Cosmos Bank
Home Loan

Following are the key features and benefits of the loan:

• Purpose: For purchasing flat, row houses, and for the construction of houses
• Loan quantum: Up to Rs. 140 Lakhs
• Rate of interest: 8.25% onwards
• Repayment tenure: Up to 20 years
• Special discounted interest rate for women
• Guarantor: Two guarantors will have to be provided which are acceptable to the bank
• Equitable mortgage of the house property is taken as security
• Comprehensive insurance cover is required for the flat/property
• All title documents required

The interest rates for Cosmos Bank Home Loans are as follows:

To reduce the processing time involved in availing Cosmos Bank Home Loan, one should approach the bank well prepared by checking the home loan eligibility criterion beforehand. Bank will have set certain guidelines to check one's eligibility for the loan.

The eligibility criteria are as mentioned below:

• Cosmos Bank offers Home Loan to salaried individuals and self-employed professionals and business owners.
• Salaried individuals should have been confirmed in the service and self-employed personnel and business owners should have been in the business for at least a minimum of 2 years. This is to assess the income stability of the applicant.
• The applicants should necessarily have an account with Cosmos Bank to avail the loan facility.
• If the applicant intends to purchase the old flat/house, then the age of the property should not be more than 20 years.

Additional Info: Also check AnyRoR Gujarat Land Record

Cosmos Bank offers the following types of Home Loans:

Cosmos Home Loan Scheme

• Purpose of taking the loan: For purchase of ready or under construction property, construction of a new house or flat or remodeling of the existing house. Loan is given even to purchase row houses and villas. If the loan is availed for purchase of old house/flat, then the age of the property should not be more than 20 years.
• Eligibility: Both Salaried individuals and self-employed persons are eligible for the loan 
• Interest: Competitive rate of interest to suit one's requirement. Home Loan Interest rate starts from 8.25% for women applicants and 7.85% for others.
• Quantum: The maximum quantum of the loan offered is Rs. 70 Lakhs. Margin stipulated is from 20% to 30%. For purchase of new house/flat and for construction of house 80% of the project cost will be sanctioned. For purchase of old house/flat 70% of the value of the property or the value as per agreement of sale whichever is lower will be sanctioned. The loan amount includes registration charges, processing charges, mortgage expenses, share money, and stamp duty. To increase the quantum of loan spouse, parents, or children having stable income can be included as co-borrowers.
• Repayment: The maximum repayment period is 20 years. For transfer of Home Loan liability from other banks the unexpired period of the Home Loan or 20 years, whichever is earlier, will be the repayment period. There are no pre-closure charges or part pre-payment charges if the floating rate of interest is opted for. If the fixed rate of interest is opted for then, pre-closure or part pre-payment charges at 1% of the loan outstanding amount will be collected if the loan is pre-closed before 3 years. If pre-closed after 3 years the pre-closure charges will not be applied. So, if one has opted for a floating rate of interest, then any surplus fund available can be credited to the loan account and the interest burden is reduced. Before deciding the repayment period check for the equated monthly instalment (EMI) with the MyMoneyMantra EMI Calculator to know the cost of the Home Loan and choose the repayment period which is convenient and which is not going to be a financial burden.
• Processing charge: Processing charges at 1% of the loan amount and share money at 0.50% with a maximum of  5,000. 
• Security: Mortgage of the asset created out of the loan proceeds, i.e., new flat/purchased/house constructed or old house/flat purchased or the property for which the renovation and repairs have been done. The property should be in the name of the applicant or their spouse. In case the property is in the name of the spouse, then spouse should be co-applicant to the loan. Property should be insured for fire and other natural calamities and bank clause should be noted in the insurance policy. Insurance should be renewed yearly and the proof produced to the bank. Personal guarantee of two guarantors acceptable for the bank should be given.

Other conditions:

• The loan should be used for the purpose mentioned in the loan application
• Option of both floating and fixed rate of interest is available. If the floating rate of interest is opted for, then the bank will apply the prevailing rate of interest on reducing balance. If a fixed rate of interest is opted for then the rate of interest will be reset every three years.
• If the applicant intends to avail a loan for registration, stamp duty, processing fees and mortgage expenses, the same should be mentioned in the loan application along with the Home Loan amount applied for. This, however, is optional. If the applicant intends to avail only the Home Loan excluding the other charges, then even that is allowed.
• The premium towards the insurance cover can also be added to the loan amount
• The bank will have the option to increase/decrease the EMI or repayment tenure whenever the interest rates are revised.
• If opted for a fixed rate, the interest rate will be reset every 3 years. In such case, if the borrower is not happy with the reset rate, then they can request for termination of the loan within 15 days. The borrower has to repay the entire outstanding loan amount along with interest and other charges before termination of the loan.
• Alternate security of the same value in the form of alternate property, LIC policy, share certificates are permissible if the mortgage of the property for which the bank has financed is not possible.     
  In case of a delayed payment of EMI 2% over and above the applicable interest will be applied on the outstanding liability.
• Repayment history of the applicant is very important to be eligible for the Home Loan

