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Who can apply for a loan?
Any Indian national whether employed, self employed or NRI can apply for a loan.
When can I apply for a home loan?
You can apply anytime after you have decided to acquire, construct, extend or renovate a property. You can also apply even if you are yet to select a property or the construction is yet to commence.
How do I make an application?
  • You can visit any of our branches along with your latest income documents like Salary slips, IT Returns, Bank Statements to know about your likely eligibility and submit an application form along with the required documents.
  • You can call any of our branches who will assist you in the loan process.
  • You can print the application form from our website and send the same to any of our branches nearest to you along with the necessary enclosures.
What are the types of Loans available?
There are a range of loans available for both Resident as well as Non-Resident Indians as detailed below:

Housing Loans

  • Home loans for purchase of Flat / House , either new or resale
  • Home loans for construction of a dwelling unit
  • Home Extension loans , i.e. for construction of an additional floor or room to an existing house
  • Home Improvement loans, i.e. to renovate the house
  • Takeover loans : To pay off an existing loan with another financial institution and transfer the same to us
  • Loans for purchase of a residential plot

Non-Housing Loans - (Only for Resident Indians)

  • Loan against Mortgage of Property (LAMP)
  • Non Residential Property Loan (NRPRO loans) - to purchase an office or business space

The loans will be extended for properties which are duly approved by the competent authority.
How is my eligibility determined?
Your eligibility is determined considering various factors such as age, monthly income, monthly commitments, qualifications, employment, savings background, assets, liabilities and repayment history of other loans if any.
What is the maximum amount which I can borrow?
The maximum amount that you can borrow depends on various factors such as your repayment capacity as assessed by us, purpose of the loan , cost and value of the property, and is as detailed below:

Home Loans up to Rs. 20 lacs - 85% of the cost / value of the property whichever is lower
Home Loans greater than Rs. 20 lacs - 80% of the cost / value of the property whichever is lower
Plot Loans - 60% - 75% of the cost / value of the property whichever is lower
Non-Housing loans - 50% of the value of the property
How long does it take to get the loan sanctioned?
On an average, it takes between 2 - 10 working days for processing an application from sanction to disbursement subject to the condition that all the necessary documents are in order and the title to the property is found to be clear and marketable including the proof that the borrower’s contribution has been paid/utilised upfront.
What are the repayment period options?
The maximum period over which a loan can be repaid depends on
  • the borrower category
  • age of the borrower
  • purpose for which the loan is sought
Maximum term for various products is as detailed below:
ProductResident Indians        NRIs        
Home Loans2515
Plot Loans1010
Non Housing Loans10NA
What is the applicable rate of interest?
The interest rates vary based on the type and quantum of loan. For Housing Loans, the rates start from 8.60% onwards and for Non Housing Loans from 14.25% onwards.
How is the interest rate calculated on my loan?
The interest is calculated on Monthly Reducing balance basis, where the principal reduces every month from your EMI net of interest accrued.
What is the type of interest offered?
The interest rate offered by us is a floating (variable) rate of interest.
What is a floating rate of interest?
The interest rate that varies according to the market lending rates is a floating rate of interest.
What is the EMI and when does it commence?
EMI or Equated Monthly Instalment refers to the fixed sum of money to be paid by you till you repay the entire loan. EMI consists of both principal and interest. The size of the EMI depends on the loan amount, rate of interest and term of the loan. The EMI is payable once the loan is fully disbursed and would commence from the date of final disbursement. Interest (known as Pre-EMI) is payable on partly disbursed loans and is payable every month on the amounts cumulatively disbursed till the loan is fully disbursed.
Who can be a co applicant?
Co applicant(s) can be co-owner(s) of the property in respect of which the financial assistance is sought. However all co applicant(s) need not be co-owners. Relatives as agreed by the Company can join as co applicant(s). Generally, co applicants are husband, wife, father, son, mother, daughter, etc.
What are the fees and charges payable and when are they payable?
While a part of the processing fee is payable upfront along with the loan application which is non-refundable, the balance fee excluding the upfront fee and other charges such as Property & Personal Insurance, Documentation & Cersai charges are payable after sanction of the loan, but before disbursement.
What are the documents required at the time of application?
The basic documents required to be submitted along with the application are as below :

