Home Loans

Found your fantasy house but struggling with the price tag? We can help with Home Loans designed for your needs. Our low interest rates and easy EMI plans can help unlock the door to your future.

Loan Against Property

Our Loans Against Property can help you through life’s biggest moments. Weddings, personal passions, educational fees or career changes - we’ve got you covered. Refinance any existing commercial or residential property at the best rates today.

Balance Transfer

With our Balance Transfer option you can transfer your existing home loan to Godrej and enjoy the benefits of a plan that works for you. Along with interest rates tailored to your comfort, enjoy higher eligibility, along with a Top-Up loan, to take care of your extra needs.

Plot Loans

Found the perfect spot to build your future? Our Plot Loans can help make it yours. Our loans offer you the financial help, low interest rates and flexible payment options you need to construct the home of your dreams.

Commercial Property Loans

Take your business to the next level with a Commercial Property Loan that finances construction, extension or improvement to make your business goals become reality. With plans designed for your life, you can rest assured that your business empire is in safe hands.



FAQs

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FAQs

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If you’ve got questions, we have answers!






A Home Loan is an amount of money that a person borrows from a financial institution at a certain rate of interest for a particular number of years (tenure), which is to be paid back in equated monthly instalments (EMI). To cover the risk of the financial institution, the property for which the loan is taken as a security.

There are different types of home loans available in the market. However, at Godrej Capital we provide:

 

  • Home Loans for Ready to Move-in, Under construction and resale homes

  • Balance Transfers (shifting of loan from a different financier to Godrej Capital resulting in savings for the customers)

  • Top-up on existing home loans for renovation or home improvement

  • Loans for Land/Plot Purchase
     

If you are looking for a home loan, Apply Now and get closer to your dream home.

Godrej Capital home loans are designed to enable you to buy your dream home. We ensure that, at every step, customer-centricity forms the very core of our business. Our home loan features are reflective of this philosophy. We offer:

 

  • Rate of interest as low as 8.39% p.a.
  • Instant in-principal sanction
  • Quick and hassle-free disbursal

On offer are special features such as EMI Break & Parallel Funding. The Parallel Funding feature eases the first and most difficult part of the home loan process i.e., down payment for owning a property. At Godrej Capital, you can pay your part on a pro-rata basis, rather than paying all at once and be a step closer to your dream home.

 

With the EMI Break option, our customers have the option to pause and prioritize their expenditures when their monthly expenses are impacted by other outgoings, such as insurance premiums, holidays, educational fees, to name a few, at pre-agreed timelines.

 

To better serve our customers, we, at Godrej Capital, continue to innovate our offerings for a hassle-free financing experience. Watch this space for more innovative home loan features.

 

If you are looking for a home loan, Apply Now and get closer to your dream home.

 

Please note that specific T&C may apply for product variants. For more details, please contact our customer representative or write into us at  customercare@godrejcapital.com  for answer on specific query.

An under-construction property refers to a housing unit which is in process of being constructed and would be handed over to the buyer post completion by the developer.

Step 1: Submit your Application
The loan application you submit will consist of duly filled loan application form, proof of income, proof of identity and address.
Step 2: Application Evaluation and Loan Sanction
Upon submission, our internal team will evaluate your application and will process it further for sanctioning the loan.
Step 3: Property valuation
Once the property papers are shared, legal and technical valuation of the property will be done to check if all is in order and approve the disbursal of the loan. This step gets easier when a property is purchased from an approved project.
Step 4: Loan Disbursal
Post these approvals, signing the loan agreement takes place, leading to disbursal of the loan

Usually, a financial institution undertakes a certain amount of risk while lending money to borrowers. Thus, for prudent lending, the institution gauges the repayment capacity of the borrowers on several parameters such as his/her savings, age, income, nature of employment, qualifications, existing loans etc. This process is known as credit evaluation and determines the loan eligibility comprising of the loan amount, tenure of the loan and the rate of interest.

A financial institution empanels agencies for objective valuation of the property it takes against the loan as a security. The valuation is based on the property’s age, usage, legal documentation, condition as well as its geographical location. Here, market conditions also come into play, including the demand of the property in the area.

