Tamilnadu co operative society loan details

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Tamil nadu co operative society loan details

The Tamil Nadu State Cooperative Bank is a Co-operative bank in india . It has headquarter in Chennai. The Tamil Nadu State Apex Cooperative Bank was founded on 23-11-1905. It has 28 branches and

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, many more.

Why Tamil nadu co operative society loan ?

  1. The Tamil Nadu State Apex Cooperative Bank provides a range of Home Loan Schemes designed for different needs of customers
  2. Interest Rate is very competitive and affordable
  3. Minimal Documentation
  4. It provides Flexible Repayment Options to the borrowers
  5. Easy and fast approval & disbursal of home loans
  6. Has dedicated team of well-experienced employees which also offer personalised service
  7. 24/7 customer care service of The Tamil Nadu State Apex Cooperative Bank offers timely assistance to the customers

Tamil nadu co operative society Home loan:

  • To purchase or construct a new or old house or flat
  • To repair, renovate, extend, alter an existing house
  • To purchase ready flat or house from housing societies or State Government Housing Board or private builder
  • To buy consumer durables for a new house under Total Home Loan Scheme

The Tamil Nadu State Cooperative Bank Home Loan Eligibility

  • The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
  • The applicant’s age must be in the range of 18 years and 70 years at the time of loan maturity.
  • The applicant must be salaried or self-employed with a regular income.
  • The applicant must earn more than the minimum required income.

The Tamil Nadu State Cooperative Bank Home Loan Document Required

  1. Duly filled and signed application form with photograph
  2. Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
  3. Address Proof – Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
  4. Age Proof – Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
  5. Form 16
  6. Latest 6 months salary slips for salaried persons
  7. Bank Statement of last 6 months
  8. Income Tax Returns (ITR) of last 3 years
  9. Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
  10. Processing fee Cheque
  11. Copies of the title documents of the property and the approved plan
  12. For Construction/ Renovation case, cost estimate from the Architect

Tax Benefits of availing The Tamil Nadu State Cooperative Bank Home Loan

There are two types of tax benefits associated with home loan for Resident Indians:

Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).

Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.

Tamilnadu Industrial Cooperative Bank Ltd

The Tamilnadu Industrial Cooperative Bank Ltd., popularly known as “TAICO Bank” is the first of its kind in the Cooperative Sector in the Country for catering the needs of Industrial Cooperatives. A unique Cooperative Bank with having state wide jurisdiction, to develop the Industrial Cooperative Societies in the State of Tamilnadu.

In the year 1958, the “Working group on Industrial Co-operatives” was set up by the Government of India and recommended for establishment of a separate Bank at state level exclusively to cater the financial needs of the Industrial Co-operative societies. Madras State Industrial Cooperative Bank was organized and registered on 13.9.1961 under Tamilnadu Cooperative Societies Act which was the ‘Brain Child’ of Thiru R. Venkatraman, the then Industries Minister of Tamilnadu and latter the President of India

Commenced functioning since 1962 and catering the financial requirements of the Industrial Cooperative Sector. The Bank functions under the Administrative control of Department of Industries and Commerce. The Banks head office is functioning in its own apartment (Ground Floor) measuring 5,000 sq.ft. in the C.M.D.A. Complex, Egmore, Chennai.

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