Cosmos Bank is now extending loans against property with appealing interest rates starting at 9.50% per annum. Eligible applicants can access up to Rs 5 crore for a tenure of up to 10 years. These loans serve both personal and business needs, enhanced by a minimal processing fee. You can opt for either a term loan or an overdraft facility, with a loan amount up to 70% of your property’s mortgage value, be it residential or commercial. The online application process facilitates quicker processing.

Founded in 1906, Cosmos Bank ranks among the oldest urban co-operative banks in India. It pioneered the implementation of the Core Banking System among co-operative banks. The bank is further distinguished by being the third co-operative bank to secure an authorized dealer license from the RBI in the last thirty years.

Cosmos Bank provides an array of financial services including deposits and loans for retail and corporate sectors. A significant offering is the loan against property, allowing customers to leverage idle properties for quick funds. It’s versatile, suitable for debt consolidation, educational funding, business expenses, and more. The bank also offers loans against leased-out property rentals.

• Cosmos Property Mortgage Loan: Use this for debt consolidation, education, business costs, etc. Borrow up to 70% of your property’s market value, with a cap of Rs 3 crore. Available as a term loan or overdraft, offering a 10-year repayment period or a 15-month review respectively. Interest rates start at 9.50% p.a.
• Lease Rental Discounting: Ideal for buying additional business property, building new premises for lease, renovation, etc. The loan amount relies on net receivables, with repayment up to the remaining lease period, maxing out at 15 years. Interest starts at 9.50% p.a.

Choosing Cosmos Bank’s loan against property offers several advantages. First, competitive interest rates make it affordable, and it’s secured against legally declared non-agricultural residential or commercial properties. Processing fees are modest with no hidden charges, and customers can prepay without penalties.

To be eligible, you must be a salaried individual, self-employed, or a businessman. The property should be legally non-agricultural, with a completion certificate and match age criteria set by the bank. Required documentation includes residence proof, ID proof, income proof, and property papers.

For estimating the EMIs for this loan, customers can leverage the EMI calculator on the MyMoneyMantra website. Input the loan amount, tenure, and rate to calculate the EMI instantly. This tool aids in exploring different loan options for optimal EMI selection.

In conclusion, a loan against property from Cosmos Bank is a practical and cost-effective resource for financing personal or business needs. With its competitive rates, varied repayment terms, and expedited processing, it's a top pick for prospective borrowers.