Registration of a property includes stamping and paying of registration charges, which may vary from state to state, for a sale deed and getting it recorded at the sub-registrar's office of the concerned jurisdictional area.

No, it is not necessary to have a co-applicant for a home loan application however having one increases the eligibility. In case of sole ownership of the property, any member of your immediate family can be a co-applicant. If someone is the co-owner of the property, it is necessary that he/she is also the co-applicant for the home loan. Lastly, if joint income is considered for eligibility, then the second person needs to come in as a co-applicant.

National Automated Clearing House (NACH) is a centralized structure created to make payments more accessible and cost-effective. It offers a fast and efficient clearing platform. The NACH debit mandate is used by Godrej Capital to automatically deduct monthly instalments from your bank account for the loan availed.

There are two ways to cancel NACH mandate.

 

  • You can login to the customer portal and request to cancel the mandate through the ‘Write to Us’ section.
  • You can also send an email to customercare@godrejcapital.com through your registered email ID or call our Customer Care at +91 22 68815555 through your registered mobile number and place a request for NACH mandate cancellation.
     

Please note that you need to mention the Loan Account Number (LAN) in the request, and our team will connect with you within 48 hrs.

Processing fee is a one-time charge to be paid by the borrower to the financial institution to covers the cost incurred to process a loan application.

A sanction letter is issued by a financial institution post evaluation of an applicant’s creditworthiness and other details such as KYC etc. This letter is a proof of eligibility from the financial institution and mentions crucial loan details including maximum loan amount, maximum tenure, rate of interest, EMI amount and special conditions if any. A sanction letter with the above information is valid for a specified period.

Power of Attorney (POA) is legal authorization for a designated person to make decision on behalf of another person’s assets, finances, and real estate properties. There are two types of POAs.

 

  • First, General POA where a property owner confers ‘general’ rights.
    These rights include but are not limited to sell, lease, sub-lease etc.
  • Second, Special POA where only a specific right is given by the owner to the chosen person.

Equated Monthly Instalment or EMI is the amount of money a borrower pays back to a financial institution monthly towards the loan availed. It comprises of two components, namely, the principal and the interest. So, each month, the borrower pays back a portion of the loan amount as principal and a certain amount of interest. At Godrej Capital, you can avail product variants where we give you a break from your EMIs when you need it the most. Read more here.

Pre-EMI is the interest amount paid by the borrower till the time final disbursement is pending and EMI is initiated. It is the interest on the amount of the loan disbursed and is payable every month from the date of each disbursement up to the date of commencement of the EMI. Pre-EMI is mostly applicable in cases where Under Construction property is being purchased on loan.

The period (months or years) for which a financial institution lends the money to a borrower. The tenure may be different from borrower to borrower.
At Godrej Capital, home loans are offered at longer tenures, i.e., up to 30 years.

The rate of interest is the percentage of principal amount the financial institution charged a borrower for the money. It is paid over and above the principal amount borrowed. There are two types of rates of interest.

 

  • Floating rate of interest is where the rate fluctuates with an index. At Godrej Capital, all floating rate of interest loans are pegged to the Godrej Capital Prime Lending Rate (GCPLR). The rate varies over the repayment tenure of the loan.
  • Fixed rate of interest remains constant for the entire repayment tenure of the loan.

Collateral is an asset (the property, for home loans) a financial institution accepts and keep as a security for a loan it extends till the amount is fully repaid. This helps the financial institution to cover its risks.

APF stands for Approved Project Funding.
Godrej Capital, identifies projects by certain developers and builders, and evaluates basis the properties’ legal and technical evaluation. If a project qualifies the necessary requirements, it’s included in the APF master of Godrej Capital.
The TAT(turnaround time) for a loan disbursal, is lesser, where a project is already an APF and the loan processing is much simpler.

Loan to Value (LTV) is the amount of loan divided by the total value of the property and is represented in percentage. Loan value of INR 75 lakhs for a property worth INR 1 Crore would mean 75% LTV.

Own Contribution or OCR is the same as down payment. It is also referred to as ‘margin’ money as it is the difference between the loan amount a financial institution offers and the total value of the property. At Godrej Capital, we offer easy down payment options such as Parallel Funding, where a borrower doesn’t get burdened and pays the down payment in parts on pro-rata basis.

