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Interest Rate
Starting with 8.50% (Floating Rate Home Loan)
Processing Fees
A processing fee of upto 0.50% shall be charged.
Max Tenure
30 years
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
85% of total cost of the property for loans up to 20 Lacs
80% of total cost of the property for loans above 20 Lacs and up to 75 Lacs
75% of total cost of the property for loans above 75 lacs
Loan Approval Before Property Selection
Yes
Documents Required
Salaried
Duly filled and signed application form
Passport sized photographs
Cheque with processing fee amount
Bank statements for the last 6 months
Salary slips for the last 3 months
Form 16 or Income Tax Returns
Self Employed
Duly filled and signed application form
Passport sized photographs
Cheque with processing fee amount
Bank statements for the last 6 months
Certificates of educational qualifications
Proof of existence of said business
Income Tax Returns for last 3 years along with computation of Income
Balance Sheet and Profit & Loss Account for the last 3 years, certified / audited by a chartered accountant
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
NIL prepayment charges 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
-1.05
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
New Griha Laxmi Housing Loan
Under New Griha Laxmi housing loan, loan for purchase, construction, and extension is provided against security of certain financial valuables like bank fixed deposits, national saving certificates and life insurance policies.
Loan is available up to 95% of the security's value with a minimum amount of ₹50000.
Upfront fee of ₹1000.
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 years
EMI
₹23,174
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹5,342,566
PROPERTY INSURANCE COST
₹18,750
PROCESSING FEES
₹15,000
TOTAL FEES + INSURANCE
₹33,750
TOTAL EMI PAID ₹ 8,342,566 over 30 years
Reason: