Cosmos Bank Loan Against Property: Features, Benefits, Interest Rates, Eligibility

Cosmos Bank Loan Against Property: Features, Benefits, Interest Rates, Eligibility

Mar 22, 2024

15 Mins

Cosmos Bank is now offering loans against property with attractive interest rates starting at 9.50% per annum. Customers can apply for a loan of up to Rs 5 crore for a duration of up to 10 years. Whether it's for personal or business needs, this loan is a great option with the added benefit of a low processing fee. Customers can choose between a term loan or an overdraft facility, with the loan amount being up to 70% of the mortgage value of their residential or commercial property. Applying for this loan is quick and easy with the option to do it online for faster processing.

Cosmos Bank, established in 1906, is one of the oldest urban co-operative banks in India. It is known for being one of the first co-operative banks to implement the Core Banking System. The bank has also received various licenses and authorizations, making it a trusted institution. In fact, it is the third co-operative bank to receive an authorized dealer license from the Reserve Bank of India in the past thirty years.

Cosmos Bank offers a range of financial services, including deposits and loans, catering to both the retail and corporate sectors. One of their notable loan products is the loan against property, which allows customers to access funds quickly by leveraging their idle property. This loan can be used for various purposes, such as debt consolidation, funding higher education, planning a trip abroad, business expenses, and more. In addition, the bank offers loans against the rent receivables of a property that is leased-out.

There are two types of loan against property options available from Cosmos Bank:

1. Cosmos Property Mortgage Loan: This loan can be used for multiple purposes, including debt consolidation, higher education, business expenses, and more. Customers can borrow up to 70% of the market value of their property, with a maximum loan amount of Rs 3 crore. The loan can be availed as a term loan or an overdraft facility, with a repayment period of 10 years for the term loan and a review every 15 months for the overdraft facility. The interest rate starts at 9.50% per annum.

2. Lease Rental Discounting: This loan can be used for personal requirements such as purchasing another business property, constructing premises for leasing out, renovating existing business property, and more. The maximum loan amount is based on the net receivables and the repayment period is up to the unexpired lease period, with a maximum of 15 years. The interest rate for this loan starts at 9.50% per annum.

There are several benefits to taking a loan against property from Cosmos Bank. Firstly, the interest rates are competitive, making it an affordable option for customers. Additionally, the loan is secured against residential or commercial properties that have been legally declared as non-agricultural land. The processing fees are nominal and there are no hidden charges. Customers also have the flexibility to prepay their loan without any extra charges.

To be eligible for a loan against property from Cosmos Bank, customers must be salaried individuals, self-employed individuals/professionals, or businessmen. The property offered as security should be residential/commercial and should meet certain criteria, such as being legally declared as non-agricultural land and having a completion certificate. The age of the property should also meet the bank's requirements. Other documents required for the loan include proof of residence, photo ID proof, income proof, and property documents.

To calculate the equated monthly installment (EMI) for a loan against property, customers can use the EMI calculator available on the website of MyMoneyMantra. This tool allows customers to input the loan amount, loan tenure, and interest rate to instantly calculate the EMI. By using this calculator, customers can explore different loan options and find the best EMI for their needs.

Overall, a loan against property from Cosmos Bank is a convenient and affordable way to access funds for personal or business requirements. With competitive interest rates, flexible repayment options, and quick processing, this loan is a top choice for customers.

Cosmos Bank is now offering loans against property with attractive interest rates starting at 9.50% per annum. Customers can apply for a loan of up to Rs 5 crore for a duration of up to 10 years. Whether it's for personal or business needs, this loan is a great option with the added benefit of a low processing fee. Customers can choose between a term loan or an overdraft facility, with the loan amount being up to 70% of the mortgage value of their residential or commercial property. Applying for this loan is quick and easy with the option to do it online for faster processing.

Cosmos Bank, established in 1906, is one of the oldest urban co-operative banks in India. It is known for being one of the first co-operative banks to implement the Core Banking System. The bank has also received various licenses and authorizations, making it a trusted institution. In fact, it is the third co-operative bank to receive an authorized dealer license from the Reserve Bank of India in the past thirty years.

Cosmos Bank offers a range of financial services, including deposits and loans, catering to both the retail and corporate sectors. One of their notable loan products is the loan against property, which allows customers to access funds quickly by leveraging their idle property. This loan can be used for various purposes, such as debt consolidation, funding higher education, planning a trip abroad, business expenses, and more. In addition, the bank offers loans against the rent receivables of a property that is leased-out.

There are two types of loan against property options available from Cosmos Bank:

1. Cosmos Property Mortgage Loan: This loan can be used for multiple purposes, including debt consolidation, higher education, business expenses, and more. Customers can borrow up to 70% of the market value of their property, with a maximum loan amount of Rs 3 crore. The loan can be availed as a term loan or an overdraft facility, with a repayment period of 10 years for the term loan and a review every 15 months for the overdraft facility. The interest rate starts at 9.50% per annum.

2. Lease Rental Discounting: This loan can be used for personal requirements such as purchasing another business property, constructing premises for leasing out, renovating existing business property, and more. The maximum loan amount is based on the net receivables and the repayment period is up to the unexpired lease period, with a maximum of 15 years. The interest rate for this loan starts at 9.50% per annum.

There are several benefits to taking a loan against property from Cosmos Bank. Firstly, the interest rates are competitive, making it an affordable option for customers. Additionally, the loan is secured against residential or commercial properties that have been legally declared as non-agricultural land. The processing fees are nominal and there are no hidden charges. Customers also have the flexibility to prepay their loan without any extra charges.

To be eligible for a loan against property from Cosmos Bank, customers must be salaried individuals, self-employed individuals/professionals, or businessmen. The property offered as security should be residential/commercial and should meet certain criteria, such as being legally declared as non-agricultural land and having a completion certificate. The age of the property should also meet the bank's requirements. Other documents required for the loan include proof of residence, photo ID proof, income proof, and property documents.

To calculate the equated monthly installment (EMI) for a loan against property, customers can use the EMI calculator available on the website of MyMoneyMantra. This tool allows customers to input the loan amount, loan tenure, and interest rate to instantly calculate the EMI. By using this calculator, customers can explore different loan options and find the best EMI for their needs.

Overall, a loan against property from Cosmos Bank is a convenient and affordable way to access funds for personal or business requirements. With competitive interest rates, flexible repayment options, and quick processing, this loan is a top choice for customers.

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