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

You 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 @ 10.2% 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.