India Home
Loans - Frequently Asked Questions |
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Disbursement
and repayment
1. When do
you disburse the loan?
2. How do I repay the loan?
Prepayment
/ foreclosure
1. Can I foreclose the loan ahead
of schedule?
2. How can I partly prepay or foreclose
the loan?
3. If I
foreclose the loan ahead of schedule, how will you return
the original property documents to me?
Online
application
1. How does
the online home loan application facility help me?
2. How do I apply online?
3. Is the online application form
different from the downloaded or physical versions?
4. What happens after I submit the
loan application online?
5. Is the loan amount and eligibility
given in the submission letter the last word on the matter?
6. What happens if I lose the Internet
connection of if there’s a problem with my PC while I’m
filling in the online application?
7. What do I have to do after I get
the submission confirmation letter?
8. How do I track the progress of
the loan application online?
9. Can I obtain the status of all
home loan applications submitted at any branch / office
of Bank?
10. What stages in the loan application
process can I follow through the online tracker?
11. What do I do to find details
if have a problem accessing the site?
Other
details
1. Are the
costs / charges the same for online applications and physical
applications?
2. What are the fees payable?
3. What is the security for the loan?
4. What are the documents required?
5. What’s the difference between
floating and fixed interest rates?
6. Who is an Non-Resident Indian
(NRI)?
7. Who is a Person of Indian Origin
(PIO)?
8. Do I need to give a residential
address in India?
9. Do I need to give permanent residential
details in India?
10. Do you need employer / business
details?
11. What is a Power of Attorney (POA)?
12. Who is a guarantor?
13. Do I need to give references?
14. Do I need to give details of
the property to be purchased?
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1.
When can I apply for the loan? |
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You
can apply for an India Home Loan even before you have selected
your property.I Bank will sanction a loan amount, based
on your repayment capacity. |
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2.
What are the types of loan product available? |
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Bank
offers loans for a variety of purposes and for varying tenures. |
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Residential Property |
| Purpose
of loan |
You
can take loans for purchase, construction, extension
or renovation of a new house or flat. |
| Tenure
of loan |
#Salaried
: Upto 15 yrs
Self-employed : Upto 10 yrs |
| Maximum
loan eligibility |
85%
of the total cost of the property |
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Plot of land |
| Purpose
of loan |
You
can take loans for purchase of a plot of land for
residential use. This plot must be located within
municipal limits. Has to be non agricultural / non
farm land. |
| Tenure
of loan |
#Salaried
: Upto 15 yrs
Self-employed : Upto 10 yrs |
| Maximum
loan eligibility |
75%
of the total cost of the property
subject to the maximum of INR 50 lakh |
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Against Existing
Residential Property |
| Purpose
of loan |
You
can take loans by mortgaging an existing residential
property for Education, Business, Marriage, Purchase
/Improvement of Property, Medical treatment and
other uses. |
| Tenure
of loan |
#Salaried
: Upto 15 yrs
Self-employed : Upto 10 yrs |
| Maximum
loan eligibility |
60%
of the total cost of the property |
# For GCC:
Tenor between 11-15 years, minimum qualification to be
Post Graduate/ Professional Qualification.# For USA and
Other Countries: Tenor between 11-15 years, minimum qualification
to be Diploma/ Graduate with minimum 3 years of employment
abroad and Professional Qualification with 1 year of employment
abroad.
*Please Note:- The maximum loan that
can be given is INR 1 crore.The minimum loan that can
be given is INR 5 lakh.
Minimum
loan amount for loan against property is 10 lakhs.
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3.
What loan amount am I eligible for? |
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You
can get a home loan ranging from a minimum of Rs 5 lakh
to a maximum of Rs 1 crore, based on your repayment capacity
and the cost of the property. You will be eligible for a
maximum of 85% of the cost of the property or the cost of
construction as applicable and 75% of the cost of land in
case of purchase of land. To determine your repayment capacity,
we take into account factors such as:
· Age
· Income
· Qualifications
· Number of dependants
· Assets
· Liabilities
· Stability / continuity of your employment / business
· Income of co-applicant/s |
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4.
