In a major relief for aspiring homeowners, the Tamil Nadu Cooperation Department has announced enhanced housing loan limits and repayment facilities through Urban Cooperative Banks (UCBs) and Urban Cooperative Credit Societies (UCCS), aiming to make home ownership more accessible to urban and suburban residents.
Under the revised guidelines, UCBs with deposits below Rs 100 crore (Tier 1) can provide individual housing loans of up to Rs 60 lakh, while those with deposits exceeding Rs 100 crore (Tier 2) can extend loans up to Rs 1.40 crore, in accordance with RBI norms.
For UCCS, the individual loan ceiling has been raised to Rs 60 lakh for societies with deposits below Rs 100 crore and Rs 1 crore for those with deposits exceeding Rs 100 crore.
Additionally, both UCBs and UCCS can offer housing and mortgage loans with repayment periods of up to 20 years.
Cooperatives have been advised to revise their loan policies and bylaws and obtain approval from the respective Regional Deputy Registrar. Cooperation Minister V. Gandhirajan urged eligible members to approach their cooperative institutions to benefit from the enhanced facilities.
