Cosmos Bank Loan Against Property

Cosmos Bank is one of the oldest urban co-operative banks and has been in existence for over a century. The bank was established in the year 1906 with its headquarters in Pune. Cosmos Bank is one of the first co-operative banks to implement the Core Banking System. By receiving the authorized dealer AD license from the Reserve Bank of India, Cosmos Bank became the third co-operative bank to receive such a license in thirty years. It is also the first co-operative bank to acquire a license for operating a currency chest and the currency chest is located in Pune. The bank offers services to other banks through this currency chest.

Cosmos Bank offers various deposits and loan products for both the retail and the corporate sector. If you need immediate funds for any personal or business requirements and have an idle property, then you can encash the investment made by availing a mortgage loan from Cosmos Bank. The bank also offers loans against the rent receivables of a property that is leased-out by creating the mortgage of the leased-out property along with the assignment of future rent receivables of the property in favour of the bank.

There are two variants for the Cosmos Bank Loan Against Property:

• Cosmos Property Mortgage Loan
• Lease Rental Discounting

The features of both the schemes under Cosmos Bank Loan Against Property are detailed below:

The advantages of taking the Cosmos Bank Loan Against Property are:

• The rate of interest on loan against property is competitive
• The loan is granted against residential/commercial property and residential plots that are legally declared as non-agricultural land.
• The processing charges are nominal and pre-payment allowed without any charges
• Quick and easy documentation
• Quick sanction
• No hidden charges

The rate of interest for Cosmos Property Mortgage Loan is 9.50% p.a. and the rate of interest for Lease Rental Discounting is 8.99% p.a.

Other Charges

The following are the Loan Against Property eligibility criteria that have to be complied with to avail of the Cosmos Bank Loan Against Property:

• The loan can be availed by salaried individuals, self-employed individuals/professionals, and businessmen.
• The loan will be granted against residential/commercial property. If the security offered is a plot without structure, then it should be legally declared as a non-agricultural land and should be well-bounded and the bank's hypothecation board should be present. A loan against a plot will be granted only in special cases.
• If the property is a commercial property, the age of the property should not be more than 30 years and in the case of residential property, the age of the property should not be more than 25 years.
• The residual life of the property and the type of construction will be confirmed by way of the valuation report and personal visit of the executives of the bank before sanctioning the loan. The residual life should be more than the repayment tenure.
• Both the commercial and residential property with the building should have a completion certificate from a competent authority.
• The submission of PDCs for EMI is mandatory
• The repayment capacity for Cosmos Property Mortgage Loan will be as per the income of the applicant after considering all the deductions for the existing commitments.
• For Lease Rental Discounting the repayment capacity will be based on the future rent receivables.

Documents required for loan against property are:

Proof of residence of the applicant as well as the guarantor

• Voter's ID Card
• Driving License
• Aadhar Card
• Utility Bills

Photo ID Proof of the applicant as well as the guarantor

• PAN Card
• Passport
• Voter's ID Card
• Driving License

Income Proof of Salaried Individuals

• Salary Slip for the last 3 months
• Form 16 and ITR for the last 2 years
• Bank account statement for the last 6 months

Income Proof of the Self-employed

• Audited balance sheet and P & L Account for the last 3 years
• ITR with income computation for the last 3 years
• Bank account statement of all accounts for the last 12 months
• Bank account statement of loan account for the last 12 months

Property Documents

All legal documents as mentioned in the Legal Scrutiny Report of the panel valuer

Other Documents

• Completion Certificate from the competent authority for the residential/commercial property with a structure.
• Final Lease Agreement in the case of Lease Rental Discounting
• A letter from the lessor that the rent has to be directly paid to the Bank
• Proof for evidencing the end use of the loan as per the purpose mentioned in the loan application.

Calculating the EMI by applying the formula manually is a very tedious task. It involves complicated and confusing calculations. The best way to calculate the EMI is by using the Loan Against Property EMI Calculator available on the website of MyMoneyMantra.

All you have to do here is enter the three variables that are required. The loan amount is the amount borrowed for a particular purpose. The loan tenure is the maximum repayment period that you intend to choose within the stipulated period allowed by the loan provider. The rate of interest i.e, the interest applied to the amount you intend to borrow.

On providing the above details the EMI will be calculated immediately with 100% accuracy. You will find a list of calculators like the EMI Calculator, Balance Transfer Calculator, Part Pre-payment Calculator, Full Pre-payment Calculator on the website. To use the MyMoneyMantra EMI Calculator, you will have to log in to the website and then follow a few simple steps:

• Choose the EMI Calculator from the financial tool tab available on the home age of the website
• Provide the three variants i.e., the loan amount, loan tenure, and the rate of interest
• The EMI will be calculated instantly
• You can then try various combinations until you get the best EMI
• On arriving at the EMI, you have the option to check your eligibility and get the best quotes based on your requirements and income.
• You can then apply for the loan through MyMoneyMantra