the house or property is required as security to apply for this loan.

    3. In case of a resale flat, are there any restrictions on the kind of property which may be purchased with the Cosmos Bank home scheme loan?

      If you are availing this loan for the purchase of an existing flat, then it is necessary that the property must not be older than 20 years.

    4. Do I need to present any guarantors for applying for the Cosmos Bank home loan scheme?

      Yes, to apply for this loan, you must present two guarantors which are acceptable to the bank.

    5. Is it necessary for the property/flat/house in question, to be insured?

      Yes, as per the bank policy, the property/house/flat for which the loan is being taken, must be comprehensively insured.

    6. Are there any foreclosure charges levied if the loan is taken under a fixed interest rate plan?

      Yes, if the loan has been taken with a fixed interest rate plan, then a foreclosure charge at the rate of 1% will be levied on the outstanding loan amount (subject to conditions).

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