The documents relating to transfer, sale, lease or any other form of disposal of an immovable property. Registration is compulsory by law for all properties under Section 17 of the Indian Registrations Act, 1908. Once a property has been registered lawfully, it means that the person in whose favour the property has been registered, is the lawful owner of the premises and is fully responsible for it in all respects.

Disbursement means paying out the loan amount to the borrower or the builder from which the borrower has bought the property. The disbursement can be either in full amount or in tranches, depending on the type of home financed (example: tranches are common for under construction properties) and the terms agreed between the financial institution and the borrower.

Schedule of charges is the list of charges and its corresponding amount levied by a financial institution over the duration of the loan, if applicable. For Godrej Capital, refer to the schedule of charges here.

A welcome letter is sent by a financial institution once a customer is fully onboarded. It consists of the most important terms and conditions (MITC), Repayment Schedule, Schedule of Charges and other important loan details.

A Statement of Account (SOA) is a summary of a home loan account provided by the lender. It details out all the transactions, outstanding balance due, rate of interest charged on the outstanding balance and any fees/charges incurred. However, the outstanding balance as reflected in SOA may not be the amount which you have to pay to close the account. To know the foreclosure / pre-closure amount contact  +91 22 68815555.

MITC or Most Important Terms and Conditions details out the loan details, repayment schedule, Schedule of Charges, and any other relevant details of a loan account which a borrower must know. It is available on both, website, and customer portal.

Repayment schedule is a table of detailed loan payments for every period, showing the amount of principal and interest for each payment until the loan is fully paid off.

Interest Certificate is a document issued by the lender which details out the bifurcation of the principal and interest amount paid towards a home loan account in a particular financial year.

No Objection Certificate or NOC is a document that states that you have cleared all outstanding loan dues and paid the EMIs against the amount borrowed. This is issued by the lender post the closure of the loan account. Please note that till the NOC is not issued, you may have liability towards your lender.

As per Section 80C of the Income Tax Act, you can avail deductions up to INR 1.50 lakh on the principal amount repaid annually. Under Section 24 of the IT Act, taxpayers are also eligible for benefits up to INR 2 lakh on the interest repaid against a home loan annually. Under section 80EE, first time home buyers can claim an additional deduction of INR 50,000 for value of property up to INR 50 lakh and loan taken up to INR 35 lakh.

The Income Tax law provides a claim for pre-EMI interest. It is called the pre-construction interest, which is as a deduction in five equal instalments, starting from the year in which the property is acquired, or the construction is completed. One is eligible to claim this benefit over and above the deduction on the house property income. However, the maximum eligibility remains capped at INR 2 lakh.

Yes, these expenses can be claimed under Section 80C but only in the year in which the expenses are incurred and within the overall limit of INR 1.5 lakh.

Bounce charges are incurred if the EMIs are not paid by the borrower on the due date. For more details and updated information, please refer to Schedule of Charges.

Late payment charges, also referred to as ‘penal charges’ are the charges incurred on the late payment of the outstanding dues in case of EMI bounce, by the borrower. For more details and updated information, please refer to Schedule of Charges.

Swap charges are incurred by the borrower for changing the repayment instrument or change in the bank account for NACH Mandates. For more details and updated information, please refer to Schedule of Charges.

Recovery charges are levied by the lender for any expense incurred on collection of overdue from the borrowers. For more details and updated information, please refer to Schedule of Charges.

These are the charges a borrower incurs for partly paying or closing the loan ahead of its full loan term. For more details and updated information, please refer to Schedule of Charges.

These are the charges paid by the customer as per the State laws to register finance documents. For more details and updated information, please refer to Schedule of Charges.

These are the charges for registering a charge on the property submitted as collateral and for uploading KYC details on CKYC. For more details and updated information, please refer to Schedule of Charges.

These are the charges incurred by the company for any legal action against the borrower(s) in case of default. For more details and updated information, please refer to Schedule of Charges.

No, it is not mandatory to obtain insurance however insurance is a voluntary risk mitigation device that helps customers in multiple ways, such as securing the asset, helping in paying off the loan liability in an unlikely event.

