HOUSING LOANS DEPOSIT PLANS
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It is a loan offered to salaried individuals and professionals based on formal income proof for construction or purchase of dwelling units in villages, towns and cities for a maximum tenure of upto 25 years.
Loan is offered upto maximum 75% / 80% / 85% of the property cost, linked to loan amount as per NHB guidelines. Property costs include cost of land and construction, registration and other one time acquisition costs.
GRUH Suraksha is offered under various options of amortization viz. Daily, Monthly and Annual and under various options of computation of interest viz. Variable, Semi Fixed and Fixed.
EXPLANATION OF ANNUAL / MONTHLY / DAILY AMORTISATION
|Activity||Annual Reducing Method||Monthly Reducing Method||Daily Reducing Method|
|Reduction from Principal||The principal component of the EMI would be reduced from the loan amount only at the time of prepayment or on March 31 each year. Thus customer continues to pay interest on the opening principal as on April 1 each year||The principal component of the EMI would be reduced from the loan amount each month and the interest for the next month would be calculated on the reduced principal. Thus, the customer gets the benefit in principal payment every month.||Interest is calculated only upto the date of payment and any excess payment received is adjusted towards principal. Thus customer gets benefit of amortisation on each date of payment|
|Impact of Rate Revision||Effective from month following the month when rate revision is effected||Effective from month following the month when rate revision is effected||Effective from the same day when rate revision is effected|
|Calculation of ODI||ODI is applicable if any payment is not received by due date.||ODI is applicable if any payment is not received by due date. No waiver in ODI is possible||ODI is applicable if any payment is not received by due date. No waiver in ODI is possible|
|Prepayment calculation||Effect of prepayment is given from month following the month in which prepayment is received||5 days grace is provided for prepayment benefit in each month. Hence if prepayment is made by 5th of the month then benefit of prepayment is given from same month else full EMI is payable for the current month and prepayment impact is given from next month||Benefit of prepayment is given from immediate next date of prepayment irrespective of which date the prepayment is made|