Cosmos Bank Home Loan Interest Rates
Cosmos Bank Home Loan Interest Rates start from 7.80% to 10.00% p.a for maximum up to 240 months. The Cosmos Co-Op Bank Ltd offers a range of home loans according to customers’ needs and profile. To avail the lowest home loan interest rate from Cosmos Bank, the applicant should have credit rating of 800 or above. Borrowers also get complete flexibility as processing is minimal at 0.5% to 1 % of the loan amount and there are no foreclosure or prepayment charge.
Cosmos Bank Home Loan Interest Rate Details - 2026
| Loan amount | Upto Rs 140.00 Lakhs |
|---|---|
| Rate of interest | 7.80% to 10.00% |
| Tenure | Up to 20 years |
| Lowest EMI possible | Rs.852 Per Lakh |
| Processing fee | 0.50% + GST |
| Foreclosure Charges | Nil for floating rates |
Cosmos Bank Home Loan details are as follows:
- Maximum loan limit: 140 Lakhs
- Purpose of the loan: Purchase of houses/flats and construction of homes
- Maximum tenure: 20 years
- Processing fees: 1% for loan amount up to 10 Lakhs and 0.50% for loan amount above 10 Lakhs.
- No prepayment or foreclosure charges
- Interest calculation on daily reducing balance basis
Cosmos Bank caters to the retail and business sector. It offers an array of retail loans that include education loan, housing loan, vehicle loans, and personal loans. One of the most popular retail loan products is the Home Loan. It offers two types of Home Loans, the regular Home Loan and the Home Loan top-up facility.
Cosmos Bank Home Loan Features
The features of the regular Home Loan product are as follows:
- Quick processing and transparent charges
- Competitive and reasonable interest rate
- Women get an exclusive benefit of concessions in the rate of interest
- Takeover of loan from other banks available
Cosmos Bank Home Loan Interest Rate
Cosmos Bank is a cooperative bank. Hence, it does not have the MCLR or the RLLR structure. It has its PLR that the bank keeps on updating frequently. The PLR of Cosmos Bank is linked to market rates. Hence, every change in the market rates affects the PLR. Accordingly, it affects the overall interest rate on Home Loans, as well.
The rates of interest on Cosmos Bank Home Loans are:
| Cosmos Home Loan Scheme | |
| CIBIL Score - Above 800 | 8.25% |
| CIBIL Score - Above 750 to 800 | 8.50% |
| CIBIL Score - Above 700-750 | 8.75% |
| CIBIL Score - Below 700 | 9.25% |
| Cosmo Home Delight Scheme (Top-Up) | |
| For all customers | 8.50% |
| Cosmo Gruha Sanjeevani Reverse Mortgage Loan | |
| For all customers | 11.00% |
Cosmos Bank Home Loan Interest Rate vs Other Lenders
| Lender | Maximum Loan Amount | Maximum Tenure | Interest Rate | Processing Fee |
|---|---|---|---|---|
| Cosmos Bank | Up to 90% of property cost | 20 years | 7.80% to 10.00% | 0.50% + GST |
| HDFC Bank | Up to 90% of property cost | 30 years | 7.75% to 13.20% | Up to 0.50% or Rs. 4,500 (whichever is higher) + applicable taxes |
| Kotak Mahindra Home Loan | 75% to 90 % of property value | 30 years | 7.70% | O.50% to 2.0 % + GST |
| ICICI Bank Home Loan | Up to 90% of property cost | 30 years | 7.45% | 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| Axis Bank Home Loan | Rs. 5 Crores | 30 years | 8.75% - 11.60% | Up to 0.50%, minimum Rs.10,000 |
Cosmos Bank Home Loan - How Do You Apply?
Cosmos Bank official website has a loan inquiry form. The applicant can submit it online. The applicant has to enter their name, email ID, and phone number. The bank executives will contact the prospective borrower to obtain further details.
Alternatively, the customer can also apply for the Cosmos Bank Home Loan through MyMoneyMantra. The procedure is straightforward.
- Access the MyMoneyMantra website
- Select the Home Loan page
- Submit the details that the site asks for
- Finally, you have to share your mobile number and email ID
- You receive an OTP on your mobile
- Enter the OTP to confirm the genuineness of the query
- You get access to the different Home Loans available on offer
- On choosing Cosmos Bank, it directs you to the official website of Cosmos Bank to complete the formalities.