Who is a co-applicant? Is a co-applicant mandatory
for a loan? |
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A
co-application is the co-borrower of the loan. A co-applicant
is mandatory if you want to apply to our India Home Loan. |
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5. Who
can be a co-applicant for the loan? |
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You
can include your spouse as a co-applicant; we will include
his / her income to enhance your loan amount. Further, if
there are any other co-owners, they too will need to be
co-applicants. We’ll need a personal guarantee from you
if there’s no co-applicant. |
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6. What
are the different tenures you offer on your loans? |
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You
can select a term of up to 15 years. However, you cannot
opt for a term that extends beyond your attaining retirement
age or 60 years of age (whichever is earlier).
For GCC: Tenure between 11-15 years. Minimum qualification:
post-graduate / professional qualification.
For USA and other countries: Tenure
between 11-15 years. Minimum qualification: Diploma / Graduate
(should have been employed abroad for a minimum period of
three years) or Professional (should have been employed
abroad for at least one year).
For tenor between 11 to 15 years for GCC: 96,000 Dhms p.a.
or its equivalent if the applicant is Post Graduate. 72,000
Dhms p.a or its equivalent if the applicant has professional
degree.
For tenor between 11 to 15 years for USA and all other countries:
42,000 USD p.a. or its equivalent. |
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Disbursement
and repayment |
1. When
do you disburse the loan? |
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Your
loan will be disbursed after you have selected a property;
submitted all the necessary legal documents; the property
is technically and legally cleared; and you have paid your
own contribution toward the purchase of the home. The cheque
for the loan amount is drawn in favour of the builder or
seller as the case may be. In the case of an under-construction
property, Bank disburses loan amounts appropriate to the
state of construction. |
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2. How
do I repay the loan? |
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Repayment
is done in equated monthly instalments (EMIs), and includes
interest and principal amount calculated on monthly rests.
You can pay EMIs by issuing post-dated cheques from your
NRE / NRO account, or any other account approved by the
Reserve Bank of India (RBI). In the case of part-disbursement
of the loan, the monthly interest is payable only on the
disbursed amount. This is called pre-EMI interest, and is
payable monthly till the final disbursement is made, after
which EMIs will commence. |
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1.
Can I foreclose the loan ahead of schedule? |
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Yes,
you can foreclose the loan before its original tenure expires.
You will be charged 2% on the outstanding amount and whatever
has been pre-paid in the last 12 months. |
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2. How
can I partly prepay or foreclose the loan? |
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You
will have to send a cheque in Indian rupees favouring Bank
Name to your Power of Attorney (POA) holder, along with
a covering letter clearly mentioning your application number
or LAN number. Your POA holder will have to submit them
to any HFC branch in India. Action will then be taken, and
a re-schedulement / foreclosure letter sent to your mailing
address as mentioned in our records. |
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3. If
I foreclose the loan, how will you return the original
property documents to me? |
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Your
POA holder can come and collect the original documents personally
from our office. They will be handed over after he / she
provides proof of identity. |
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1. How
does the online home loan application facility help
me? |
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You
can submit your application form and other details online.
In addition, you’ll also get to know the details of the
loan, including the amount you’re eligible for, tenure and
interest rate. You can also track the status of the loan
application submitted online. |
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2. How
do I apply online? |
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The
steps involved in the online application process are:
· Click on Apply Now / Apply Online option given on our
web site
· Fill in personal and loan details on the form that appears
· You have the option of either downloading the form and
filling it by hand or doing it online and then taking a
print-out of the completed form
· In either case, you have to sign the application form,
attach the relevant income and personal documents and send
the entire set to Bank mailing address
· Please note that the accuracy of the loan details (amount
eligibility, amount, tenure etc) you get after you submit
the online application will depend on how correctly you’ve
filled in the required information
· The information you’ve submitted online will need to be
supported by valid documents at the time of submission to
actually avail of the loan |
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3. Is
the online application form different from the downloaded
or physical versions? |
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The
online and physical application forms are exactly the same,
and ask for the same information. The difference is in the
way details are filled in.