Insurance contract is between the insurer and the customer, and the lending company plays a limited role here. It is the insurer’s responsibility to provide the details and benefits to the customers.

The loan insurance provides coverage against unforeseen events such as death, disability, hospitalization and/or diagnosis of critical ailments whereby the insurer can repay the loan liability through insurance.

Credit-life insurance provides cover against natural, accidental, and unnatural deaths. It also includes coverage for death due to Covid-19 and can be extended to co-borrowers. Customers can also avail the benefit of Section 80C income tax deduction with this insurance.

Survival-Benefit Plan is an insurance for critical illness and provides additional cover for medical emergencies like heart attack, stroke, or cancer. More often than not, these emergencies or illnesses incur heavy medical cost, and these policies pay out cash to help cover those overruns where traditional health insurance may fall short. Though these policies are priced at a relatively low cost, the emergencies covered are generally limited to a few.

Health insurance aims to provide coverage against illness, accidents, surgery, and hospitalization. In addition to providing financial security, one can also avail tax benefits under Section 80D.

Property insurance secures property for which the loan has been availed, ensuring the security of valuables within the house. This insurance is applicable for a fully constructed property wherein the customer has possession of the property. The claim amount is the reinstatement value of the property.



It is a loan against fully constructed, freehold residential and commercial properties for personal or business needs. The funds obtained can be also used for other purposes including marriage, medical expenses, or child’s education etc. Please note that if you have an existing Loan Against Property (LAP) from other banks and financial institutions, you can transfer it to Godrej Capital.

For new customers, you can get funding up to 80% of the property value depending on the segmentation and the property type. But, for existing customers, the principal outstanding on all existing loans and the Loan Against Property being availed should not cumulatively exceed 60% of the market value of the mortgaged property as assessed by Godrej Finance.

Loan Against Property (LAP) can be availed by both, salaried and self-employed individuals for professional needs such as business expansion, debt consolidation, and various personal needs including homeownership, marriage, child education etc.

You can avail of Loan Against Property for a maximum term of up to 25 years subject to internal policies of a lending institution.

TBC

Yes, Loan Against Property (LAP) can be availed against a fully constructed and freehold commercial properties.

Click here to know the documents required for a Loan Against Property. For applicable Fees & charges, refer Schedule of Charges.

  • Business expansion
  • Long-term working capital
  • Purchase of equipment
  • Holiday
  • Education of children.

National Automated Clearing House (NACH) is a centralized structure created to make payments more accessible and cost-effective; NACH offers a fast and efficient clearing platform. The NACH debit mandate is used by GHF to automatically deduct monthly instalments from your bank account for the loan availed.

There are two ways to cancel NACH mandate.:

 

  • You can log in to the Customer Portal and request to cancel the mandate through the Write to Us section.
  • You can also send an email to customercare@godrejfinance.com through registered email ID or call our Customer Care +91 22 68815555 through a registered mobile number and place a request for NACH mandate cancellation.

Please note that you need to mention the Loan Account Number (LAN) in the request, and our team will connect with you within 48 hrs.



The essential benefit of home loan balance transfer to Godrej Capital, is suitable rate of interest suited just for you. You get the added benefit of getting a higher eligibility, along with a Top – Up loan, to take care of your extra needs. Thus making your overall monthly instalments at ease.

You can apply for a Home Loan Balance Transfer from our Godrej Capital website. Our representative will get in touch with you, It usually takes 5-10 days to process basis the information you provide like personal details, financial data, employment details, and existing property information to view your loan offer.

There is no maximum amount that you can transfer. If you are eligible, your entire home loan outstanding balance gets transferred to Godrej Housing Finance.

Yes. The repayment tenor can be extended up to a maximum period of 20 years for Self-employed and 30 years for Salaried customers respectively basis your eligibility and age.

No. There is no mandatory requirement for a guarantor.

A Home Loan Balance Transfer does not lower your credit score.

National Automated Clearing House (NACH) is a centralized structure created to make payments more accessible and cost-effective; NACH offers a fast and efficient clearing platform. The NACH debit mandate is used by GHF to automatically deduct monthly instalments from your bank account for the loan availed.

There are two ways to cancel NACH mandate.

