HOUSING LOANS DEPOSIT PLANS
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- Annual Amortisation option
Under the annual amortization option, the principal component of the installment is adjusted against the loan only at the end of the financial year or at the time of a prepayment.
- Monthly Amortisation option
Under the monthly amortisation option, the principal component of the installments is adjusted at the end of every month and also at the time of a prepayment.
- Daily Amortisation option
Under the daily amortisation option, any payment received is adjusted towards interest upto the date of receipt and the balance is taken towards principal.
Rate of Interest Options
- Variable Rate interest loans
In variable rate loans, the rate of interest is linked to a benchmark rate (Prime Lending Rate) which is announced by GRUH from time to time depending on its cost of borrowing.
The rate of interest is levied on the loan at the time of the first disbursement at the benchmark rate applied with spread. Once disbursed, any variation in the benchmark rate shall have a corresponding and similar impact on the loan rate of interest.
- Semi Fixed Rate interest loans
In semi fixed rate loans, the rate of interest on the loan shall be fixed except in the event of any extraordinary movement in the money market wherein GRUH at its discretion may vary the loan rate of interest.
- Fixed Rate interest loans
In fixed rate loans, the rate of interest on the loan shall remain fixed during the entire tenure of the loan.
Special Loan Products
- Flexible Instalment Plan (FLIP)
A product to suit the needs of more than one earning member of the family having income earning age ending at different points of time. This facility is offered only for Fixed Rate loans.
- Pension FLIP
A product to include pension and salary income of Family members with the pensioner's income being considered maximum upto 65 years. This facility is offered only for Fixed Rate loans.
- Step Up Repayment Facility
Stepped up Equated Monthly Instalments (EMI) to match the expected future increase in income of the household. A perfect product for young upcoming professionals in job or business where the installments are kept low in the initial years. This facility is offered only in Fixed Rate loans.