Interest Rate
The benchmark MCLR for mortgage loans is I-MCLR-1Y.
The reset period would be an annual reset.
Processing Fees
0.50% - 1.00% of the loan amount or ₹1500/- (₹2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge
Max Tenure
30 years
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
Upto 30 lacs - 10% of the property value (inclusive of stamp duty and registration charges in case of purchase of ready or under construction property
From 30 lacs to 75 lacs - 20% of the property value
Above 75 lacs - 25% of the property value
Loan Approval Before Property Selection
Yes
Documents Required
Salaried
Application with photograph
Age proof
Residence proof
Latest salary slip for 3 months
Form 16 for last 2 years
Bank statements for last 6 months
Self-employed/Professionals
Application with photograph
Age proof
Residence proof
Education qualification
Certificate & Proof of business
Last 3 ITRs along with computation of income and Profit & Loss account by a CA
Last 12 months bank statements
Business Profile
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
Nil for Home Loans and Home Improvement Loans with floating rate of interest.
2% plus applicable taxes on principal outstanding* on full repayment for Home Loans with fixed rate of interest.
2% plus applicable taxes on principal outstanding* on full repayment for Top Up loan if the applicant or co-applicant is Non Individual.
4% plus applicable taxes on principal outstanding* where loan** is given to Non Individual borrowers or with fixed rate of interest to Individual borrowers.
*Current principal outstanding and all amounts tendered by the borrower towards prepayment of the Facility during the last one year from the date of final prepayment.
**Home Equity Loan/Home Equity Enhancement Loan, Office Premises Loan and Lease Rental Discounting Loan.
Loan Closure Charges
Nil
Loan Closure Conditions
Pre-closure is allowed after 12 months from loan disbursement date.
Rate change over Last 4 Years
-0.9
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
Transparent working.
Special offers for existing customers.
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 Years
EMI
₹23,494
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹5,457,826
PROPERTY INSURANCE COST
₹15,000
PROCESSING FEES
₹15,000
TOTAL FEES + INSURANCE
₹30,000
TOTAL EMI PAID ₹ 8,457,826 over 30 Years
Reason: