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SVC Co-operative Bank Home Loan Interest Rate

The challenge of buying a home, especially for the first time, can seem to be a huge task. It can be tempting to go with the first home loan offer or either continue to pay rent. Before buying a house, you must ask yourself this question – “What can I afford?” There are a lot of home loan offers given the tight competition between lenders. You must carefully consider the pros and cons before zeroing on an offer.

Owing to skyrocketing real estate prices, not many are able to fulfil their dream of buying their very own house. This is where a home loan comes into play. You needn’t spend decades saving up or burn all your savings in order to buy your own nest.

Interest rates for home loans in India starts from 8–9% onwards and are influenced by a variety of factors such as age, income, down payment, credit history, relationship with the bank, etc.

SVC Co-operative Bank Home Loan Eligibility

Eligibility criteria in a home loan plays an important role in determining the interest rate and other charges. If you fulfil all the criteria prescribed by the lender, you are likely to bag a greater home loan at low interest. Following are the eligibility criteria of SVC Co-operative Bank home loan:

  • Age limit: Applicant must be at least 21 years of age and should be an income tax assesse.
  • Salaried people, self-employed professionals, and businessmen with a stable source of income and fair repaying capacity are eligible to apply.
  • Individuals singly or jointly may apply.
  • Having a positive credit history is recommended.

SVC Co-operative Bank Home Loan Interest Rate

The interest rate on SVC Co-operative Bank is influenced by a variety of factors, including loan amount, your net income, your repayment history, and internal SVC Co-operative Bank loan assessment parameters. Following are the interest rates currently offered by SVC Co-operative Bank.

S. NoHome LoansRate of Interest
1New House/Resale/Loan Balance transfer /Preapproved builders - Salaried8.90%
2New House/Resale/Loan Balance transfer /Preapproved builders - SEP/SENP9.05%
3Construction of Independent house - Salaried9.05%
4Construction of Independent house- SEP/SENP9.30%
5New House/Resale/Loan Balance transfer/Preapproved builders  8.90%
6New House/Resale/Loan Balance transfer/Preapproved builders (Women/Transgender) SEP/SENP9.00%
7Affordable Housing Loan – Salaried9.05%
8Affordable Housing Loan - SEP/SENP9.30%
9Affordable Housing Loan Salaried (Women/Transgender)9.05%
10Affordable Housing Loan SEP/SENP(Women/Transgender)9.30%

Note: The above interest rates and other charges are subject to periodic review. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time.

SVC Co-operative Bank Home Loan overview

There are two types of housing loans available from SVC Co-operative Bank namely SV Good Homz and Double Plus. Following is an overview of both the loans:

FeaturesSV Good HomzDouble Plus
PurposePurchase of flat, construction of new house, bungalows, etc.For building commercial premises. Only for legitimate purpose.
Loan AmountUp to Rs. 70 LakhsMaximum of Rs. 300 Lakhs based on purpose and eligibility
Margin

10% for up to Rs. 30 lakhs

20% for above Rs. 30 Lakhs

Minimum margin is 35%
Tenure20 Years10 years

Factors That Influence the Interest Rate of SVC Co-operative Bank

There are certain factors that play a prominent role in fixing your interest rate for the home loans. Not all home loan borrowers get the same rate of interest on their home loans. It varies based on lot of other factors.

Age: The lender expects a good repayment ability by the borrower. Home loans taken while you are agile and young, are likely to get better terms on the loan than when you apply at later stage of life.

Credit Score: It plays a major role in determining your loan approval and interest rate. For example, if you have a poor credit, you are likely to get unfavourable terms on your home loan. Having a good credit score makes you eligible for obtaining a great deal in terms of interest rate and approval on your SVC Co-operative home loan.

Down Payment: The greater the down payment, lower will be your home loan amount. Considering you are less risky customer; the lender may be ready to offer you the home loan at better rate of interest.

Income: Your annual income plays a prominent role in determining your rate of interest on home loans. The lender considers higher income individuals as less risky borrowers as they have a capability to better repayment. Hence, the lender offers home loans to such borrowers at lower rate of interest.

Relationship With The Bank: If you maintain a savings account with SVC Co-operative bank or any other loan account, you are likely to get preferential rate of interest on home loans.

SVC Co-operative Bank Home Loan FAQs

1. Who is eligible to avail a home loan from SVC Co-operative Bank?

Salaried individuals, self-employed professionals, and self-employed businesspeople are eligible to apply for a home loan from SVC Co-operative Bank.

2. How is my loan eligibility determined?

Your credit history and repayment capacity will be considered while making a lending decision. This primarily influences how much you can borrow. Your annual income, loan amount as compared to your income, savings history, number of dependents, existing loan obligations is also taken into account while making a loan sanctioning decision.

3. What are the options available to repay my Home Loan?

You can pay the loan in equated monthly instalments (EMIs), which will be paid through ECS. You can also pay through auto debit of your monthly EMI from your SVC Co-operative Bank account.

4. What is the maximum loan term that I can avail by taking a home loan from SVC Co-operative Bank?

The maximum loan period offered by SVC Co-operative Bank on its home loan is 20 years.

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