This facility is available for purchasing a house anywhere in Maharashtra.  
     
 
Maximum Limit:Rs. 50,00,000/-  Rate of Interest  9.50 %
   
 
 
 

90% of Agreement Value or Market Value will be considered for sanction whichever is less than Rs.20,00,000/- and 80% of Agreement Value or Market Value will be considered for sanction whichever is from Rs.20,00,000/- to Rs.50,00,000/-, but net salary of the member will also be considered while sanctioning housing loan in comparison with the above Agreement Value and Market Value whichever is less.

 
 
  If Husband and wife both are members of the bank then jointly they can avail Housing Loan upto Rs. 1 Crore for the same House/Flat.   
     
  Eligibility :  
  2 years’ continuous service in the Municipal Corporation of Greater Mumbai  
  He/She must be the member of the Bank  
  Monthly Bank recoveries should be regular (Non-Defaulter)  
  After deducting loan installment he/she must retain net amount 30% of his /her gross salary in hand.  
 

The applicant required to offer one guarantor upto Rs.25,00,000/-& two guarantors above Rs.25,00,000/-. The guarantor/s should be member of the bank and should be in continuous service in MCGM for a minimum period of 1 years and his/her remaining service in MCGM should be equal to loan repayment period of the applicant. Also the guarantor/s should be contributor of NCPF/DC-1.

 

 

In case of the employee appointed in Municipal service on 5/5/2008 and after, the bank member requires two guarantors for housing loan who is continious service for 2 years in MCGM. PF deduction is required for both Lonee and gurantors.

 

 

Repayment Period :

 

 

Maximum 20 years or remaaining service in the MCGM whichever is less.

 

 

 

 

 

Purpose :

 

 

To purchase a Flat/Row House/Bunglow from the BUILDER/ CIDCO/MHADA/HUDCO.

To purchase a Flat/Row House/Bunglow constructed by the Co-op.Housing Society.

To purchase a Flat/Row House/Bunglow of  Re-sale.

To construct a House/Bunglow on a plot allotted by the Co-op.Housing Society/owned by self.

To take over the Housing Loan availed from other Bank/Financial Institutions.

Certification of title clearance by the Bank’s Advocate is essential

Certification by the Bank’s Architect that the construction is as per sanctioned plan is necessary.

Legal Fees of Rs. 1,000/-

Architect Fees : Rs. 1,000/- for purchasing a home within the limit of MMRDA.

Rs. 1,500/- for purchasing a home outside the limits of MMRDA – If the Falt/House is under construction, then the Architect fees will be charged at the above rate per visit and lodging and boarding charges Rs. 500/- per day and return travelling expenses will be borne by the member.

Processing Fees Rs. 1,500/-.

Loans for purchase of house/flat with the non-member is not admissible.

If the applicant member is constructing a house on his own land, then 7/12 should be in his/her name individually. The land should be  non agricultural.If the applicant member is a member of other co operative Bank/Financial Institution then he/she must produce "No objection certificate" from the said co operative Bank/Financial Institution for availing loan from us.

 

 

 

 

 

 

 

 

 

 

 

 

   
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