Cosmos Home Delight Scheme (Top-Up)

• Purpose of loan: This loan is designed to fund the requirement that follows after the construction of the home or purchase of a home. It could be furnishing, interior decoration or renovation of the house. Doing this not only beautifies one's home but also will increase the resale value of the property. The loan is given of renovation/repairs of the existing home and to take up work like changing the flooring, rewiring, painting, woodwork and for taking up regular repair work.
• Eligibility: Salaried individuals, self-employed professionals, business owners. Applicant should own a house or flat. The borrower/co-borrower should have availed Cosmos Home Loan to be eligible for this loan and the repayment must be made of at least 25%. The applicant must have a satisfactory repayment history with no default. The net take home salary for the salaried individuals should not be less than 50% after providing for the EMI of the proposed loan.
• Quantum: The maximum loan amount is  5 Lakhs. It is given both in the form of Term Loan and overdraft limit. If the borrower is eligible for Rs. 5 Lakhs, then can avail Rs. 2 Lakhs as overdraft facility and the remaining as Term Loan. If the eligibility is less than Rs. 5 lakhs, then only Term Loan will be given.     
  Interest: Starting at 8.50%
• Repayment: The loan can be either by way of Term Loan or overdraft or a combination. Term Loan can be paid in easy instalments by way EMI and the overdraft has to be reviewed every 15 months.     
  Processing charges: Processing charges at 0.25% of the loan amount and share money at 0.50% of the loan amount.
• Security: This is an unsecured loan. However, two guarantors acceptable to the Bank are required. Guarantors for Home Loan can be guarantors for home delight loan also. Change in guarantors for this loan is also permitted.

Cosmos Griha Sanjeevani - Reverse Mortgage Loan

• Purpose of loan: The loan helps to generate regular income for senior citizens either by way of monthly/quarterly or half-yearly instalment or a lumpsum when required. This loan is designed to meet the requirement of senior citizens. If for some reason, their property cannot be liquidated, senior citizens can go for this reverse mortgage to get a regular monthly income for their subsistence. Even if the property can be liquidated, but the senior citizen does not intend to sell the property but want to generate regular income from the property, then also reverse mortgage loan can be availed. Cosmos Bank will update the customers with all the features and will guide them at every step. Senior citizens can avail this loan which has simple processing and documentation procedure.
• Eligibility: Senior Citizens who are in need of regular income for their subsistence. The applicant should be a resident Indian above 60 years of age. Spouse is also eligible for financial assistance in the form of co-borrower.
• Margin: 30% of the value of the property
• Repayment: If the applicant is below 70 years of age then the repayment period is 15 years and if the applicant is above 70 years and up-to 75% years, the repayment period is 10 years.
• Interest: Starting at 11%
• Processing charges: Low processing charges
• Security: Mortgage of the house for which the loan is availed. Property should be in the name of the applicant or jointly with the spouse or the co-applicant. The property should have a clean and marketable title.

Cosmos Home Loan Scheme

• Latest Photograph
• Photo Identity Proof
• Residence proof of the Applicant(s) as well as Guarantors
• Income proof for salaried persons: Salary slip for the last 3 months, bank statement for the last 6 months.
• Income proof for businesspersons: ITR for 3 years, profit & loss of last 2 years, balance sheet & business bank account statement for the last 6 months.
• Legal documents for creating a mortgage

Cosmo Home Delight Scheme (Top-Up)

• Loan application as per Cosmos Bank loan policy
• Fresh agreement or undertaking
• Additional record details for change in guarantors

Additional Info: Also check Documents Required For Home Loan

The bank charges the following fees and charges on Home Loans:

You can use MyMoneyMantra's EMI Calculator to do this job in a jiffy. EMI Calculator is a tool which enables calculation of EMI of a loan beforehand. With this, one can decide the amount of loan to be available or to choose the repayment period to fix a suitable EMI in an accurate and fast manner.

You just need to click on the Financial Tools, select Cosmos Bank Home Loan EMI Calculator, enter the details required, and then finally click on the Calculate button to get the result.

Additional Info: Also check SBI Home Loan EMI Calculator

For more details on Home Loans, contact the customer care number of Cosmos Bank:

020 6708 6708

You can also try the toll-free number: 18002330234