 

  • You can log in to the Customer Portal and request to cancel the mandate through the Write to Us section.
  • You can also send an email to customercare@godrejcapital.com through registered email ID or call our Customer Care  +91 22 68815555 through a registered mobile number and place a request for NACH mandate cancellation.

You need to mention the Loan Account Number (LAN) in the request, and our team will connect with you within 48 hrs.

Top Up Loans can tend to personal and professional needs like home furnishing, marriage, child's tuition business expansion, etc.

Customers opting for Balance Transfer of their Home loan can additionally avail a top up loan from Godrej Capital subject to meeting the qualifying criteria.

You can avail a top up loan for a maximum term of 15 years

As a top-up loan is a primarily a new loan, standard processing fees apply to it as well.

No, it is not mandatory to obtain Insurance. However, Insurance is a voluntary risk mitigation device that helps customers in multiple ways, such as securing the asset, helping in paying off the loan liability in an unlikely event.

The insurance contract is between the Insurer and the customers. The company plays a limited role in facilitating the insurance contract between customers and Insurers. It will be the Insurer's responsibility to provide details and benefits to the customers.

Loan-linked Insurance covers a large amount of the loan liability. In any unforeseen circumstances like death, disability, hospitalization, and diagnosis of critical ailments, the Insurer can repay the loan liability through Insurance.

Credit-Life Insurance provides death cover for natural, accidental, and unnatural cause deaths. It also includes coverage for death due to Covid-19 and can be extended to co-borrowers. Customers can also avail the benefit of Section 80-C Income Tax deduction.

Survival-Benefit Plan is for critical illness insurance and provides additional cover for medical emergencies like heart attack, stroke, or cancer. Because these emergencies or illnesses often incur greater than average medical costs, these policies pay out cash to help cover those overruns where traditional health insurance may fall short. These policies come at a relatively low cost. However, the instances that they will cover are generally limited to a few illnesses or emergencies.

Health insurance aims to provide a defence against the hardship caused due to lack of income because of (a) Disease, (b) Accident, (c) Surgery and (d) hospitalization.

Property Insurance secures the property for which the loan has been availed; ensures the security of valuables within the house. It is applicable for entirely constructed property wherein the customer has possession of the property. The Claim amount is the reinstatement value of the property.



A Plot loan is an amount of money that a person borrows from a financial institution to purchase a plot of land for construction of residential unit on the same. This loan is at a certain rate of interest for a particular number of years (tenure), which is to be paid back in equated monthly instalments (EMI).

There are a few conditions that need to be met for Plot loans,

 

  • The residential plots for construction otherwise allocated by the builders are to be approved by GHF

  • The plot should be clearly identifiable and demarcated

Step 1: Submit your Application

 

The loan application you submit will consist of duly filled loan application form, proof of income, proof of identity and address.

 

Step 2: Application Evaluation and Loan Sanction

 

Our internal team immediately gets to work for the evaluating the application and processing it further for the sanctioning of the loan.

 

Step 3: Property valuation

 

Once the property papers are shared, & legal technical valuation of the plot is done to see if all is in order and approve the disbursal of the loan. Of course, this step gets much easier when you’re buying a home from an approved project.

 

Step 4: Loan Disbursal

 

Post these approvals, signing the loan agreement takes place, leading to disbursal of the loan

A financial institution undertakes certain risk while lending money to borrowers, so for prudent lending, the institution checks the repayment capacity of the borrower through his/her savings, income, age, qualifications, nature of work, any loans currently served etc. This is called as Credit Evaluation and determines the loan eligibility comprising of the loan amount, tenure of the loan and the rate of interest.

A financial institution empanels agencies for objective valuation of the property it takes against the loan as a security. The valuation is based on its age, usage, legal documentation, Construction cost, as well as its geographical location. Market conditions also come into play, including whether there is a high demand for that particular type of property in the area in which it is located.

Registration of a property includes necessary stamping and paying of registration charges (may vary from state to state) for a sale deed and getting it recorded at the sub-registrar's office of the concerned jurisdictional area.

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. In case of sole ownership of the property, any member of your immediate family can be a co-applicant. If joint income is considered to arrive at eligibility, then the second person needs to come in as a co-applicant.

