Frequently Asked Questions

Bank will decide the loan amount based on your repayment capacity. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependant, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history. However, the eligibility of loan shall not exceed 85 per cent of the cost of property.

You can include your spouse/parents/brother/ sister* as a co-applicant for the Loan. His / her income can be added to enhance the loan amount. However, all co-owners of the property should necessarily be the co-applicant.

You pay nominal login fees to the bank. Post sanction you pay processing fees. Till the time we are getting payouts from Bank, we normally do not charge for our services.

Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly instalment - EMI) is much lower as compared to the interest on annual reducing balance.

You can repay the loan over a maximum period of 15 years. Repayment will not ordinarily be extended beyond the age of retirement (if you are employed) or on your reaching 60 years of the age, whichever is earlier. However, Bank will be endeavoring to determine the repayment period to suit your convenience.

You repay the loan in Equated Monthly Instalment (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.

Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

The security for the loan will be the first mortgage of the property (Equitable mortgage by Memorandum of Entry) to be financed, normally by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary by the Bank.

Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.

Yes. You can repay the loan ahead of schedule. No Prepayment / Foreclosure charges after expiry of 6 months of final disbursement, if the borrower pays from his own source of funds.

You will have to ensure that the property is duly and properly insured for fire and other appropriate hazards, as required by Bank, during the tenor of the loan and to produce evidence thereof to the Bank each year and/or whenever called upon to do so.

Yes. These policies will be reviewed periodically.

Banks mostly have lower rates than NBFC and do mostly approved properties, were as NBFC are more flexible in processing loan based on properties, individuals and do risk buying. There ROI is normally higher than banks