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Interest Rate
Starting with 9.00% (Floating Rate Home Loan)
Processing Fees
A processing fee of upto 1% shall be charged.
Max Tenure
30 years
Credit Score
Average (650+)
Average Credit History reflects irregularities in past payments that is bounced EMIs or Missed Card payments in the last 6 months
Customers with No Credit can also avail loan subject to other parameters being above satisfactory
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
ID Proof
Address Proof
Signature Proof
3 Months Salary Slip for Salaried or Salary Certificate
Copy of last 2 years Form 16 or IT Retrurn.
Bank Statement for the last 6 months of the salary account.
Appointment /Confirmation letter if current job tenure is less than 1 yr.
Repayment Track Record for 1 year for existing loan.
NOC of loan closed within 1 year.
Bank debits for all current loans appearing in CIBIL report but not appearing in Bank statements submitted.
Duly filled up and signed Application Form and MID.
Processing Fee cheque.
Self Employed
Partnership Deed in Case of Partnership Firm; MOA/AOA in case of Company.
Copy of IT Return, Computation of Income, CA certified Balance Sheet and Profit & Loss Account, all for the last 2 years.
Bank Statement for the last 6 months of the Business accounts
Office Address proof.
Tax audit report of individual partnership & company
Latest Share Holding Pattern Attested by CA/CS in Case of Company.
VAT/ Sales Tax Returns
List of directors attested by CA/CS in case of Company.
Sanction letter for working capital Limits & term loans with SOA.
Copy of Degree Certificate in case of Professional.
Repayment Track Record for 1 year for existing loan.
NOC of loan closed within 1 year.
Bank debits for all current loans appearing in CIBIL report but not appearing in Bank statements submitted.
Duly filled up and signed Application Form and MID.
Processing Fee cheque.
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
Prepayment Charges in case of Floating Rate
Nil for all floating rate term loans sanctioned to "individual borrowers"
Prepayment charges will be applicable for Loan in which company, firm, etc. is a borrower or co-borrower
Semi Fixed rate of Interest
Nil prepayment charges, if the loan has been converted in floating rate of interest at the time of pre payment / pre closure.
In case loan is on Fixed Rate at the time of closure, Prepayment Charges are "Nil" if Loan is pre closed through "Own Source"* of funds (It would be chargeable if closed through other than own source.)
Fixed
Prepayment Charges are applicable if Housing Loan is not pre closed by "Own Source" * of funds.
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
Features
Loans under No Income Proof scheme available.
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 years
EMI
₹26,992
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹3,478,027
PROPERTY INSURANCE COST
₹18,750
PROCESSING FEES
₹10,000
TOTAL FEES + INSURANCE
₹18,750
TOTAL EMI PAID ₹ 6,478,027 over 30 years
Reason: