Interest Rate
Women - 8.65% Onwards
Others - 8.70% Onwards
Processing Fees
Upto 28 lakhs - upto ₹10000
28 lakhs to 300 lakhs - 0.50%
Above 300 lakhs - 0.50% to 1.00%
Max Tenure
30 Years, however it does not extend beyond retirement age or 60 years of age, whichever is earlier.(70 years of age for self employed)
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
Loan amount
<30 lakhs - 10% of the cost of the property
30 lakhs to 75 lakhs - 20% of the cost of property
> 75 lakhs - 25% of the cost of the property
Loan Approval Before Property Selection
Yes
Documents Required
Application form with photograph duly signed, Identity, Address & Age proof, Last 6 months bank statements, Last 3 months payslip, Form 16/ITR, Processing Fee Cheque
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
No time frame for prepayment of loan
Individual - Prepayment charges of 2% shall be levied in case of fixed interest rate subject to own funds
Non-individual - 2% Prepayment/ Foreclosure Charges shall be leviable on the aggregate principal repaid in last 12 months in excess of 25% of total principal outstanding
Loan Closure Charges
Nil
Loan Closure Conditions
Loan can be closed anytime after first disbursal
Rate change over Last 4 Years
-1
Closure Process
In case of death of Loan Account holder:
Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents
Letter of relinquishment for relinquishing r
Features
Approval of loan even if property is yet to be selected
Online management of Loan account
Funding available for NRI customers
Facility for funding for builder’s under construction and ready properties
5000+ pre-approved projects
Easy monthly repayments under part disbursements
Safe document storage (ISO Certified)
Balance Transfer with reduced interest rates and EMI’s
No pre-payment / foreclosure charges on home loans
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 Years for Variable Rate Loans
EMI
₹26,416
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹3,339,765
PROPERTY INSURANCE COST
₹15,000
PROCESSING FEES
₹17,250
TOTAL FEES + INSURANCE
₹32,250
TOTAL EMI PAID ₹ 6,339,765 over 30 Years for Variable Rate Loans
Reason: