Bombay Mercantile Co Op Bank Ltd Home Loan Interest Rate at 11% to 12.50%
INTEREST RATE | 11% to 12.50% |
LOAN TENURE | 10 Years |
PROCESSING FEE | As decided by the bank from time to time |
GUARANTOR REQUIRED | Yes |
PRE CLOSURE CHARGES | Nil |
Calculate Bombay Mercantile Co Op Bank Ltd Home Loan EMI Calculate EMI Now
About Bombay Mercantile Co Op Bank Ltd
Bombay Mercantile Co Op Bank Ltd is a Co-operative bank in india. Bombay Mercantile Co Op Bank Ltd was founded on 1939. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Bombay Mercantile Co Op Bank Ltd which includes Bombay Mercantile Co Op Bank Ltd Official Website, Bombay Mercantile Co Op Bank Ltd ATMs accross the India, Bombay Mercantile Co Op Bank Ltd Branches accross the India, Bombay Mercantile Co Op Bank Ltd Contact Numbers, Bombay Mercantile Co Op Bank Ltd official EmailID, Bombay Mercantile Co Op Bank Ltd Headquarter and Bombay Mercantile Co Op Bank Ltd Headquarter Address. Find Bombay Mercantile Co Op Bank Ltd Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why Bombay Mercantile Co Op Bank Ltd Home Loan?
- Bombay Mercantile Co Op Bank Ltd provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 24/7 customer care service of Bombay Mercantile Co Op Bank Ltd offers timely assistance to the customers
Bombay Mercantile Co Op Bank Ltd Home Loan Purpose
Under the scheme persons are eligible to avail loan for purchase of house/flat, besides repairs/extension of existing houses.Bombay Mercantile Co Op Bank Ltd Home Loan Eligibility
- The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
- The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
- The applicant must be salaried or self-employed with a regular income.
- The applicant must earn more than the minimum required income.
Bombay Mercantile Co Op Bank Ltd Home Loan Document Required
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- For Construction/ Renovation case, cost estimate from the Architect
Tax Benefits of availing Bombay Mercantile Co Op Bank Ltd Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
Bombay Mercantile Co Op Bank Ltd Home Loan Amount
The maximum quantum of loan to individual borrowers under the scheme is Rs 70.00 lacs for the purchase of house.For repairs, additions, alterations maximum amount of loan for individual borrower will be Rs.1.00 lac in rural & semi urban areas and upto Rs.2.00 lacs in urban areas.
The amount of borrowing depends upon one's income. In case of married person the income of spouse is also clubbed to determine the loan amount.
Margin
10% to 15%Bombay Mercantile Co Op Bank Ltd Home Loan Repayment
The loan shall ordinary be for a period of 10 years and in exceptional cases for 15 years.Security
The Sale deed of the Flat/House should be duly registered. Besides, one is required to secure the loan with the following:A) Mortgage of Flat/House
B) Guarantee of person/s as acceptable to the bank
C) Insurance of House property covering fire, SRCC and Natural calamities risks
D) The borrower / Guarantors have to become members of bank and have to acquire requisite shareholding as per rules
In Case of Prepayment of Bombay Mercantile Co Op Bank Ltd Home Loan, will EMI change?
One can pre-pay Bombay Mercantile Co Op Bank Ltd Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
How to reduce your Home Loan EMI?
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Contact details of Bombay Mercantile Co Op Bank Ltd, Bombay Mercantile Co Op Bank Ltd SMS balance check number SMS banking, Bombay Mercantile Co Op Bank Ltd mobile banking, Bombay Mercantile Co Op Bank Ltd toll free number,Bombay Mercantile Co Op Bank Ltd toll free number 24*7, Bombay Mercantile Co Op Bank Ltd miss call number.
- CUSTOMER CARE NUMBERS - 022-23425961, 23114800
- CONTACT NUMBERS - 022-23425961, 23114800, Fax : 022-23430037
Bombay Mercantile Co Op Bank Ltd Contact Details
- BANK OFFICIAL WEBSITE - https://www.bmcbankltd.com
- CONTACT NUMBERS - 022-23425961, 23114800, Fax : 022-23430037
- EMAIL ID - [email protected], [email protected]
- CUSTOMER CARE NO. - 022-23425961, 23114800
- TOTAL BRANCHES - 54
- HEADQUARTER - Mumbai
- BANK ADDRESS - Zain Rangoonwala Bldg.,78, Mohammed Ali Road,Mumbai, Maharashtra Pincode-400003
Bombay Mercantile Co Op Bank Ltd Home Loan FAQs Home Loan Document Required