Finance by MDCC Bank
The MDCC Bank is the only cooperative bank in Mumbai authorized to provide loans for self redevelopment projects in Mumbai.
The bank provides up to 95% of the project finance cost. The loan is provided at 12.5% rate of interest. Generally, the Society’ contribution of 5% can be generated from the society members who would like to get an extra flat or buy extra space in the redeveloped building.
To get finance from MDCC Bank, the society’s plots like the garden, parking area and saleable flats have to be mortgaged with the bank. But flats owned by the individual members and their rights are not mortgaged.
To get finance from MDCC Bank, the society’s plots like the garden, parking area and saleable flats have to be mortgaged with the bank. But flats owned by the individual members and their rights are not mortgaged.
It is, however, important to note that the bank will provide its part of finance only after the society members have collected their part. In cases where the society members find it difficult to generate the 5% amount, experienced Project Management Consultant like Province PMC LLP. support in getting loans from NBFCs and private Investors.
Province PMC LLP. with the support of seasoned empanelled professionals ensures there are no delays in getting approvals and the self-redevelopment process is done right.
Province PMC LLP. guides you and manages each and every step of the self-redevelopment process right from arranging finances, getting the designs made as per the member’s requirements, getting the government approvals, managing the quality during the construction phase till the successful completion of the self redevelopment project and even selling the inventory of saleable flats to pay off the bank loan