National Automated Clearing House (NACH) is a centralized structure created to make payments more accessible and cost-effective; NACH offers a fast and efficient clearing platform. The NACH debit mandate is used by GHF to automatically deduct monthly instalments from your bank account for the loan availed.

Two ways to cancel your NACH mandate are:
 

  • You can log in to the Customer Portal and request to cancel the mandate through the Write to Us section.

  • You can also send an email to customercare@godrejcapital.com through registered email ID or call our Customer Care +91 22 68815555 through a registered mobile number and place a request for NACH mandate cancellation.

You need to mention the Loan Account Number (LAN) in the request, and our team will connect with you within 48 hrs.

Processing fee is a one-time charge to be paid by the borrower to the financial institution to covers the cost incurred to process a loan application.

Loan sanction letter is issued by a financial institution post evaluation of an applicant’s creditworthiness and other details like KYC etc. This letter is a proof of eligibility of a loan from the financial institution and mentions the main loan details like maximum loan amount, maximum tenure, type of rate of interest EMI amount and special conditions if any. A sanction letter with this conditions is valid for a specified period of time.

A Power of Attorney allows a person to grant another person the right to make decisions regarding the person's assets, finances and real estate properties.
 

There are two types of power of attorney.
 

First, the 'General Power of Attorney' where a property owner confers 'general' rights. The rights include but are not limited to sell, lease, sub-lease etc.
 

Second, is the 'Special Power of Attorney' wherein only a specific right is given by the owner to the chosen person.

The EMI is the amount of money a borrower pays back to a financial institution on a monthly basis towards the loan availed. It comprises of 2 components – the principal and the interest. So with every EMI, the borrower pays back a portion of the loan amount as principle and a certain amount of interest.

 

The EMI amount remains constant and by the end of the tenure, the borrower has paid back both principal and interest amount in full. At Godrej Capital, you can avail product variants where we give you a break from your EMI when you need it the most. Read more here.

Pre-EMI is the interest amount paid by the borrower till the time final disbursement is pending and EMI is initiated. It is the interest on the amount of the loan disbursed and is payable every month from the date of each disbursement up to the date of commencement of the EMI. Pre-EMI is mostly applicable in cases where Under Construction property/Plot + Construction loans during the construction stage being purchased on loan.

The time period (in months or years) for which a financial institution lends the money to a borrower. The tenure may be different from borrower to borrower

 

At Godrej Capital, Plot + Construction loans come for tenures up to 15 years.

The rate of interest is the percentage of principal charged by a financial institution from its borrower for the money lent. It is paid over and above the principal amount borrowed.
 

There are 2 types of rate of interests
 

  • Floating Rate of Interest – The rate moves up and down with an index, at Godrej Capital, all floating rate of interest loans are pegged to GHF PLR – Godrej Capital Prime Lending Rate. The rate varies over the repayment tenure of the loan.

  • Fixed Rate of Interest – The rate remains same for the entire repayment tenure of the loan.

Collateral is an asset (the plot) a financial institution accepts and keep as a security for a loan it extends till the loan is fully repaid. This helps the financial institution to cover its risks.

APF stands for Approved Project Funding.

 

Godrej Capital, identifies projects by certain developers and builders, and evaluates basis the properties’ legal and technical evaluation. If a project qualifies the necessary requirements, it’s included in the APF master of Godrej Capital.

 

The TAT(turn around time) for a loan disbursal, is lesser, where a project is already an APF and the loan processing is much simpler

Loan to Value (LTV) is the amount of loan divided by the total value of the property and is represented in %. Loan value of INR 75 lakhs for a property worth INR 1 Crore would mean 75% LTV.

Own Contribution or OCR is the same as down payment. It is the difference between the loan amount Godrej Capital (or any financial institution) will provide and the total value of the property.

 

At Godrej Capital, we make OCR a breeze with Easy Down payment options we call Parallel Funding, where a borrower doesn’t get burdened and pays the down payment in parts on pro-rata basis. This enables the borrower to buy his/her dream home sooner than he/she normally would.

 

OCR and down payment are also referred to as ‘Margin’ money.

