Overview about New India Co-Operative Bank Loan against Property
A quickly growing bank with a strong future, New India Co-Operative Bank is headquartered in Mumbai and continues to concentrate on improving and upgrading the services it provides with optimal utilisation of modern technology in addition to quality training of its staff and management. Established in 1968, the bank got its current name in 1977 and has since developed into a scheduled and strong multi state bank with several branches across the country to offer an extensive set of financial products and services including small business loans, forex services, home loans, trade services and more.
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Purpose of New India Co-Operative Bank Loans against Property
- Finance to meet working capital requirements
- Repairs or purchase of residential / business premises
- Medical expenses, marriage, educational
- Investment (does not include speculative purposes)
Eligibility Criteria for New India Co-Operative Bank Loans against Property
- Salaried employee must be working for at least two years in a recognised semi-government or government organisation or company.
- Businessmen must have sufficient income from other sources or their business to make repayments on time. Business activity must have earned consistent and sufficient income during the past two years.
- Businessmen must have adequate net worth.
- Professionals must be in the same line of work for a minimum of two years.
- Co-borrower can be close relatives such as mother, father, husband, wife, brother, or sister.
Features and Benefits of New India Co-Operative Bank Loans against Property
- The maximum amount that can be availed through this loan is 60 times the gross monthly salary in case of salaried individuals and six times the gross taxable income / net cash accruals in case of businessmen or professionals.
- The co-borrower’s income may also be considered for determining the borrower’s ability to repay the loan.
- Equitable mortgage of the business / residential premises / flat can be pledged as security.
- Apart from the co-borrower, a minimum of one individual of reasonable means can be nominated as guarantor.
- Interest is calculated on reducing balance method and is subject to change depending upon the discretion of the bank.
- Repayment of the loan must be done in 60 EMIs.