HOUSING LOANS DEPOSIT PLANS
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How will GRUH decide the loan amount?
GRUH takes into account factors like applicant’s/co-applicant’s income, age, stability of income, savings, assets and liabilities etc, while determining the repayment capacity and thereby the loan amount.
What would be the fee charged?
A one time non refundable fee towards processing of the loan file would be charged. The processing fees is non-refundable. After the loan is sanctioned, you shall have to pay a one time fee being reimbursement of the expenses incurred in taking the legal Title clearance certificate from the panel advocate and property inspection.
In case of an existing property, you shall also have to reimburse the expenses towards the valuation report of the property.
What is the security required for the loan?
The loan would be secured by creating first mortgage on the property financed in GRUH’s favour by way of deposit of title deeds. Besides this, the loan would be secured by one or more personal guarantees as applicable. Additional securities as acceptable to GRUH may also be required.
It would be the applicant’s responsibility to ensure that the title to the property is absolutely clear and marketable and free from any encumbrances. For this purpose, a Title Clearance Certificate (TCC) from an advocate would have to be submitted to GRUH.
The Property being financed would have to be insured for an amount not less than the cost of the property and for a minimum period equivalent to the tenure of the loan and the policy would have to be assigned in GRUH’s favour.
What is the period in which I can repay my loan?
The maximum loan tenure is 30 years subject to the age limit for all loans except GRUH Sajavat wherein the maximum tenure is 15 years
How do I repay the loan?
The repayment of the loan would commence from the month following the month in which you take the full disbursement.The repayment of the loan would be by way of Equated Monthly Installments (EMIs) comprising of principal and interest.
Pre EMI interest would be payable during the period after you take your first disbursement and before commencement of your EMI. Pre EMI interest would be charged at the same rate at which EMI is calculated and would be payable every month on the amount of loan disbursed.
Repayment of the loan can be made by cheque/demand draft at any of GRUH’s retail offices. GRUH also accepts post dated cheques for repayment and offers ECS facility at select RBI approved centres. Repayment can also be made at Collection Centres approved by GRUH.
How will the loan be disbursed?
After processing the loan application, the loan would first be sanctioned in principle. The disbursement would be made on fulfillment of our legal and technical requirements.
The loan would be disbursed either in full or in installments based on the progress of construction. Prior to disbursement, the applicant would have first put in his own contribution in full (contribution being the estimated cost, less the loan sanctioned by GRUH).
Can I prepay the loan ahead of schedule?
Yes, the loan can be paid ahead of schedule, but the prepayment would attract early redemption charges as applicable from time to time.