The documents relating to transfer, sale, lease or any other form of disposal of an immovable property. Registration is compulsory by law for all properties under Section 17 of the Indian Registrations Act, 1908. Once a property has been registered lawfully, it means that the person in whose favour the property has been registered, is the lawful owner of the premises and is fully responsible for it in all respects.

Disbursement means paying out the loan amount to the borrower or the builder from which the borrower has bought the home. The disbursement can be either in full or in tranches depending on the type of home financed (tranches are common for under construction properties) and the terms agreed between the financial institution and the borrower.

Schedule of charges is the list of charges and corresponding amount levied by a financial institution over the duration of the loan, if applicable. For Godrej Capital, refer to the schedule of charges here.

Statement of Account for a loan details out all the transactions completed in a particular loan account date by date. It also shows the outstanding balance due, the interest rate charged on that outstanding balance and any fees/charges incurred.

Most Important Terms and Conditions details out the Loan details, repayment schedule, schedule of charges and any other relevant details of a loan account which a borrower must know.

A repayment schedule is a table of detailed loan payments for every period, showing the amount of principal and the interest that comprise each payment until the loan is fully paid off.

An Interest Certificate is a legal document issued by the lender which details out the bifurcation of the Principal and Interest Amount paid towards a home loan account in a particular financial year. The same is used for taxation purposes.

The NOC, or No Objection Certificate, is a legal document that states that you have paid all the EMIs and cleared all other outstanding loan dues and is issued by the company post the closure of the loan account

Bounce charges are incurred if the EMI is not paid by the borrower on the due date.

Late Payment charges, also referred to as ‘Penal charges’ are the charges incurred on the late payment of the outstanding dues in case of EMI bounce, by the borrower.

Swap charges are incurred by the borrower for changing the repayment instrument or change in the bank account for NACH Mandates.

Recovery charges are levied by the Company for any expenses incurred on collection of overdue from the borrowers

Foreclosure or prepayment charges are the charges a borrower incurs for closing the loan ahead of its full loan term. In case of Individual loans with floating rates, there are no foreclosure or prepayment charges. For Individual loans with fixed rates, there are no foreclosure or prepayment charges if the payment is through own source of funds. However, if the loan is closed through other financier, then charges will be applicable as per the Schedule of Charges by the lender.
 

For all Non-Individual loans, foreclosure, prepayment charges are as per the Schedule of Charges shared by the lender.

No, it is not mandatory to obtain Insurance. However, Insurance is a voluntary risk mitigation device that helps customers in multiple ways, such as securing the asset, helping in paying off the loan liability in an unlikely event.

The insurance contract is between the Insurer and the customers. The company plays a limited role in facilitating the insurance contract between customers and Insurers. It will be the Insurer's responsibility to provide details and benefits to the customers.

Loan-linked Insurance covers a large amount of the loan liability. In any unforeseen circumstances like death, disability, hospitalization, and diagnosis of critical ailments, the Insurer can repay the loan liability through Insurance.

Credit-Life Insurance provides death cover for natural, accidental, and unnatural cause deaths. It also includes coverage for death due to Covid-19 and can be extended to co-borrowers. Customers can also avail the benefit of Section 80-C Income Tax deduction

Survival-Benefit Plan is for critical illness insurance and provides additional cover for medical emergencies like heart attack, stroke, or cancer. Because these emergencies or illnesses often incur greater than average medical costs, these policies pay out cash to help cover those overruns where traditional health insurance may fall short. These policies come at a relatively low cost. However, the instances that they will cover are generally limited to a few illnesses or emergencies.

Health insurance aims to provide a defence against the hardship caused due to lack of income because of (a) Disease, (b) Accident, (c) Surgery and (d) hospitalization.

Property Insurance secures the property for which the loan has been availed; ensures the security of valuables within the house. It is applicable for entirely constructed property wherein the customer has possession of the property. The Claim amount is the reinstatement value of the property.


Loan for purchase of new or existing commercial property as well as construction, extension or improvement of commercial property.

Salaried and Self employed (professional and non -professionals) NRI not to be funded.

You can avail a commercial purchase loan for a maximum of 25 years or the age of retirement whichever is earlier.

Click here to know the documents required for Commercial Property Loan. For applicable fees and charges, refer to Schedule of Charges