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Home Equity Loan |
About the Product:
A home is more than just a house. It is the sum total of your dreams, aspirations and the love that binds your family. Sometimes, there are situations that demand finance on a large scale – like when your children get married, go abroad for higher studies, when you need to provide medical care to your aged parents, fulfill any business need or any other exigency.
At these times, you decide to leverage your house as equity for raising a loan. We understand your need to support your family and look towards their well-being.
Keeping in mind, your needs, your concerns and worries, we have come up with a Home Equity Loan which is a hassle-free and low cost solution that makes finance available to you against your free, unencumbered residential property.
Home Equity Loan can be utilized to close down your high cost borrowings and safeguard your dignity.
Unique Features
1. Attractive Interest rates.
2. Floating Rate loans linked to ING Vysya Bank HPLR - Home Loan Prime Lending rate.
3. EMI on a daily reducing balance method.
4. Nil penalty on partial pre-payments.
Eligibility:
Resident Indian citizens can apply in their individual capacity: -
Salaried employees aged 23 and above on application; and aged 58 or retirement age, whichever is sooner, at loan maturity.
Self-employed professionals and businessmen above 25 years of age; and aged below 65 years, at loan maturity.
Min. Net Monthly Income: Rs.10,000/= per month
Min Loan Amount of Rs. 5 Lacs and Max Loan Amount Rs. 50 Lacs
Properties and Extent of Finance:
Bank will finance upto 50% of the cost / value.
Alloted by Government.
Approved by Government (initially developed and sold by Registered House Building Cooperative Society or Private Developer of repute).
Government Bodies include Urban Development Authority / Corporation / DTPA (District Town Planning Authority)
Fees:
| Processing Fee |
2 % of the loan amount applied for and will be collected at the time of application. |
| Prepayment Charge |
2% of amount prepaid. |
| Foreclosure Charge |
2% of the outstanding balance. |
Rate of Interest:
Home Loans rate of interest is linked to ING Vysya Bank HPLR - Home Loan Prime Lending Rate. The HPLR is effective from 1st October 2006 and is subject to variation from time to time at the sole discretion of the bank. HPLR would be reviewed on a semi annual basis i.e on September 25th and March 25th or earlier if necessary, depending upon the market.
Security for the Loan:
Mortgage of property by deposit of title deeds.
Guarantor wherever applicable.
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