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Home Loan FAQs

What cirteria will Bank look at to decide my eligibility for a Home Loan?

Among the multiple factors that Bank considers in determining Home Loan eligibility are:

Can I also avail of a Home Loan for Home improvements or a Home extension?
Yes! You can avail of an Home Loan from for any of the following:

Does Banks offer different types of Home Loan interest rates?
Yes! Banks offers both Fixed and Floating rates as explained below:

Is it mandatory to have a co-applicant when applying for a Home Loan? If yes, who can be a co-applicant for my Home Loan?
Yes, it is mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.

What documents do I need to submit along with my application for a Home Loan?
For the List of Documents to be submitted along with your Home Loan application, please call / write to us.

What process does the Bank follow after I apply for an Bank Home Loan?
Once we receive a completed application form along with the necessary supporting documents two things happen:

Once both these are complete, the Bank will process the disbursement of your Home Loan.

Do I need to pay a fee to apply for an Bank Home Loan?
Banks charge a non-refundable processing fee for every Home Loan application. The processing charge to avail of an Bank Home Loan is up to 1% of the loan amount plus service tax as applicable.

How will my Equated Monthly Installment (EMI) be calculated?
The EMI consists of the principal amount and the interest on the principal amount. It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum. The EMI may be subject to change when interest rate changes or a part-payment of the Loan is made.

Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.

When is my EMI due?
The EMI will be due on a fixed date each month. This date will be notified when your loan is disbursed.

What is Pre-EMI interest?
Pre-EMI interest is the interest on the loan amount disbursed by the Bank. It is payable every month from the date of each disbursement until the commencement of the EMI payments.

I have availed a Home Loan from Bank on a floating rate of interest. How will an increase in this rate of interest impact me?
In order to avoid burdening you with a higher EMI, Bank will first attempt to increase the tenure of the loan subject to permissible limits. If, however, despite the increase in tenure, the EMI is not adequate to cover the interest payment, then Bank will increase your EMI amount.

Can I convert my floating rate loan to a fixed rate loan or vice versa? Will there be any charge for the switch?
Yes! You can switch from a floating rate of interest to a fixed rate of interest and vice versa

My tenure has been increased due to an increase in the rate of interest. I would like to increase my EMI and reduce the tenure. Will I be charged for this change?
Each Home Loan applicant's EMI is decided upon his/her repayment capability. In order to enable us to reassess your EMI, you will need to submit the following documents at an Bank Loan Center:

Currently, Bank levies no charge to increase the EMI.