Cosmos Bank Home Loan: Interest Rates, Amounts, and More

Click to Apply Home Loanin_icon
in_icon

Introducing Cosmos Bank Home Loans – your pathway to realizing your dream of owning a home. With competitive interest rates, flexible loan options, and a customer-focused approach, Cosmos Bank is committed to helping you secure the ideal financing solution for your housing needs. Whether you're purchasing a flat, constructing a house, or investing in a rural property, Cosmos Bank's range of home loan schemes and dedicated customer care ensures a seamless journey towards homeownership. Explore our offerings and take a step closer to making your dream home a reality.

Cosmos Bank Loan Details

  • Interest Rate: Enjoy attractive interest rates based on your CIBIL score, ranging from 8.25% to 9.25%.
  • Loan Amount: Secure loans up to Rs. 140 lakhs, with different rates based on the loan amount.
  • Processing Fees: Experience transparent processing with fees of 1% of the loan demand (up to Rs. 10 lakhs) and 0.50% (above Rs. 10 lakhs).
  • Prepayment/Foreclosure Charges: No prepayment charges, except for floating ROI loans within the first 3 years.
  • Maximum Tenure: Repayment periods extend up to 20 years or the unexpired period, whichever is less.
  • Ideal for People:
    • Ideal for purchasing flats, row houses, and constructing homes.
    • Loan margins vary for new and resale flats, up to 80% and 70% respectively.
  • Good to Know:
    • Guarantors: Two acceptable guarantors are required, with all necessary title documents.
    • Foreclosure Charges: No charges after 3 years for floating ROI loans.
  • Loan Limit: Up to Rs. 140 Lacs only.
  • Rate of Interest: 8.25% - 9.25%
  • Time of Disbursement: Easy and immediate processing of the loan.
  • Repayment Period: The repayment period for Home Loan will be 20 years. In case of a takeover, unexpired period, or 20 years; whichever is less.
  • Loan Charges:
    • Up to Rs. 10 Lacs: 1% of loan demand + GST
    • Above Rs. 10 Lacs: 0.50% of loan demand + GST
  • Foreclosure Charges:
    • Floating ROI: No foreclosure charges.
    • Floating ROI @1% on the loan outstanding balance** up to 3 years. No foreclosure charges after 3 years.

Cosmos Bank Home Loan Interest Rates

Cosmos Bank offers competitive interest rates across various home loan schemes to cater to different needs. Here's a breakdown of the interest rates for different Cosmos Bank Home Loan Schemes:

  • Cosmos Home Loan:
    • CIBIL Score above 800: 8.25% interest rate
    • CIBIL Score between 750 to 800: 8.50% interest rate
    • CIBIL Score between 700-750: 8.75% interest rate
    • CIBIL Score below 700 (with deviations allowed): 9.25% interest rate
  • Cosmos Gram Gruh Yojana: Starting from 9% onwards

Please note that interest rates may vary based on changes in the market and the bank's policies.

Cosmos Bank Home Loan EMI Calculator

Calculating Equated Monthly Installments (EMIs) for your Cosmos Bank Home Loan is essential for understanding your repayment obligations. The EMI consists of both principal and interest components. Here's how you can calculate it:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount

• R = Interest rate per month

• N = Loan tenure in months

Cosmos Bank Home Loan Schemes

Cosmos Home Loan

The Cosmos Home Loan scheme provides financial assistance to fulfill your dream of owning a home. With competitive interest rates and flexible loan amounts, this scheme is designed to make homeownership more accessible.

    Facility:

    • Equitable mortgage of house property.
    • Comprehensive Insurance cover of the flat/property as per the bank’s policy.

    Loan Limit:

    • Upto Rs. 140 Lacs only.

    Rate of Interest:

    • 8.25% for CIBIL score above 800
    • 8.50% for CIBIL score between 750 to 800
    • undefined

    Time of Disbursement:

    • Experience easy and immediate processing of the loan.

    Repayment Period:

    • Up to 20 years, based on takeover, unexpired period, or 20 years (whichever is less).

    Prepayment Charges:

    • No prepayment charges.

    Loan Charges:

    • Upto Rs. 10 Lacs: 1% of loan demand + GST
    • Above Rs. 10 Lacs: 0.50% of loan demand + GST

    Foreclosure Charges:

    • No foreclosure charges for floating ROI loans.
    • Floating ROI @1% on loan outstanding balance** up to 3 years. No foreclosure charges after 3 years.

    Ideal for:

    • Purchase of flats, row houses, and construction of houses.

    Good to Know:

    • Loan margin for new flats: Up to 80% of the total value, including various expenses.
    • Loan margin for resale flats: Maximum up to 70% of agreement cost or valuation, whichever is less.
    • Two guarantors acceptable to the Bank are required, along with all necessary title documents.

    Cosmos Gram Gruh Yojana

    Cosmos Gram Gruh Yojana is designed to assist individuals in rural areas in achieving their housing dreams. With affordable interest rates and a simplified process, this scheme caters specifically to those buying or constructing homes in gram panchayat areas.

      Loan Highlights:

      • Loan limit with a margin of @40% and a maximum limit up to Rs. 20.00 Lakh for a single dwelling unit.
      • Interest rates start from 9% onwards.

      Repayment Period:

      • The repayment period is a maximum of up to 20 years.

