Cosmos Bank Loan Against Property
Apply for Cosmos Bank Loan Against Property up to Rs 5 crore at an attractive interest rate starting at 9.50% p.a for up to 10 years. You can opt for a term loan or an overdraft facility for up to 70% mortgage value of your residential or commercial property. This is the best loan value among the leading banks offering loans against property. You can avail quick funding for personal or business needs at the lowest processing fee. Apply for a loan against property online for faster processing.
Apply for Cosmos Bank Loan Against Property at Attractive Interest Rates
Features of Cosmos Bank Loan Against Property
The features of both schemes under the Cosmos Bank Loan Against Property are detailed below:
| Name of the Product | Purpose | Quantum | Interest | Security | Repayment | Charges |
|---|---|---|---|---|---|---|
| Cosmos Property Mortgage Loan | The loan can be used for consolidation of debts, higher education, planning a foreign trip, construction on a plot with inadequate title deeds, business purpose, etc. A document evidencing the end-use as per the purpose mentioned in the application has to be provided. | The loan quantum will be up to 70% of the market value of the property, subject to a maximum of 3 Crores. The loan can be availed either as a term loan or as an overdraft facility. | The rate of interest starts at COSMOS_LAP_INTEREST_RATE p.a. | Registered Mortgage of the property against which the loan is granted. A personal guarantee of two persons acceptable to the bank. | The term loan has to be repaid within a period of 10 years. The overdraft will be subject to review every 15 months. | Processing charges: 1% of the loan amount for a loan up to 10 Lakhs 0.50% of the loan amount for a loan above 10 Lakhs. Pre-payment charges:Nil |
| Lease Discounting Scheme | The loan can be used for any personal requirement, like the purchase of another business property, for construction of premises that is proposed to be leased out, renovation of the existing business property, etc. | The maximum loan will be subject to the maximum net receivables. The loan can be availed only as a term loan. Initially, when the construction of the premises to be leased out is in progress the loan will be granted as project finance and will be converted to a term loan once the construction is complete and leased-out and the final lease agreement submitted. | The rate of interest is 9.50% p.a. to 10.50% p.a. | Equitable mortgage of the property, if all the original title deeds as per the Legal Scrutiny Report are available. Registered. Equitable Mortgage only in the State of Maharashtra. | The repayment period will be up to the unexpired lease period subject to a maximum of 15 years. |
Benefits of Cosmos Bank Loan Against Property
The advantages of taking the Cosmos Bank Loan Against Property are:
- The rate of interest on a 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 is allowed without any charges
- Quick and easy documentation
- Quick sanction
- No hidden charges
Cosmos Bank Loan Against Property Interest Rates & 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
| Type of Charge | Details |
|---|---|
| Processing fee | 0.50% of the loan amount + GST for a loan above 10 Lakhs |
| Pre-payment charges | Nil |
| Legal charges | At actuals |
| Stamp duty | As applicable to the respective State |
| Issuing of NOC | Nil |
Cosmos Bank Loan Against Property Eligibility
The following are the Loan Against Property eligibility criteria that have to be complied with to avail of the Cosmos Bank Loan Against Property:
- Salaried individuals, self-employed individuals/professionals, and businessmen can avail the loan.
- 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 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 commercial, 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 visits 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 properties with the building should have a completion certificate from a competent authority.
- The submission of PDCs for EMI is mandatory
- The repayment capacity for the 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 Cosmos Bank Loan Against Property
Documents required for a 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.
FAQs
For any emergency funds requirement, you can encash your investment in the property by availing a loan against the property. Cosmos Bank provides loan against property by putting through the equitable mortgage of the property. The property could be a residential or commercial property consisting of the land and building. A completion certificate from competent authority will be required. In special cases, a loan will be provided against residential plots that are declared as non-agricultural land by competent authorities and are well-bound.
The age of the commercial property should not be more than 30 years and the age of the residential property should not be more than 25 years. The residual life of the property and the type of construction will be ascertained by the valuation of the property and by inspection of the building by the executives of the bank.
The Cosmos Bank Loan Against Property will be provided for the purchase of another business property, residential plot or for construction of an already owned plot, for the higher education of your children, to plan a foreign trip, for wedding expenses, for medical expenses, for business promotion, etc.
The different types of Cosmos Bank Loan Against Property are:
- Cosmos Property Mortgage Loan
- Lease Rental Discounting.
The maximum repayment period for Cosmos Property Mortgage Loan is 10 years in the case of a Term Loan and a review every 15 months in the case of an overdraft. The maximum repayment period for Lease Rental Discounting is 15 years or the unexpired lease period, whichever is earlier.
The security stipulated for Cosmos Bank Loan Against Property is the equitable mortgage of the property where all the title deed as per the Legal Scrutiny report are available. Registered Mortgage will be done only in the state of Maharashtra.
For Lease Rental Discounting, in addition to the mortgage, the future rent receivables have to be assigned to the bank. A letter from the lessor that the rent will be paid directly to the bank has to be provided.
A personal guarantee of two guarantors acceptable to the bank should be provided.