No.F 1230, HO. Kolachery Mukk, Kannur - PIN: 670 601
Loans shall be sanctioned to the A Class members of the bank, and the applicant should own the land or plot on which the construction is proposed.
Loan will be available for:
The loan amount for construction/outright purchase/remodeling and expansion of houses shall be fixed as a maximum of ₹50 lakhs.
Housing loan shall be limited to 80% of the expenses required for the construction, extension, renovation, or purchase.
The loan shall be repaid in equated monthly installments (EMIs) over a maximum period of 18 years. Borrowers may remit more than one installment or a lump sum at any time. A repayment holiday will be granted until the completion of construction or 12 months from the date of first disbursement, whichever is earlier.
Loan will be granted against the mortgage of landed property either by equitable mortgage or registration. The building must be insured at the borrower’s cost and the policy should be assigned in favour of the bank.
Share linking will be 3.5% of the sanctioned loan amount.
The Board of Directors shall have the authority to approve and sanction the housing loan.
Owning a home is a dream cherished by everyone. However, rising construction costs and increasing land prices have made it difficult for common people to fulfill this dream. For middle-income families and economically weaker sections, building or owning a house often becomes a major financial challenge.
Understanding this need, Mullakkodi Co-Operative Rural Bank Ltd offers Home Loan facilities that help members and customers turn their dream of owning a home into reality. Our housing loans are designed to reduce financial burden through affordable interest rates and flexible repayment options.
Home loans are sanctioned up to a maximum of ₹5,00,000, subject to eligibility, repayment capacity, and bank norms.
The maximum repayment period for Home Loans is up to 10 years, allowing borrowers to repay the loan comfortably through manageable installments.
Home Loans are offered at special and concessional interest rates fixed by the bank from time to time, helping to reduce the overall financial burden.
Home Loans are available to eligible members of the bank with a stable income and satisfactory repayment capacity, subject to the bank’s lending policies.
The loan amount can be repaid in easy and affordable monthly installments, ensuring timely repayment without financial stress.
Mullakkodi Co-Operative Rural Bank Ltd is committed to supporting its members in building safe and secure homes. Loan sanction is subject to bank rules, eligibility criteria, and applicable regulations.