      Process Charges:

      • Process charges are 1.00% of the loan demand + GST.

      Ideal for:

      • Individuals seeking to buy or construct homes in gram panchayat areas.

      Good to Know:

      • Two guarantors are required.
      • Eligibility includes the construction of a house/bungalow in the Gram Panchayat (Gaothan) area or purchasing a home/dwelling/flat/row house/bungalow with permission and a registered Sale Deed from the Gram Panchayat.

      Cosmos Bank Home Loan Eligibility Requirements

      Cosmos Bank sets specific eligibility criteria to ensure that applicants meet certain standards for their home loan approval. These criteria are evaluated based on various factors. Here's a detailed breakdown of the eligibility requirements for Cosmos Bank Home Loans:

      • For Home Loan
        • Applicants must have a stable income source.
        • Age, number of dependents, and repayment capacity are taken into consideration.
        • Savings history and creditworthiness are assessed.
        • Property value and other financial aspects are considered.
        • Minimum 2 guarantors are required for home loan approval.
      • For Cosmos Gram Gruh Yojana
        • Eligible for individuals intending to construct a house/bungalow in a Gram Panchayat (Gaothan) area.
        • Also eligible for individuals looking to purchase home/dwellings/flat/row house/bungalow, with permission from Gram Panchayat and registered Sale Deed available in the applicant's name.

      Documents Required For Home Loan

      1. Latest Photograph of the Applicant and Guarantors.

        2. Photo Identity Proof.

          3. Residence proof of the Applicant and Guarantors.

            4. Salary slips for the last 3 months (for salaried individuals).

              5. Bank statement for the last 6 months (for salaried individuals).

                6. Income Tax Returns (ITR) for the last 3 years.

                  7. For business persons: Last 2 years' profit & loss statement, ITR copies of the last 3 years, balance sheet, and bank statement of the business account for the last 6 months.

                    8. Legal documents required for creating a mortgage.

                      Documents Required For Cosmos Gram Gruh Yojana

                      1. KYC documents.

                        2. Income papers/financial papers.

                          3. Account statement for the last 6 months of the borrower (if not an existing customer of the Bank).

                            4. 7/12 extract.

                              5. 8A Utara.

                                6. Sale agreement/sale deed duly stamped and paid.

                                  7. Index II.

                                    8. Gram Panchayat (Gaothan) approved plan copy duly authenticated from the panchayat office.

                                      9. Architect certificate for Gram Panchayat approved plan.

                                        It's important to note that these lists are not exhaustive and may vary based on individual circumstances and specific loan requirements.

                                        How to Apply for Cosmos Bank Home Loan Online with NoBroker

                                        Applying for a Cosmos Bank Home Loan online through NoBroker is a convenient process. Follow these steps to apply:

                                        1. Visit NoBroker:

                                        Go to the NoBroker website and navigate to the Cosmos Bank Home Loan section.

                                        2. Provide Details:

                                        Fill in your personal, financial, and property details as required.

                                        3. Calculate Eligibility:

                                        Use the online tools to calculate your loan eligibility and EMI based on the details provided.

                                        4. Choose Loan Scheme:

                                        Select the desired Cosmos Bank Home Loan scheme that aligns with your needs.

                                        5. Upload Documents:

                                        Upload the necessary documents, including photographs, ID proofs, residence proofs, and income documents.

                                        6. Submit Application:

                                        Review the details, cross-check everything, and submit your application.

                                        7. Wait for Approval:

                                        Cosmos Bank will review your application, and a representative will get in touch for further processing.

                                        By following these steps, you can conveniently apply for a Cosmos Bank Home Loan online through NoBroker and await approval for your homeownership journey.

                                        Cosmos Bank Home Loan Customer Care

                                        For any queries or assistance regarding Cosmos Bank Home Loans, you can contact their customer care:

                                        Call(Toll Free): 1800 233 0234Email: customercare@cosmosbank.in

                                        Conclusion

                                        To recap, Cosmos Bank offers competitive home loan schemes with various interest rates and flexible repayment options. Applying online through NoBroker streamlines the process, and you can get your home loan disbursed easily and faster with the help of NoBroker home loan services.

                                        FAQs
                                        1. What is the maximum loan amount Cosmos Bank offers?
                                        Cosmos Bank offers a maximum loan amount of up to Rs. 140 lakhs for certain schemes.
                                        2. Are there prepayment charges for Cosmos Bank Home Loans?+
                                        Prepayment charges are generally not applicable for Cosmos Bank Home Loans, except for certain floating rate loans within the first 3 years.
                                        3. Can I apply for a home loan with Cosmos Bank online?+
                                        Yes, you can conveniently apply for a Cosmos Bank Home Loan online through their official website or platforms like NoBroker.
                                        4. What documents do I need to apply for a Cosmos Bank Home Loan?+
                                        Required documents for a Cosmos Bank Home Loan application include photographs, ID proofs, residence proofs, income documents, and legal documents related to the property. Ensure you have all necessary paperwork for a smooth application process.
                                        5. How can I calculate my EMI for a Cosmos Bank Home Loan?+
                                        You can use the EMI formula or online calculators to estimate your Equated Monthly Installments (EMI) based on your Cosmos Bank Home Loan amount, interest rate, and tenure.
                                        V 1.0.5