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Interest Rate
8.75% Onwards
Processing Fees
Salaried: 5000/- to 0.50% to 1.50% of the loan amount
Self Employed: 0.50% to 1.00% of the loan amount
Max Tenure
20 years
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
Loan capped at 80% 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 prepayment are applicable on floating rate based home loans
Loan Closure Charges
Nil
Loan Closure Conditions
Pre-closure is allowed after 12 months from loan disbursement date.
Rate change over Last 4 Years
-0.75
Closure Process
In case of death of Loan Account holder:
Request letter from the Legal Heir/ Claimant/ Nominee(s) for handover of Property documents
Features
ILLUSTRATION FOR $3,000,000 HOME LOAN for 20 Years
EMI
₹25,176
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹4,552,767
PROPERTY INSURANCE COST
₹15,000
PROCESSING FEES
₹15,000
TOTAL FEES + INSURANCE
₹30,000
TOTAL EMI PAID ₹ 7,552,767 over 20 Years
Reason: