Basic Concept

1. What is an EMI?

You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment through EMIs, commences from the month following the month in which you take the full disbursement. For example, if the loan is fully disbursed to you in July 2018, the EMIs will start from August 2018.

2. What is Pre EMI?

In case of an under-construction property, we will make the disbursement in installments based on the progress of the construction. However, until the loan amount is fully disbursed, you have to pay simple interest as per the agreed rate linked to PLR. This is known as the Pre EMI.

3. What is a Monthly Reducing balance?

An EMI has two components i.e. interest and principal. While the interest is calculated on monthly rests, the principal on which the interest is charged decreases every month. This reduction is known as monthly reducing balance. This results in a significant saving for the customer over the tenure of the loan.

4. What is an amortization schedule?

An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule provides the breakup of every EMI towards repayment of interest and principal of your loan.

Loan Eligibility

1. What purpose can I avail a loan for?

You can take a loan for the construction or purchase of a house/flat, transfer of existing loan from other banks/HFCs, the purchase of a plot of land, or for the repair, renovation or extension of your home. You can also get a business loan for the purchase of a commercial property or avail a loan against residential and commercial property for personal/business use.

2. I am an NRI/PIO, can I avail a housing loan to buy property in India?

Yes, NRIs/ PIOs can avail of a housing loan to buy a property in India, subject to prevailing regulations and Terms & Conditions.

3. Can I get a loan for commercial property, like offices etc.?

Yes, we provide a loan for a commercial property for resident Indians.

4. Do professionals have special eligibility norms?

Yes, we offer special products to self-employed professionals.

5. When can I apply for a loan?

You can apply for a home loan even before you have selected your property. The loan amount would be sanctioned, based on your eligibility and repayment capability.

6. How much loan amount am I eligible for?

Your loan eligibility will be determined on the basis of factors such as income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history. Further, loan eligibility will also be dependent on the value of the property selected by you.

7. How can I enhance my loan eligibility?

Some ways to improve eligibility are stated below:

  • Include a co-applicant to the loan whose income can be considered.
  • Include any other income (e.g.: rental).

8. I want to co-own a property with my son/ father/ mother/ brother/ sister. Will I be eligible for loan?

Some ways to improve eligibility are stated below:

  • Include a co-applicant to the loan whose income can be considered.
  • Include any other income (e.g.: rental).