This facility is made available to a regular member of the bank on mortgage of house property as prime security. Housing loan can be applied on any working day except Sunday on bank holiday. Rules and regulation of Housing loan are governed as per Banking Regulation Act 1949, (AACS). This facility is made available between 11. 00a.m to 4. 30p.m from Monday to Saturday which is (Except 2nd & 4th Saturday is bank holiday). Sanction power is vested to the Board of Directors of the Bank Housing Loan application duly filled on submission of supporting documents by the applicant.

The facility is made available for purchasing house anywhere in Maharashtra.

Eligibility

1. An employee of the Income Tax Department Mumbai who is in the service continuously for the last 6 months on permanent basis.
2. He /She should be member of the Income Tax Department Co - Operative Bank Ltd.
3. New members can apply for Housing loan after Two months salary deduction towards subscription be made.
4. Maximum share amount of Rs.10000/- is required towards linkage of shares.
5. If Husband and wife both are members of the income tax department co operative bank then jointly they can avail housing loan facility only.
6. Members must be regular in repayment of pervious loan.

Documents Required

1. Duly filled Housing loan Application form.
2. Previous Month Pay slip.
3. Original agreement of the property to be purchased
4. Copy of INDEX II
5. Plan Copy of Property to be purchased.
6. Original Payment Receipt made to the developers / builders towards advance payment.
7. Surety Bond.
8. Loan Agreement
9. Mortgage Dead

Limit

1. 90% of the Agreement cost plus Stamp duty & Registration charges provided 25% of the take home salary should there .(Maximum Limit Rs.60.00 Lakh )
2. Home Improvement Loan (For renovation /repairs /extension / top-up) Limit Rs.5.00 Lakh.

Rate of Interest (Effective from 16th November 2023)

1. Housing Loan: 8.40% p.a

Repayment Period

1. Housing Loan Repayment 60 to 240 months (On EMI basis).

Prime Security

1. Mortgage of House / Flat on which loan is taken

Guarantor

1. Two guarantor required

Note

♦ Legal Fees of Rs.4500/- payable on application.
♦ Stamp Duty @ 0.30% is applicable on Loan Amount Plus Letter of intimation charges @ 0.30% on Loan amount provided maximum charges of Rs. 15,000/-