It's all possible
Apply for Housing Loan
You can apply for a Housing Loan, once you have selected your property.
A loan amount would be sanctioned to you - based on your repayment
capacity, which will help you decide your budget and plan the buying of
your house.
Capacity of Loan
You can avail a Housing Loan ranging from a minimum of Rs. 5 lacs to a
maximum of Rs. 1 crore. The loan amount sanctioned is a maximum of 85%
of the cost of the property or the cost of construction as applicable.
Your repayment capacity as determined by the Bankers, taking into
account your
Age
Income
Qualifications
Number of dependents
Assets
Liabilities
Stability / continuity of your employment / business
Co-applicants income
Co-Applicant
Your loan will be disbursed, once you have identified and selected a
property aYou could include your spouse as a co-applicant for the
Housing Loan and include his/ her income to enhance your loan amount.
Further, if there are any other co-owners, they too would need to be
co-applicants In the absence of a co-applicant, a personal guarantee
will be required from you.
Loan Disbursed
Your loan will be disbursed, once you have identified and selected a
property and have submitted all the legal documents as required by the
Bankers. Once your property is legally and technically cleared by the
Bank.
On satisfactory completion of the above and on your investment of your
own contribution, the loan amount will be disbursed by the Bank. The
disbursement will be favour of the Builder or Seller as the case may be.
Security for the loan
You would need to provide security of the property and/or such other
additional collateral security as may be mutually agreed upon.
Repayment of the Loan
Housing Loan repayment is by EMIs comprising of interest and principal
amount calculated on monthly rests. You can pay EMIs by using Post Dated
cheques from your NRE/NRO account and any such accounts as permitted by
the RBI.
In case of part disbursement of the loan, monthly interest is payable
only on the disbursed amount. This interest is called Pre-EMI interest
and is payable monthly till the final disbursement is made, after which
the EMI's would commence.
Repayment Schedule.
You can select any term you are comfortable with, upto 15 years. The
term does not extend beyond your retirement age or on your reaching 60
years of age, whichever is earlier.
# For GCC: Tenor between 11-15 years, minimum qualification to be Post
Graduate/ Professional Qualification.
# For USA and Other Countries: Tenor between 11-15 years, minimum
qualification to be Diploma/ Graduate with minimum 3 years of employment
abroad and Professional Qualification with 1 year of employment abroad.
Pre-repayment of the loan.
You can prepay the loan amount ahead of schedule - either in part or in
full. "Prepayment Documentation charge" + Service Tax @ 12.24% is
applicable on each part prepayments made by the customer.
Partly or prepay foreclose the loan
You will have to send a cheque alongwith a covering letter clearly
mentioning Your Application number or LAN number. The effect of the same
would be given and a re-schedulement / foreclosure letter would be sent
to you at your communication address as per our records.
Incase of foreclosure, the original documents would have to be picked up
by you OR your POA holder personally from the Bank on producing his/her
identity proof.