Carpet Area : As its name suggests, Carpet Area is the area where we can spread a carpet, means area calculated from inner wall to wall distance inside the house. So essentially, Carpet area is nothing but the net usable area inside the house.
Built up Area : Built up area is Carpet Area + Area of walls and ducts+ 1/2 the Area of terrace. A terrace is considered as half the actual area for calculating built up area.
Super Built up Area : This is built up area + area occupied by common amenities like lifts, corridors, awnings, club house, stairs.
Repayment is the act of paying back money previously borrowed from a lender. Repayment usually takes the form of periodic payments that normally include part principal plus interest in each payment.
Finance for purchase: Ready built property/ flat (including apartments in low-cost buildings, residential units, etc).
Finance for construction: loans for construction on a plots which have been pre-acquired.
Finance for home extension: Loans to individuals for extension of an existing home unit, which can include construction of additional rooms, floors etc.
Finance for affordable housing: Especially under the Indian government’s credit linked subsidy scheme, Pradhan Mantri AwasYojna (PMAY).
Comprises of two variable components those are principal amount and interest rate.
EMI is calculated using the factors like interest rates, loan amount and the tenure of the repayment.
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Security of the loan would generally be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us.
It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges.
Finance for construction: Usually, loans are disbursed on the basis of the stage of construction of the property. So, in case of resale or ready possession properties, the disbursement is full and final. However, in case of under‐construction properties, the payment is made in parts, also known as part‐disbursement.
Where you have availed only a part of the loan, you would be required to pay us only the interest on the amount disbursed till the full loan is availed. This interest is called pre–EMI interest (PEMI) and is payable monthly till the final disbursement is made, after which the EMIs would commence.
Yes, Resident Indians are eligible for tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act. Please consult your tax advisor for details.
Fixed rate of interest on a loan would mean that the equated monthly installments or EMIs would remain constant over the tenure of the loan.
On the other hand for floating interest rates, the EMIs would fluctuate as per the market dynamics asinterest rate increases or decrease.