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.
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.
If you wish to apply for the Cosmos Bank home loan, then following is the list of documents which you are required to furnish.
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.
For loans up to Rs 25 lakh – 9.75%
For loans above Rs 25 lakh and up to Rs 70 lakh – 10.00%
For loans up to Rs 25 lakh – 11.00%
For loans above Rs 25 lakh an up to Rs 70 lakh – 12%
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.
This loan is accompanied with a processing fee of Rs 1,500.
An equitable mortgage of the house or property is required as security to apply for this 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.
Yes, to apply for this loan, you must present two guarantors which are acceptable to the bank.
Yes, as per the bank policy, the property/house/flat for which the loan is being taken, must be comprehensively insured.
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).