We believe a home is so much more than four walls and a roof. It is our endeavour to bring you closer to owning your dream home, the place where you can truly express yourself. However, we also realize that for most people , buying their dream home can be a long and complicated process. This is why it is our aim to simplify this process and give you all the information you require to make your home-buying process completely hassle-free. The home loan guide contains important points you should keep in mind while deciding to purchase a house, so that your home purchase is a landmark you can look back upon with satisfaction and pride.
Our Turnaround Time (TAT) will vary with the complexity of your case, your cooperation in disclosing all your financial obligations and income sources as well as your financial profile. We have a dedicated team of Credit Managers who strive to deliver a decent TAT. Normally, after your file is handed over to us, we give you a confirmation by the issue of a SANCTION LETTER within 4-5 days, if you are a Salaried Employee, or 7-8 days, if you are Self-employed.
As per your under-construction contract, you will be required to take the disbursal in tranches (i.e. as and when the builder demands funds on completion of specified slabs of the building). Simple Interest on your tranche payments, for up to two years, is chargeable on a monthly basis till the property reaches a specified stage as agreed upon between the parties. On completion of this stage, the regular EMI option is activated.
You can make a prepayment of up to 25% of your loan amount, without incurring any prepayment charges. If the prepayment amount exceeds 25% of your total loan amount, then you'll be charged 2% of the outstanding loan amount.
Loan is disbursed in full for outright purchase of ready-to-occupy property, as soon as all the formalities are completed and the sanction conditions are met. For under-construction project, the disbursements will be in installments, based on the construction stage/level.
Home loans are meant for the special purpose of providing housing facility to individuals at affordable costs. Whereas in case of loan against property, funds are raised for business/personal purpose, generally targeted at business expansion/infusion of working capital in the current business or to meet personal requirements.
To reduce your loan tenure, please visit the nearest loan serving branch After the change in EMI, you must submit New ECS (Electronic clearance service) mandate/Post Dated Cheques (PDCs) with the updated amount.
To cover up for certain fixed legal and technical verification costs through qualified and impaneled agencies; we charge you a processing fee. While the processing fee for a home loan may vary, it will not exceed 0.50% of the total loan amount.
In the event of an eventuality, the insurer will clear the loan outstanding or the amount insured in favor of Banks and upon clearance of the principal outstanding, the original property document will be handed over to your nominee. However, this credit cover is dependent on an authentic Declaration of Good Health from you. Please read the Terms and Conditions before signing the insurance documents.
Your home loan rate could change in multiple scenarios like revision in the Prime Lending Rate of the company, your rate being shifted from a fixed rate to a floating rate upon maturity of the fixed term of the loan as agreed at the time of loan disbursal, switch of RoI on request and upon submission of switch fees, to avail of a discount over the Prime Lending Rate.