FAQS - Frequently Asked Questions
Any individual can open an account jointly or severely i.e. with son, daughter, wife or any other relative or person.
Saving Bank Account can be opened with Rs. 1000/- with cheque book facility. Current A/c can be opened with Rs.5000/-.
Ans. I.D. Card issued by the Election Commission, Copy of Electricity bill, phone bill copy, copy of Passport, PAN card.
Ans. Nomination Facility is available for the benefit of the customers.
Ans. Nomination facility also available for locker hire.
Ans. Illiterate person can open bank account.
Ans. Following are the documents required for the opening of current account of partnership:
- Photo of all the partners.
- Identity proof of all the partners
- Copy of partnership deal.
- Authorization letter from all the partners to operate the account on the behalf of partnership account.
- Address proof or the rent deed of him.
Ans. The Sutex Coop. Bank Ltd. has been providing the loan for consumer durables, for the purchase of house hold goods, vehicles loan for the purchase of Car/Jeep etc., personal loan for socio-economic need, house loan for the construction of house and repair/renovation/alternation of existing house and Education loan for the higher study of child, Machinery for textile business, Machinery for Doctors.
9. Can I apply jointly with my spouse for the house loan? Will both our salaries be taken into consideration for calculating the loan amount?
Ans. Yes, you salaries can be clubbed for the purpose of calculator of the loan amount. This can be done either when the property is jointly held with spouse or the spouse stands as a guarantor. Thus, we ensure a great deal of flexibility in the entire exercise of financing your house.
Ans. For construction of house, for purchase of house /flat, for carrying out repairs/renovation/alterations in the existing house.
Ans. Interest is charged on reducing balance.
Q. What is the processing fee charged by the bank on the Housing Loan?
Ans. Very Nominal charges i.e. 0.25% n the loan sanctioned
Ans. There is no penalty for pre-closure of loan and an individual can adjust his account fully at any time after taking the loan
Ans. The maximum tenure of personal loan is 5 years.
Ans. Education loan are given for pursuing all types of education viz. general, professional, technical and vocational courses.
Ans. Need based finance subject to repaying capacity of the parents, students with margin subject to the following ceiling:
For Studies in India : Rs. 5.00 Lacs
For Studies abroad : Rs. 10.00 Lacs
You can avail loan maximum upto 85% of the property (Inclusive of Stamp Duty & Registration Fees)
The actual loan amount sanction is depend upon valuation and your repayment capacity.
The Housing Loan can be repaid over maximum period of 10 years. The repayment period will not be extended beyond retirement
from service or reducing 60 years of age in case of Professionals / Businessman.
You can make an application at any time after you have decided to purchase flat or even if you have not yet selected property.
Yes, According to provision of M.C.S. Act you Co-applicant & Guarantors have to become member of bank @2.50% of loan amount
Yes, you can avail home loan to repay a loan availed from another bank/Financial Institution under the 'Transfer of Loan' Scheme.
Processing / Administration charges Rs. 5500/- to 7500/-are payable by you. Charges for till Clearance Report, Valuation Report & Stamping of
Documents (Franking) will have to be borned by you.
You can repay the loan in EMI (Equited monthly Installment) comprising principal & interest in various repayment option such as
(1) By post dated cheques (2) Deduction from Salary (3) Standing instruction to banker.
Normally the first mortgage of property for any other collateral security as may be necessary.
Yes, you are eligible for tax benefits on principal & interest amount of loan under the Income Tax Act.
Yes, the Agreement for sale have to be registered within four months from the date of Agreement.
Yes, you will have to insured property for fire & other hazards and the The Sutex Co-op. Bank Ltd. . will be the beneficiary
of Insurance Policy.
Yes, late payment charges will be recovered according to loan installment as per rules, if any monthly loan installment not paid
within prescribed time schedule.