FAQs

  • What are the types of home loans available?
           There are a variety of home loans available.
 
    • Home Purchase Loan

                     This is the common loan for purchasing a home.

    • Home Improvement Loan

                     This loan is given for implementing repair works and renovations to your home

    • Home Construction Loan

                     This loan is available for the construction of a new home.

    • Home Extension Loan

                     This loan is given for expanding or extending an existing home. For example, addition of an extra room, etc.

    • Home Conversion Loan

                      Available for those who have financed the present home with a Home Loan and wish to purchase and                                  move to another home for which some additional funds are required. Through a Home Conversion Loan,                            the existing loan is transferred to the new home, including the additional amount required, eliminating                                the need for pre-payment of the previous loan.

    • Land Purchase Loan

                      Sanctioned for purchase of land, for both homes, construction or investment purposes.

    • Bridge Loan

                      The Bridge Loan is designed for people who wish to sell the existing home and purchase another. The                                  bridge loan helps finance the new home, until a buyer is found for the old home.

    • Balance transfer Loan

                      Balance Transfer loans help you pay off an existing home loan with a higher interest rate, and avail of a                                loan with a lower rate of interest.

    • Refinance Loan

                      This loan helps you pay off the debt you have incurred from private sources such as relatives and                                          friends, for the purchase of your present home.

    • Stamp Duty Loan

                      This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property.

    • Loans To NRIs

                      This loan is tailored for the requirements of NRIs wishing to build or buy a home in India

                 >   What is an EMI ?

                      There are a variety of home loans available. EMI (Equated Monthly Installment) is the amount payable                                  to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest                        as well as the principal.
 

                 >    How is an EMI calculated?

                      EMI Formula: l x r [(1+r)n /(1+r)n-1 ] x 1/12resident outside India are considered as capital account                                        transactions.

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