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For what purpose can I avail a home loan?
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You can take a loan for constructing a house, purchase of a ready built house / flat or a flat in resale, the takeover of existing loans from approved banks / housing finance companies, the purchase of a plot of land, for renovation of the house and extension of the house. |
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Q2 |
What are the borrower categories who can avail of the loan?
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We offer loans to salaried individuals, self-employed professionals or businessmen and for NRI individuals. |
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Q3 |
Who can be a co-applicant for the loan?
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You can include your spouse/parents/children as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants. |
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Q4 |
What is the maximum period in which I can repay the loan?
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You can repay the loan over a maximum period of 25 years in case you are salaried and 15 years in case you are self employed. For NRIs we give loans up to 15 years. Repayment will not ordinarily be extended beyond your age of retirement (if you are employed) or on your reaching 60 years of age, whichever is earlier. However, we will make every effort to determine the repayment period to suit your convenience. |
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Q5 |
What is the security to be provided?
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Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely. |
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Q6 |
Can I repay the loan ahead of schedule?
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Yes. You can repay the loan ahead of schedule, however if the loan is transferred to another bank or HFC, a nominal fee @ 2% of principal outstanding is payable. |
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Q7 |
Are the Bank policies subject to change?
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Yes. These policies will be reviewed periodically. |
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Q8 |
How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?
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The repayment capacity of the applicant(s) based on resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate on Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status. |
