Tamil Nadu Revises Housing Loan Limits for Urban Cooperative Banks
Cooperation Minister V. Gandhiraj announced updated housing and mortgage loan guidelines for Urban Cooperative Banks (UCBs) and Urban Cooperative Credit Societies (UCCSs). Individual loan limits for UCCSs are now set at ₹60 lakh for societies with deposits under ₹100 crore and ₹1 crore for those exceeding that amount.
UCBs may offer up to ₹1.40 crore for deposits over ₹100 crore, aligning with RBI standards. Furthermore, the maximum repayment period for all housing and mortgage loans has been extended to 20 years to ease borrower burdens. Institutions must amend their by-laws accordingly to implement these changes.
Editor's note: Accurate and clear, though it could have explicitly mentioned the instruction to amend by-laws to be more complete.
AI-generated and fact-checked against the original report; claims the gate cannot verify are held back.