THE PONDICHERRY CO-OPERATIVE URBAN BANK LTD.,
Registration No - P-14, Address : No. 197, Jawaharlal Nehru Street, Puducherry - 605 001

Eligibility :

  • Individuals owning a house within the area of operation of the bank and residing in the Union Territory of Puducherry for a period of not less than five years
  • Individuals not more than 60 years
  • Permanent income to repay the loan

Purpose :-

  • To discharge prior debts, Marriage, Education, House repair and Medical treatment

Quantum of Loan :-

  • Maximum of 50% of the value of the house property issued by the competent authority or 2.00 lakhs which ever is less. The amount depends on the age and repayment capacity of the borrower.
  • Second or subsequent loan shall not be sanctioned unless the first or, as the case may be, the previous loan has been repaid with interest in full.

Rate of Interest:-
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Repayment:-

  • The period of repayment of the loan shall not exceed 5 years
  • The loan shall be repaid in equal monthly instalment

Security:-

  • The house property should be in the applicant name and should have a clear and marketable title over the property.
  • The borrower shall furnish security by creating mortgage of immovable property in favour of the bank, where the value of the property certified by the Revenue Authority shall not be less than 200% of the loan amount.
  • The borrower shall furnish encumbrance certificate of the property for such period as may be required by the bank.
  • All necessary taxes pertaining to the property given should have been paid upto the date of application for availing the loan. Besides the borrower shall pay all the taxes pertaining to the property and when they are due without any default.
  • Should have comprehensive insurance on the property for adequate value against the risk of loss by fire, earthquake, civil commotion, riots, floods, cyclone, lightening etc., in the joint names of the bank and the borrower and deposit the policy with the bank.

Processing Charges:-

  • A flat rate of 0.50% of the loan amount. This is subject to change from time to time without prior intimation.

Document Required:-

  • An application Form
  • Original title deeds of the properties to be mortgaged establishing title for 30 years
  • Encumbrance Certificate of the property for such period as may be required by the bank.
  • Valuation Certificate issued by an Officer of the Revenue Department of the Government of Puducherry not below in rank than that of Tahsildar.
  • Income Certificate from Deputy Thasildar or Xerox copy of the last tax assessment order issued by the Income Tax Authority
  • Salary Certificate as a proof of Income for Government Employees
  • Patta copy or chitta copy of the property in applicants name

General :-

  • The borrower shall have sufficient monthly income and capacity to repay the loan instalment without committing any default i.e ΒΌ of his/her monthly income shall be adequate to repay the monthly instalment towards principal and interest. The monthly income shall include his/her salary, rent, various income and income of the spouse/provided the spouse undertakes to that effect.
  • The borrower shall satisfy the bank that the proposed loan has been utilized only for the purpose to which it is to be sanctioned failing which the loan is liable to recall in full forthwith
  • The borrower shall agree to and arrange for inspection of the property at all reasonable times by the bank officials, Legal Adviser, Officer from higher financing agencies etc., of the bank, before the loan is sanctioned and also during the tenure/ currency of the loan.
  • The borrower shall give an undertaking for agreeing for the retention of all the documents pertaining to the property with the bank till the loan is cleared in full.
  • The borrower shall not alter or alienate the property mortgaged to the bank in any form without the prior permission of the Bank.
  • No loan can be granted on the Mortgage of building constructed on the lease hold land.
  • Download the application form. Save it on your computer, print it out and send it to the nearest/convenient branch for Processing
  • While all efforts have been made to update the information, constituents are requested to contact the bank for latest details.