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 are in need of immediate funds for any personal or business requirements and have a property that is idle, 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 which 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:
The features of both the schemes under 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 rate of interest starts at 11% p.a.|
|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 rate of interest is 9.50% p.a. to 10.50% p.a.||The repayment period will be up to the unexpired lease period subject to a maximum of 15 years.|
The advantages of taking the Cosmos Bank Loan Against Property are:
The rate of interest for Cosmos Property Mortgage Loan is 11% p.a. and the rate of interest for Lease Rental Discounting is 9.50% p.a. to 10.50% p.a.
|Type of Charge||Details|
|Legal charges||At actuals|
|Stamp duty||As applicable to the respective State|
|Issuing of NOC||Nil|
The following are the Loan Against Property eligibility criteria that have to be complied with to avail of the Cosmos Bank Loan Against Property:
Documents required for the loan are:
All legal documents as mentioned in the Legal Scrutiny Report of the panel valuer
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 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:
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
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:
If you have a property and you have leased it out, you will be having an additional income in the form of rent from the property. You can avail of a term loan against the property by assigning the future rent receivables to the bank provided the property is leased out to corporates. The loan provided against the future rent receivables is Lease Rental Discounting.
You can use the loan so availed for any personal requirement or for business promotion, for the purchase of another business property, for renovation and repairs for the existing property, etc.
If the construction of the premises to be leased out is in progress, then the loan will be in the form of project finance and will be converted into a term loan on the production of the final lease agreement.
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.