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What is the
repayment tenure? |
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Home
Equity Loans - Maximum loan tenure of 15 years.
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Office
premise loan - Maximum loan tenure of 15 years.
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Home
loan - Maximum loan tenure of 30 years.
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- All loan repayments
are done via equated monthly instalments (EMI).
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- An EMI refers to an
equated monthly instalment. It is a fixed amount which
you pay every month towards your loan. It comprises
of both, principal repayment and interest payment.
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When does the
repayment start? |
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- EMI payments start
from the month following the month in which the full
disbursement has been made.
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The
EMI is to be paid every month through post-dated cheques
(PDCs) or Electronic Clearing System (ECS)*. If you
are opting for PDCs, then you will have to provide
36 PDCs upfront. The PDCs are to be dated on the 1st
of every month. However, if you receive your salary
a few days later, no problem. We provide the flexibility
of dating the cheques for the 7th of the month.
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- In the case of a bounced
cheque or delayed payment, charges and outstanding dues
will be charged as per the prevailing company policy.
You can replace old PDCs with new ones within 5 - 7
working days.
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What is pre-EMI
interest? |
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In the
case of part disbursement of the loan, monthly interest
is payable only on the disbursed amount. This interest
is called pre-EMI interest (PEMI) and is payable monthly
till the final disbursement is made, after which the
EMIs would commence.
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