Ask Now

Ask now for help, additional info or assistance and we'll be with you in no time!

Enter your name
Enter your Mobile number
Enter your email
Your message

Loan Enquiry

What are the qualification criteria for a home loan?

Following conditions are necessary:

  • Minimum age of applicant: 21 years
  • Salaried or self-employed with regular income

When would I be able to apply for home loan and steps engaged with the procedure?

You can apply for the Home Loan even before you have chosen your property or before the beginning of development. You will get an in-principle approval for the loan amount which will enable you to choose you’re spending limit and plan the buy of house/flat.
There are two phases in the home loan process:

  • Sanction of the loan
  • Payment of the loan in regard to the progress of construction of the property

Would I be able to get more than one home loan?

Yes. Home Loans can be given to an individual provided he can reimburse. The loans can be for the same property (repairs/expansion etc.) or various properties.

Who can be co-applicant for the loan?

For the most part,

  • All co-owners need to be co-applicants.
  • All co-applicants need not be co-owners.

What are the general components of Net Monthly Income to calculate loan eligibility?

The NMI is income from all sources of a salaried individual it includes:

  • The NMI from the salary of the applicant
  • The NMI from the salary of co-applicant/spouse
  • The pay from different sources like Rent from the current/proposed flat, Agricultural salary, Income from educational costs, different business, and so forth."
    In case of self-employed/professional, the NMI is Annual Income after deduction of income tax divided by 12 (as per I-T return) plus other income as above.

How much loan can I avail?

Up to 80% Loan of Agreement Value only.

What is the difference between EMI and Pre-EMI? How is Pre-EMI calculated?

EMI – Equated Monthly Instalment. This is the sum paid monthly by a borrower to the bank or some other loan specialist. It has two components –

  • The portion of the principal amount
  • The interest portion for that month

Pre-EMI – Before the final disbursement of the Housing Loan, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. It is payable monthly/quarterly up to the date of commencement of EMI.

Can the EMI be reset during the tenure of the loan? Can I make Prepayment towards loan closure?

Yes. If there is a substantial revision in the rate of interest, the facility of refixing of EMI can be granted to a housing loan account. You can pay extra money (more than your EMI) any amount, anytime ahead of repayment schedule to repay the loan.

In how long do I have to repay back the loan?

You can reimburse the loan over a greatest time of 20 years for both Floating Rate Loans and Fixed Rate Loans. The term won't usually stretch out past your period of retirement (in the event that you are employed) or on arriving at 65 years of age whichever is prior. If the candidate's age is about the retirement age, at that point he might be required to take a reasonable (by and large single premium) Life Insurance Policy to cover up the risk to the repayment period of the loan. The Bank will assist you with determining the reimbursement time frame to suit your convenience and budgetary capacity.

What is a floating and fixed-rate housing loan?

Floating Rate – A loan where the interest rate is not fixed is referred to either as a floating interest rate loan, variable interest rate loan or adjustable-rate loan, It is linked to a specific index or margin eg. Above/below Medium Term Prime Lending rate (MTPLR)

What are the tax benefits available if one avails a housing loan?

You will be qualified to guarantee both the interest and principal components of your reimbursement during the year.

  • Interest can be guaranteed as reasoning under Section 24. You can claim up to Rs. 150,000 or the actual interest repaid whichever is lower. (You can claim this interest only when you have the house)
  • Principal can be claimed up to a maximum of Rs. 100,000 under Section 80C. This is liable to the greatest degree of Rs 100,000 over every 80C investments.
  • You will have to demonstrate the statement given by the lender demonstrating the reimbursement for the year just as the interest & principal parts of the same.

Home Loan Amount

Loan Months


Interest Rate

Loan EMI


Total Interest Payable


Total Payment
(Principal + Interest)


Resident of India

  • Copy of PAN Card – Self Attested
  • Residence proof (Driver’s License/Ration Card/Passport/Voters Id/AADHAAR) – Self Attested
  • Passport-size photographs (Per Applicant)
  • Cheque Book

Partnership Firm

  • A Copy of PAN Card of the Partnership Firm – attested by the Partners
  • A Copy of Partnership Deed Authority letter from the other Partners of the Partnership Firm to authorize the Partner who will be signing on the firm’s behalf
  • Passport-size photographs (for Partner authorized to sign on behalf of the Firm)
  • Cheque Book

Private Limited Company

  • A Copy of PAN Card of the Company (Attested)
  • Articles of Association & Memorandum of Agreement duly signed by the Company Authorities
  • Board Resolution authorising the signatory of the Application Form to buy property on behalf of the Company
  • Passport-size photographs (for Signatory authorized to buy property on behalf of the Company)
  • Cheque Book

NRI/Foreign National of Indian Origin/PIO

  • A Copy of Individual’s passport/Copy of Person of Indian Origin (PIO) card
  • 2 Passport-size photographs (Per Applicant)
  • All cheque payments should be received from the NRE/NRO/FCNR account of the customer only, or via foreign remittance. Payment from third party accounts will not be acceptable