  • Proof of Identity, Address, Age
  • Bank statements for the last six months
  • Last three months Salary slips / Salary Certificate
  • Form16 - Income-tax deduction certificate issued by the Employer
Self - employed
  • Proof of Identity, Address, Age
  • Business profile
  • Income Tax Returns and Tax paid challan for the last three years
  • Profit & Loss Account and Balance Sheet for the last three years
  • Bank Statements for the last six months
On perusal of these basic documents, if it is felt by the company that further documents are required for appraisal, the same needs to be furnished.
What are the property documents that need to be submitted?
If the property has been identified, the basic documents required are as below :
  • Original title deeds
  • Agreement for sale / construction (as applicable)
  • Parent document copies / originals wherever applicable
  • Encumbrance Certificate for the last 15 years reflecting the history of transactions
  • Approved plan / layout
  • Revenue records like Patta, Chitta, Adangal, Town Survey Extracts, property tax receipts
Upon scrutiny of the basic documents, the company may ask for further documents if found necessary to establish clear and marketable title.
What security / collateral do I need to provide?
The primary security is first mortgage of the property to be financed, normally by way deposit of title deeds. If required, we may take additional security in the form of assignment of LIC Policies or Third party guarantee.

The title to the property should be clear, marketable and free from encumbrances and to our satisfaction.
Do I have to register the mortgage in your favour?
The registration of mortgage depends on the laws of the state in which the loan is availed.

In Tamilnadu, for both Housing and non housing loans a Memorandum confirming Deposit of Title deeds (MOTD) in requisite stamp paper has to registered in the concerned Sub Registrars office (SRO).

In Kerala and Andhra Pradesh, for all non housing loans, a Simple Mortgage Deed has to be registered in the concerned SRO.

In Karnataka, for both housing and non housing loans, MOTD is required to be submitted in requisite stamp paper. In respect of non housing loans, MOTD has to be duly registered in the concerned SRO.
When will the loan be disbursed ?
The loan will be disbursed, once
  • all documents required to establish clear and marketable title are submitted,
  • sufficient progress in construction that is proportionate to the own contribution is evident,
  • loan agreements executed and
  • conditions, if any, complied with.
What is own contribution?
Own contribution is the difference between total cost of the property minus the loan component which should have been utilised / paid before disbursement of the loan.
In how many instalments will the loan be disbursed?
The loan will be disbursed in full or in suitable instalments taking into account the requirement of funds and progress of construction as assessed by us.
What is the mode of repayment?
EMI is payable by way of Electronic Clearance System (ECS). It can also be by way of Auto debit with select banks. In locations where ECS / Auto debit is not available, EMI can be paid by Post Dated Cheques.

EMI is to be paid through Salary Deduction if the Company has an arrangement with the applicant’s employer.
Can I repay my loan ahead of schedule?
Yes, you can repay the loan either in part or in full ahead of schedule. Part prepayments will be accepted subject to the condition that only THREE such part payments will be made in a financial year and that the amount prepaid each time will be equivalent to not less than 6 EMI's.
Do I get a tax benefit on Home Loan?
Yes, you are eligible for tax benefits on the principal and interest components of the EMI paid on Home Loans (other than plot loans) under Section 80C & 24(b) of the Income Tax Act, 1961, that is in force as of date. These benefits are subject to change as per the policies of the Government.
Does the property need to be insured?
Yes, the property needs to be insured against natural hazards and the lending institution will be the beneficiary of the insurance policy.
Can I take a home loan in one city while working in another city?
Yes, you can take a home loan in one city while working in another city. We have branches spread across entire Southern India and also a few in the North, the details of which are available in our website or can be obtained from our branches.