* 0.25% discount on interest rate for women and soldiers. *
Necessity is the mother of invention’. Shree Ravalnath Co-operative Housing Finance Society was established on the basis of the same saying. Tax exemption was not granted on the housing loans obtained from the credit societies and the Nationalized Banks were sanctioning a meager Housing Loan up to 1 to 2 lacks and for obtaining this meagre loan amount the customer had to undergo lot of trouble and hard work. These banks did not have faith even in the college teachers who had ample resources of repayment of loan.
Some of the employees of Ajara Mahavidyalaya, Ajara, came together under the versatile leadership of the Founder Chairman, Shri. M.L.Chougule, who was always haunted by the idea of establishing a Housing Finance Institution like HDFC. Eighteen members from Ajara Mahavidyalaya, Ajara Junior College & Ajara High School Ajara collected the share capital of Rs. 10,000/- and ‘Shree Ravalnath Co-operative Housing Finance Society, Ltd. Ajara’ was established on October 14, 1996. It was named after the town God ‘Shree Ravalnath’.
During the first two years all the business of the institution was carried out at the residence of the Founder Chairman, Shri M.L.Chougule. The Board Meetings were also held at the residence of the Board members alternatively. As a result, the institution had to bear the expenditure only on documentation.
During the first year the working capital went up to Rs. 3,33,000/- and the profit was Rs. 1227/-. As the business grew, the Ajara Office was shifted to the building of Ajara Gramin Seva Sanstha with a clerk and a peon.
Today Shree Ravalnath Co-operative Housing Finance Society, Ltd. Ajara’ is fulfilling the dreams of a number of its members through its branches at Ajara, Gadhinglaj, Chandgad, Nesari, Kolhapur and Jaysingpur.
In March 2015 Shree Ravalnath Co-operative Housing Finance Society, Ltd. Ajara attained the prestigious Multi-State Status.
Shree Ravalnath Co op Housing Finance Socy. Ltd. Ajara
Doctors' Colony, Gadhinglaj, Dist Kolhapur. Pin 416502 (Maharashtra)
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Registration No. KPR/ARA/HSG/1202/96-97 MSCS/CR/1206/2015 Date- 18/03/2015
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