|Abhyudaya Co-operative Bank Home Loan|
|Interest Rate||Starting from 7.20%|
|Loan Tenure||Up to 20 years|
|Maximum Loan Amount||70 Lakhs|
|Loan to Value (LTV) Ratio||80% to 90%|
|Who can apply||Indian Residents|
|Self-Employed Persons having a regular source of income|
|Co-applicants||Compulsory - Family members|
|EMI||720 per Lakh|
Abhyudaya Co-operative Bank Ltd. was initially established as a Co-operative Credit Society in 1964 by a dedicated group of labour activists and social workers to serve the financial requirements of mill workers in Mumbai. It became a scheduled bank in September 1988. Over the years, it has become a leading co-operative bank in the country with an active presence in the states of Gujarat, Maharashtra, and Karnataka. The bank offers a multitude of banking services, including Housing Loan.
Abhyudaya Co-op Bank offers attractive Home Loans to suit the requirements of its clientele. Indian residents residing in Maharashtra, Gujarat, and Karnataka can apply for housing loans up to a maximum amount of 70 Lakhs. Home Loan interest rates and service charges on offered by Abhyudaya Co-op Bank are competitive. Other attractions include a quick turnover period, transparency in dealings, and attractive eligibility norms.
Abhyudaya Co-operative Bank offers excellent value to its housing loan customers. Some other reasons to opt for this loan are:
Here are some attractive features and advantages of Abhyudaya Co-operative Bank Home Loan:
The Home Loan interest rates of Abhyudaya Co-operative Bank are linked to its Prime Lending Rate (PLR). The PLR of the bank w.e.f. 01.01.2019 is 13%.
|Housing Loan||Interest Rate Spread||Applicable Interest Rate|
|Up to 35 Lakhs|
|All borrowers||PLR - 4.90%||7.20%|
|More than RS. 35 Lakhs and up to 70 Lakhs|
|Women beneficiaries||PLR - 4.90%||7.30%|
|Other borrowers||PLR - 4.290%||7.40%|
|Loans for Repairs and Renovations|
|House||PLR - 2%||10.50%|
|Shop/Gala||PLR - 1%||11.00%|
PMAY is a credit-linked subsidy scheme formulated by the Central Government. The terms and conditions of PMAY are the same for all banks and financial institutions participating in the project.
|Economically Weaker Sections||Low Income Group||Middle Income Group - 1||Middle Income Group - 2|
|Total Family Income||Up to 3 Lakhs||More than 3 Lakhs and up to 6 Lakhs||Higher than 6 Lakhs and up to 12 Lakhs||Greater than 12 Lakhs and up to 18 Lakhs|
|The carpet area of the house||30 sq metres||60 sq. metres||160 sq. metres||200 sq. metres|
|The loan amount for determining subsidy||Rs. 6 Lakhs||Rs. 6 Lakhs||Rs. 9 Lakhs||Rs. 12 Lakhs|
|Processing Fees||Nil up to 6 Lakhs||Zero up to 6 Lakhs||Nil up to 9 Lakhs||Nil up to 12 Lakhs|
|Maximum eligible subsidy||Rs. 2,67,280||Rs. 2,67,280||Rs. 2,35,068||Rs. 2,30,156|
|Ownership of house||One applicant should be a female member||One female applicant is compulsory||Either male or female||Either male or female|
Applicant should meet the following eligibility criteria to obtain Home Loan from Abhyudaya Co-op Bank:
Abhyudaya Co-operative Bank follows simple eligibility criteria for calculating the maximum permissible Home Loan to an individual. It considers the lower of the following calculations:
|Eligibility as per Agreement Value|
|Up to 28 Lakhs||The maximum Home Loan is 90% of the agreement value with a ceiling of 25 Lakhs|
|Above 28 Lakhs||Maximum housing loan is 80% of the agreement value subject to a maximum of 70 Lakhs|
|Eligibility as per Repayment Capacity|
|Eligibility = Repayment Capacity X 100,000 / EMI for 1,00,000|
|Repayment Capacity||Net Monthly Income less minimum take-home pay less Loan deductions|
|Minimum take home Pay||Minimum take home pay is restricted to 40% of the net income/salary with a minimum of 8,000 and maximum 20,000|
The following factors determine the Home Loan eligibility:
Ways to improve eligibility
A co-applicant is necessary for all Abhyudaya Co-operative Bank Home Loans.
