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.
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