· In the physical form, you fill in the details by hand
· The online application form is divided in two parts:
- The data input
form: This is the form that accepts application data online
- The printable
form: This is similar to the downloadable loan application
form, the difference being that you can input details
in it and take a print-out. All you need to do then
is sign on the relevant parts of the form
The data input form, as mentioned above, looks different
from the downloadable / physical form only while inputting
data online. All the contents are the same as that of the
physical / downloadable form. |
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4. What
happens after I submit the loan application online? |
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Once
the completed form is submitted online, an online submission
confirmation letter is displayed on the screen instantaneously.
This letter contains:
· Application Number: This number
is valid throughout the loan application and disbursement
process. All online application numbers start with 999
· Eligibility: Your loan eligibility
based on the details on the form
· Documentation Documents to be submitted
along with the physical form
· Charges: Administrative fees payable.
These vary according to the loan applied for and the eligibility
norms
· Next Steps: This includes the address
to where the documents need to be sent |
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5. Is
the loan amount and eligibility given in the submission
letter the last word on the matter? |
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No.
The loan is sanctioned only when Bank receives and assesses
the actual physical loan application documents. The eligibility
mentioned in the submission letter is only indicative; the
final decision will be taken only when we actually get the
physical documents.
However, it does give you a good indication of what you’re
eligible for. In fact, the faster you send your documents,
the lower the chances of changes. |
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6. What
happens if I lose the Internet connection of if there’s
a problem with my PC while I’m filling in the online
application? |
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The
data that you have entered in the form will be lost. You’ll
have to fill in the details again. |
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7. What
do I have to do after I get the submission confirmation
letter? |
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You
have to complete the required documentation mentioned in
the letter and send it to the address that’s given there.
You also have to attach a copy of the submission confirmation
letter for reference. The loan application is processed
only after Bank gets the physical documents.
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8. How do I track the progress of the loan application
online? |
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9. Can
I obtain the status of all home loan applications
submitted at any branch / office of Bank? |
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No.
The online tracking facility is available only for applications
that are submitted online. You cannot see the status
of other applications |
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10. What stages in the loan application process
can I follow through the online tracker? |
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Depending
on the current status of your application, you can check
the following:
· Documents to be received: This means Bank hasn’t received
the physical loan application set
· Discrepant: This means we’ve received the loan
application set, but it’s either incomplete, or there’s
a discrepancy in the documents. The discrepancy is updated
against the status field for reference. You can get in touch
with us at info.genesis@in.com or through any of
number provided on the site for clarifications
· Received: This means we’ve received the loan application
set, it’s in order and the loan is being processed
· Approved: This means that the loan has been sanctioned.
Sanction details are given against this status field.
· Rejected: This means Bank is unable to offer you
a home loan.
· Expired: The tracker gives you an `expired’ message
if you check the application status six months after the
date of application. You’ll have to reapply to get a loan
from Bank
· Invalid: This means you haven’t entered the right
combination of loan application number, passport number
and date of birth in the tracker. You will have to enter
the correct data (in the proper format) to get the loan
status. |
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11. What
do I do to find details if have a problem accessing
the site? |
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You
can call us on our toll-free lines or email us at info@.com |
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| Other
details |
1. Are the costs / charges the same for online applications
and physical applications? |
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There
is no extra charge for online applications. You’ll only
have to pay the rates / charges applicable to general NRI
loans. |
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2. What
are the fees payable? |
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You'll
be charged a total fee of 1.1224% of the loan amount in
Indian rupees, payable at the time of submission of the
application form. This includes:
Processing / administrative fees: 1% of the loan
amount in Indian rupees (rs.).
Service tax: 12.24% of the processing / administrative
fees.
The payment should be made through a single cheque / draft,
in INR only. It should be dated in the DD/MM/YYYY format,
payable to Bank Name AF for HL - A/c of <name of customer>',
and given at the time of application. |
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3. What
is the security for the loan? |
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You’ll
need to provide security of the property and/or any other
additional collateral security as may be mutually agreed
upon. |
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4. What
are the documents required? |
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5. What’s
the difference between floating and fixed interest
rates? |
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Floating
Rates: Depending on the
movement of interest rates in the market, the interest rate
for the loan is reset at the beginning of every quarter,
i.e. January 1, April 1, July 1 and October 1. The rate
is reset with reference to the Home Loan Prime Lending Rate
prevailing on the dates of the respective resets. When the
rates are reset, customers have the option of either adjusting
their loan installment or the loan tenure, subject to the
overall restrictions on the loan tenure.
