What is the process of applying for a home loan?
Step 1 : Submit your loan application along with required set of documents.
Step 2 : Your application would be assessed on the basis of various eligibilty and funding norms.
Step 3 : A property valuation and title check may be carried out by the company representative to determine the property value and legal clearance of the property to arrive at the loan amount.
Step 4 : Based on the internal and regulatory guildlines ,Bank may approve or reject the loan application.
Step 5 : Submission of the original property documents are required along with signing of agreements , handing over of registered property papers and submission of NACH/ECS.
Step 6 : Upon finding all the documents in order,Bank will disburse the loan amount to the developer/contractor/seller based on the progress of construction.The EMI/Pre EMI will commence after the disbursement.
Am I eligible for a home loan in dehradun ?
You are eligible for a loan if you are an indian citizen or a person of indian origin and are a salaried/self employed /professional/businessmen.Your loan eligibility will be determined by banks on the basis of income,age,qualification ,number of dependents , assets ,liabilities ,stability and continuity of occupation ,savings and prior credit history among other factors .Further the loan eligibilty will also be dependent on the value of property selected by you.
What percentage of property value can be funded ?
We can fund up to 90% of the property value in case of home loan and up to 65% in case of loan against property. However ,bank norms may change from time to time and from property to property or based on the loan amount.
I purchased a property 3 months back; can I get a home loan?
Yes,you can avail re-finance at applicable home loan rate within 12 months from the date of property purchase.
Can I prepay my home loan ? Are there any charges applicable ?
Yes,home loan can be prepaid.For applicable loan pre-payment fee.
What does fixed rate of interest mean ?
Bank offer a fixed rate of interest from the day of first disbursement for a specified period as per the extant loan scheme,prevailing at the time of availing the loan.Thereafter for the residual loan tenure ,the outstanding principal loan amount automatically moves to a floating rate of interest at the then prevailing rate of interest.
Does the property need to be insured ?
Customer should ensure that the property is insured against uncertainties like earthquake , fire or any damage and destruction due to natural and man-made calamities ,during the tenure of the loan.
Can a customer view his/her loan account details online ?
Yes, a customer can view his/her loan account details online by loggin on to our customer service portal and register himself/herself in order to enjoy hassle free onlline post disbursement loan services.
What security do I need to provide ?
The prime security fro the loan is by way of deposit of title deeds and/or such other collateral security as may be decided by banks.The title of the property should be clear,marketable and free from any encumbrances.
In case of changes of floating rate of interest,will my EMI or tenure change ?
keeping the borrower’s convenience in consideration ,EMI is kept constant and residual loan tenure is adjusted .Under exceptional situations ,the EMI is changed to support the principal repayment ,within a time frame.