Avail a home for the purpose of purchasing a plot of land and constructing a house thereon, purchasing or constructing a new house or flat, purchasing an existing house or flat as well as for extending an existing house.
The loan amount can be between 1 lakh to 1 crore with LTV up to 90%.
The loan tenure would be a minimum of 3 years and maximum of 20 years.
Facility to foreclose the loan without any prepayment penalty or foreclosure charges.
Salaried individual with minimum 2 year's service with 6 months or more in the current job.
Self employed/businessmen should have been in the business/profession for a minimum period of 2 years .
The entry age of borrower/s shall be less than 55 years at the time of availing the loans.
Processing fees are applicable at the time of disbursement amounting to 1% of the sanctioned loan amount, subject to a minimum of 3,000 and maximum of 25,000 plus GST.
Statutory charges in the form of Stamp Duty/MOD/MOE will be payable on fixing of disbursement as per the rules of the respective State where the property is located.
Late payment charges will be added to the monthly interest at 2% per annum over and above the applicable interest rate on the overdue amount for the period of default.
The borrower also needs to pay legal and technical fees on an actual basis.
Cheque/ECS/ACH Bouncing charges will be 300 plus GST.
Can I avail benefit of reduced EMI in case the base rate of interest comes down anytime during the tenure of my loan?
Yes, you may avail the benefit of reduced interest rate on your home loan in case you opt for a floating rate loan and there is reduction in the base rate.
What are the collateral requirements in case of a secured loan?
More often than not, the house property, bought with the loan amount is the collateral or security until the loan is repaid in full.
Do I need to have the agreement of sale registered?
It is advisable to register the agreement of sale between the builder/ seller and the purchaser as it is mandatory as per the Indian Laws.
In how many installments will the home loan get disbursed?
Depending on your requirement of funds, the home loan may be disbursed in full or in installments. Disbursement will happen as per the discretion of Utkarsh Small Finance Bank.