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Interest Rate
Salaried
Any Loan Amount (Salaried Online Customers) - 9.15% ^ - 9.45%
Upto and Including ₹1.5 Crs (Other Customers) - 9.50% - 9.55%
Over ₹1.5 Crs (Other Customers) - 9.50% - 9.60%
Processing Fees
Upon applying for a home loan, you will be charged a non-refundable processing fee, which will vary depending on the particulars of your loan which may extend upto 1% of the loan amount.
Max Tenure
30 years
Credit Score
Excellent (725+)
Never Bounced any EMIs but have missed card payments over a year ago
Minimum Downpayment Required
Loan capped to 75% of the property value
Loan Approval Before Property Selection
Yes
Documents Required
Salaried Individual
Identity Proof
Residence Proof
Latest salary slips
Form 16
Last 6 months bank statements
Self-employed Professional
Identity Proof
Residence Proof
Education Qualifications Certificate and Proof of business existence
Last 3 years Income Tax returns (self and business)
Last 3 years Profit/Loss statement and Balance Sheet
Last 6 months bank statements
Self-employed Non-Professional
Identity Proof
Residence Proof
Education Qualifications Certificate and Proof of business existence
Business profile
Last 3 years Income Tax returns (self and business)
Last 3 years Profit/Loss statement and Balance Sheet
Last 6 months bank statements
Property Insurance Mandatory
Yes
Typical Property Insurance Costs
0.50% of the property value
Pre-Payment Conditions
Floating Rate term loans:
No Pre-payment charges on Floating Rate term loans sanctioned to individual borrowers.
Fixed Rate term loans:
No penalty is charged on Partial prepayment up to a maximum of 25% of principal outstanding in a year.
Part Prepayment of more than 25% of principal outstanding will attract a 2% prepayment charges.
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
Step Up Flexi EMI
Under the Step-Up option, a customer can increase the EMI amount every year to match increase in their annual income.
ILLUSTRATION FOR $3,000,000 HOME LOAN for 30 years
EMI
₹23,601
PRINCIPAL PAID
₹3,000,000
INTEREST PAID
₹5,496,364
PROPERTY INSURANCE COST
₹20,000
PROCESSING FEES
₹5000/- plus taxes
TOTAL FEES + INSURANCE
₹30,000
TOTAL EMI PAID ₹ 8,496,364 over 30 years
Reason: