Frequently Asked Questions

• For what purpose can I avail a home loan?

  You can take a Home loan for:
  Home construction loans
  Top Up on Home Loan
  Purchase of a ready built house / flat or a flat in resale
  Balance Transfer of existing loans from approved banks / housing finance companies
  Purchase of a plot of land
  Renovation of the house and extension of the house.

• Who can avail a home loan?

  Salaried individuals
  Self-employed professionals
  Businessmen
  NRI individuals.
  

• Who can be a co-applicant for the loan?

  You can include your spouse/parents/children as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.

• What is the maximum period in which I can repay the loan?

  You can repay the loan over a maximum period of 25 years in case you are salaried and 15 years in case you are self employed. For NRIs maximum period can be 15 years. Repayment will not ordinarily be extended beyond your age of retirement (if you are employed) or on your reaching 60 years of age, whichever is earlier.

• What is the security to be provided?

  Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. 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.