A good CIBIL score or credit rating is necessary for availing the Abhyudaya Co-operative Bank Home Loan. All banks consider the repayment record of the borrower before approving loans. CIBIL report is the ideal document that enables banks to access the credit history of borrowers. Abhyudaya Co-operative Bank considers CIBIL scores of 575 to 600 as good enough for secured loans like Home Loans. In the case of personal or unsecured loans, the CIBIL score should be more than 700 or 750.
Abhyudaya Co-operative Bank requires the following documents for processing the Home Loan.
General Documents - KYC Documents
Income Documents - Salaried Individuals
Income Documents - Business Persons and Self-employed People
The bank charges a flat fee of 3,000 for verifying the genuineness of the title and evaluating the property. If the bank rejects the loan, these charges are not refundable. In case of sanction of the loan, the bank adjusts this amount towards the service charges.
Apart from housing loans to individuals, Abhyudaya Co-operative Bank offers the following products too:
|Term Deposit||Current Account||Savings Account||NRE/NRO/FCNR Account|
|Personal Loan||Abhyudaya Vidya Vardhini Education Loan Scheme||Education Loan for higher education in India & Abroad||Central Scheme to Provide Interest Subsidy (CSIS) on Education Loan|
|Vocational Education Loan||SOD against pledge of Gold ornaments||Loan against pledge of Gold ornaments||Loan/SOD against Govt. securities|
|Loan/SOD against Term Deposit - LATD-FLXLN||Vehicle Loan - Commercial||Vehicle Loan - private||Taxi - Auto Loans|
|Working Capital Finance||Loans & Advances to Professionals (Other than Medical Practitioners)||Business Term Loan||Non-Fund Based - Letter of Credit|
|Short Term Corporate Loans||Udyog Vikas Loan Scheme||Revolving Credit Limit||Medium Term Corporate Loan|
|Loan to Professional - Self-employed||Loan to Women Entrepreneurs||Loan to Educational Institutes||Business Loan against Immovable Property|
MyMoneyMantra has an EMI Calculator tool on its website under Financial Tools tab. Entering the following details helps customers to Calculate the Abhyudaya Co-operative Bank Home Loan EMI:
Apart from the interest rate, Abhyudaya Co-operative Bank Home Loan includes the following charges:
|Processing fee||0.60% of the sanctioned loan amount plus applicable GST|
|Preliminary sanction letter||500 plus GST|
|Charges for confirming the genuineness of title||3,000 per property plus GST|
Abhyudaya Co-operative Bank has a separate Customer Complaints and Grievances Redressal department headed by an official of the rank of Senior Manager. The contact phone numbers and email address are as follows.
Apply for instant home loan online at Interest Rate starting from as low as 8.20% p.a. Pay EMI of just Rs. 748 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
As on date, the maximum housing loan limit is 70 Lakhs. However, the bank is considering a change in the ceiling very shortly.
Any person having sufficient creditworthiness can become a guarantor to the Home Loan offered by Abhyudaya Co-operative Bank Home Loan.
The liability of the guarantor is co-extensive with that of the principal borrowers. The bank reserves its right to claim the entire payment from the surety or guarantor in the case of default by the borrower.
No, Abhyudaya Co-operative Bank does not include the stamp duty and registration charges while determining the eligibility of Home Loan amount. The borrower has to incur these charges.
No, the Home Loan interest rates in Abhyudaya Co-operative Bank are linked to the bank's PLR. The rates change with every increase or decrease in the PLR.
Yes, Home insurance is compulsory in case of availing Home Loan from Abhyudaya Co-operative Bank. The bank is a corporate agent for the New India Assurance Company. Home Loan customers can insure their homes through this company.
It depends on the circumstances. Customers can insure their Home Loans as a risk mitigation measure. It is not compulsory to do so.
Customers can repay the Home Loan instalments in many ways:
Yes, customers can use the EMI Calculator available at MyMoneyMantra to verify the accuracy of EMI stipulated by Abhyudaya Co-operative Bank.
No, Reserve Bank of India rules stipulates that banks should not charge any prepayment penalty, even in case of balance transfer of Home Loans to other institutions.