Loan Enquiry

Resident of India

Partnership Firm

Private Limited Company

NRI/Foreign National of Indian Origin/PIO

What are the qualification criteria for a home loan?

Following conditions are necessary:

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:

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.
There are two phases in the home loan process:

Who can be co-applicant for the loan?

For the most part,
There are two phases in the home loan process:

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:

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 –

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.