In your quest of the perfect home loan, We ensures that you get the best deal, in terms of interest rate and other facilities also, in the most convenient way. With our varied offering of house loans and home finance, we give you an opportunity to select the perfect home loan as per your needs. You can choose from:
- Adjustable Rate Home Loan
- Fixed Rate Home Loan
- Combination of the above two
Step Up Repayment Facility (SURF)
SURF is a variant to enhance the eligibility of a young professionally qualified home loan customer with out increasing monthly outflow as EMI. The structuring consider a notional percentage increase in income & offers options of graded increase in EMI over the tenure of the loan contracted.
The tenure is divided in three parts:
- Primary being lowest EMI
- Secondary
- Tertiary being highest EMI
The following are the features of SURF:
- Higher eligibility of loan amount with lower EMI
- Graded increase in EMI considering future increase in Income
- Suited for young professionals.
SURF can be availed by Resident Indian whether Salaried or Self-Employed Professionals.
Flexible Installment Plan (FLIP)
FLIP is a variant for structuring enhanced eligibility of home loan applicants with varying tenure of income source. This repayment facility is given when income is going to reduce after certain time during the loan tenure due to one of the borrowers retiring before loan maturity. The EMI payable becomes affordable based on individual income source and also matching the family cash flow. This variant is offered typically to family members joining as applicants like husband & wife or father & son with varying tenure of service Period / Age norm.
FLIP has the following features:
- FLIP considers income of two applicants and offers step down repayment facility
- One of the applicants should have service period till the end of the tenure of the loan
- FLIP would have two different EMIs during the tenure of the loan
- Normally the first EMI would be based on the combined income
- The second EMI would be smaller & based on the lower income with longer tenure of the applicant
FLIP can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian who is Salaried.
Part Fixed, Part Floating
A product that offers the dual benefit of fixed rate loans as well as floating rate loans. With this product, a customer can book part of his loan under a fixed rate plan and the other part under a floating rate plan. Thus, he can minimize the impact of any adverse changes in the interest rate regimes and at the same time, avail of any benefits that may come by way of favorable changes.
Part Fixed, Part Floating can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian who is Salaried.
SmartFix Home Loans
3 years fixed and floating rate thereafter. A product that offers the safety of fixed rates plus the advantages of floating rates. The Smart Fix enables the customer to lock at fixed rate of interest today with the contract to move to a floating rate on a subsequent date. For the first 3 years you get a fixed interest rate. From the fourth year, your loan gets switched to the prevailing floating interest rate. Thus, a customer gets an opportunity to observe the interest rate movement over a period of time and expects to benefit in the bargain Smart Fix can be availed by Resident Indian whether Salaried or Self-Employed. |