Fixed
Rates: The interest rate is fixed on the home loan for
the term of the loan |
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An
NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business
or vocation;
(b) under circumstances indicating an intention to stay
outside India for an uncertain
duration;
(c) any Indian citizen deputed outside India for a temporary
period in connection with employment. |
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A
citizen of a foreign country (other than a citizen of Bangladesh
or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/
her grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan)
of an Indian citizen or (a)
or (b) above. |
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8. Do
I need to give a residential address in India? |
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You
need to give the address in India where you / your immediate
family live, and where you may want to receive correspondence
on your India Home Loans. This is a mandatory requirement.
If your co-applicant (spouse, siblings, parent) has the
same residential address in India, you can select the option
‘Same as Applicant’ and the relevant fields will be filled
automatically, saving you the trouble of doing it all over
again!
Status / Domicile
of Co-Applicant |
Current Overseas
Residential Address |
Residential Details in India |
Permanent Residential
Details in India |
| NRI |
Same as Applican
/Different from
Applicant |
NA |
Same as Applicant
/Different from
Applicant |
| Resident |
NA |
Same as Applicant
/Different from
Applicant |
Same as Applicant
/Different from
Applicant |
| PIO |
Same as Applicant
/Different from
Applicant |
NA |
NA |
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9. Do
I need to give permanent residential details in India? |
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You
need to give the permanent address in India where you /
your immediate family live and where you may want to receive
correspondence related to your India Home Loans. This may
be the same as the residential address in India. Since we
need it to do a credit verification, it is a mandatory requirement.
If your co-applicant (spouse, siblings, parent) has the
same residential address in India, you can select the option
`Same as Applicant’ and the relevant fields will be filled
automatically, saving you the trouble of doing it all over
again!!
Status / Domicile
of Co-Applicant |
Current Overseas
Residential Address |
Residential Details in India |
Permanent Residential
Details in India |
| NRI |
Same as Applicant
/Different from
Applicant |
NA |
Same as Applicant
/Different from
Applicant |
| Resident |
NA |
Same as Applicant
/Different from
Applicant |
Same as Applicant
/Different from
Applicant |
| PIO |
Same as Applicant
/Different from
Applicant |
NA |
NA |
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10. Do
you need employer / business details? |
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We
need your employer or business details for credit verification
purposes. Even though this is not a mandatory requirement,
your home loan in India will be sanctioned faster if you
fill in these fields.
We also need your official email ID to write to you in case
we can’t get in touch with you through other means. You
have to give us your personal email ID and not company’s
generic email ID. So, the email ID should be yourname@company.com
(e.g. rinkee.rani@hotpropertiesgurgaon.com). |
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11. What
is a Power of Attorney (POA)? |
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A
power of attorney is a resident Indian appointed to act
on behalf of all the applicants through an execution of
the General Power of Attorney (GPA) deed. It is mandatory
for both the applicant and co-applicant execute the GPA
in favour of the person concerned. If the co-applicant is
a resident Indian, he / she can also be the POA through
the execution of the GPA by the applicant. |
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A
guarantor guarantees the loan you take. Only an NRI can
guarantee an India Home Loan taken by another NRI. It’s
mandatory to have either a co-applicant or an NRI guarantor. |
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13. Do
I need to give references? |
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References
help us get in touch with you when we are unable establish
contact with you overseas. It is mandatory to provide resident
Indian references while applying for India Home Loans. One
of the references has to be a resident Indian relative.
One of your references can also be your POA or resident
co-applicant. |
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14.Do
I need to give details of the property to be purchased? |
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Providing
details of proposed property purchase enhances your credibility
and expedites the loan sanction process. If you are planning
to buy a plot of land, we highly recommended that you tell
us the location of the plot of land. Providing the ownership
pattern of the proposed property also helps us expedite
your loan sanction. |
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