Who can apply for a loan ?

Any individual who has the capacity to service a loan, as assessed, can apply for a loan. ie salaried category and Income Tax payees

What is the maximum loan that I can avail ?

The maximum loan that you can avail is:
For Home Loans Rs.1 crore or 85% of the cost of property, which ever is less, subject to your repayment capacity as assessed.

How is my loan eligibility assessed ?

Your loan eligibility is assessed taking into consideration factors like your monthly income, monthly commitments, age, qualification, employment, and savings background.

What is the maximum term of repayment ?

The loan is repayable over a maximum term of 20 years of retirement age whichever is Earlier (65 years of age in case of self-employed and professional.)

What is the fee payable for loan processing? When is the fee payable ?

A non-refundable fee of 0.5 % of the loan amount applied for is payable along with the application. (subject to conditions)

What is the security for the loan ?

The loan will be secured by an equitable mortgage of the property. Equitable Mortgage of property is created by way of deposit of title documents of the properly financed.

What are the enclosures that need to be submitted with the application ?

a) If you are employed

Your latest salary slip or latest salary certificate showing details of deduction. If your company is newly established or a private limited company please give a detailed profile of your company

b) If you are self employed

Copy of your profit and loss accounts, audited balance sheets for the last three financial years of your firm or copy of computation of income duly attested by your chartered accountant or copy of acknowledgement of IT returns given by the income tax department or bank statements of the last six months.

Remember you could get your loan sanctioned even if you have not selected your property.

All property documents will be submitted by us to the housing loan institutions.

When will the loan be disbursed to me ?

The loan will be disbursed to you on fulfillment of the following conditions:

You own contribution should be invested on the property in full (own contribution is equal to total cost of project minus loan sanctioned by the sanctioning authority). The progress in the project should be proportionate to your own contribution.

Will my presence be required at every stage if you are disbursing the loan in two/three installments?

You will have to visit the concerned branch for loan documentation at the time of first Disbursement of the loan.

When does the repayment of the loan begin?

The loan repayment is by way of equated monthly installments from the month following the month in which the full disbursement takes place. Pre - EMI interest is payable till the loan is fully disbursed.

What is the mode of repayment?

1) Post dated cheques (for a minimum period of 12 months)
2) Standing instructions to bankers

Can I repay the loan?

Yes, you can repay the loan ahead of schedule, either party or fully. However, prepayment charges will be as per rules in force from time to time subject to maximum of 2% of the amount of prepayment.

What are the income tax benefits that I will enjoy if I avail a loan?

Resident Indians are eligible for certain tax benefits on principal and interest components of a loan under the income tax act, 1961. Interest repayment of Rs. 1,50,000/- p.a. can get you a tax saving up to approximately Rs. 49,500 p.a. Moreover, you can get added tax benefits under Sec.88 on repayment of principal amount up to a maximum of Rs. 1,00,000/- Kindly confirm with the latest rule