Additional Reading: How to Improve Cibil Score Fast?
Cosmos Bank Home Loan EMI Calculation
Cosmos Bank does not have an EMI Calculator on its website. However, customers can use the MyMoneyMantra EMI Calculator to determine the EMI amount.
- Access MyMoneyMantra website
- Go to Financial Tools and select EMI Calculator
- Enter the details like loan amount, rate of interest, and the repayment period
- Click on the 'Calculate' option to get your EMI
- You get additional information in the form of a breakup of principal and interest components over the entire tenure of the Home Loan.
The calculation of EMI for the PMAY is different. Instead of the loan amount, you must enter the loan amount less subsidy. You get the correct EMI payable on the PMAY loan account.
Cosmos Bank Home Loan - PMAY
Cosmos Bank has a sizeable presence in Maharashtra, especially around Pune. Hence, it is a prominent lending institution under PMAY. Cosmos Bank caters to PMAY loans with its Central Nodal Agency being HUDCO.
Besides ensuring affordable housing finance to the urban homeless, the PMAY has the benefit of an upfront interest subsidy. The subsidy amount depends on various factors like the borrower category, loan amount, and the rate of subsidy. The interest subsidy helps to reduce the EMI burden on the borrower, as well.
PMAY - Income Eligibility
PMAY borrowers come in four different categories depending on the annual family income:
- Economically Weaker Section (EWS): Families having a total annual income less than 3 Lakhs fall in this category.
- Low-Income Group (LIG): This group constitutes families having an annual income higher than 3 Lakhs and up to 6 Lakhs.
- Middle-Income Group-I (MIG-I): MIG-I comprises of the families or households having income levels more than 6 Lakhs but less than or equal to 12 Lakhs.
- Middle-Income Group-II (MIG-II): This category is made up of the creamy layer of the middle-class people with annual family income more than 12 Lakhs and up to 18 Lakhs.
The loan amount under PMAY does not have any restriction. Borrowers can borrow up to their maximum eligibility depending on their income and other liabilities. However, the entire loan amount is not eligible for interest subsidy. There is a limit on the loan amount that is eligible for an allowance from the Government. The loan amount above the respective ceilings qualifies as unsubsidised loan.
- EWS and LIG: The maximum loan amount eligible for calculating the interest subsidy is 6 Lakhs.
- MIG-I and MIG-II: The corresponding figures for MIG-I and MIG-II are 9 Lakhs and 12 Lakhs respectively.
PMAY Subsidy Calculation
Borrowers can visit the PMAU-Urban website and use the PMAY subsidy calculator to determine the subsidy amount. As detailed above, the entire loan amount is not eligible for the interest subsidy. It works in the following manner.
| Category of Borrower | Loan amount eligible for a subsidy | Rate of subsidy | Maximum amount of grant |
| EWS and LIG | 6 Lakhs | 6.50% | 2.67 Lakhs |
| MIG-I | 9 Lakhs | 4% | 2.35 Lakhs |
| MIG-II | 12 Lakhs | 3% | 2.30 Lakhs |
PMAY Subsidy Treatment
The CAN for Cosmos Bank is HUDCO. Hence, Cosmos Bank has to lodge its subsidy claims with HUDCO. On receiving the same, the bank credits the interest subsidy amount upfront into the loan account. Thus, it reduces the principal liability of the borrower. The borrower, therefore, has a lower EMI to contend with for the rest of the loan repayment tenure.
FAQs
Cosmos Bank does not follow the MCLR or the RLLR structure to calculate the Home Loan interest rate. It follows the PLR system. The bank links its PLR to the market rate and passes on the benefits of the market rate fluctuations to the customers. Cosmos Bank reviews the PLR at regular intervals.
Cosmos Bank offers both fixed-rate and floating rate of interest on its Home Loans. Customers can choose their favoured mode.
If you have a Cosmos Bank account, you can set up an SI mandate to recover the instalment on the due date. If you do not have an account with Cosmos Bank, you should set up an ECS mandate with the bank to ensure prompt repayment without any delay.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
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