GRUH SHUBH-LABH
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Welcome to GRUH - A Company with a highly
respected parentage and its own excellent track record.
GRUH Finance Limited is a housing finance company incorporated
in July 1986 under the Companies Act,1956.GRUH has
been promoted by HDFC and the Ago Khan Fund for Economic
Development (AKFED).
GRUH has been recognised by National Housing Bank(NHB)as
an eligible housing finance company for refinance facility.
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| What is Gruh Shubh-Labh Loan? |
| It is a loan offered to traders and self-employed individuals for building shops. |
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| Am I eligible for an Gruh Shubh-Labh ? |
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| Yes,if you are a professional, businessman
or a corporate body in business for a period not less
than 3 years. Minimum average net profit for the last
3 years should be Rs.40,000/- and minimum average net
cash accurals of Rs.60,000/-. |
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| What is the loan amount available? |
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| Based on your repayment capacity and subject
to GRUH's norms and policies, you can get a loan upto
maximum of 85% of the property cost. The maximum loan
amount available under this scheme is Rs.25 lacs. |
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| How will GRUH decide the loan
amount? |
| GRUH takes into account factors like applicant's/co-applicant's
income,age,stability of income, savings,assets and liabilities
etc. while determining the repayment capacity and there
by loan amount. |
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| What is the rate of interest? |
| The rate of interest applicable is as per
the enclosed chart. The interest is calculated on annual
rests.Hence the payments towards principal made each
month are credited at the end of the year. |
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| What would be the fee charged? |
A one time non refundable fee is payable
at the time of the opening of the file. The fee payable
would vary based on the tenure of the loan applied for.
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| What is the security required? |
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The loan would be secured by creating first
mortgage on the property financed in favour by way of
deposit of title deeds. Besides this, the loan would
be secure by one or more personal guarantees as applicable.
Additional securities as acceptable to GRUH may also
be required.
It would be the applicant's responsibility to ensure
that the title to the property Is absolutely clear and
marketable and free from any encumbrances. For this
purpose, Title Clearance Certificate (TCC) from an advocate
would have to be submitted to GRUH.
The Property being financed would have to be insured
for an amount not less than cost of the property and
for a minimum period equivalent to the tenure of the
loan and the policy would have to be assigned in GRUH
favour. |
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| What is the period in which
I can repay the loan |
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| The maximum repayment period of the loan
shall be 15 years. The loan term would normally not be
extended beyond the retirement age if the applicant is
employed or 65 years of age if self-employed. |
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| How do I repay the loan? |
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The repayment of the loan would be commence
from the first month after the loan is fully disbursed.
This repayment would be by way of Equated Monthly Installments
(EMIs) comprising of principal and interest.
Pre EMI interest would be payable during the period after
you take your first disbursement and before commencement
of your EMI. Pre EMI interest would be charged at the
same rate which EMI is calculated and would be payable
every month on the amount of loan disbursed.
Repayment of the loan can be made by cash /cheques/demand
draft's at and GRUH's retail offices. GRUH also accepts
post dated cheques for repayment. Repayment can also
be made at Collection Centers approved by GRUH.
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| Can the loan be paid ahead
of schedule? |
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| Yes, the loan can be paid ahead of schedule,
but the prepayment would attract early redemption charges
as applicable from time to time. |
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| How will the loan be disbursed? |
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After processing the loan application, the
loan would first be sanctioned in principle. The disbursement
would be made on fulfillment of our legal and technical
requirements.
The loan would be disbursed either in full or in installments
based on the progress of construction. Prior to disbursement,
the applicant would have first put in his own contribution
in full (contribution being the estimated cost, less
the loan sanctioned by GRUH). |
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| Is a lot paperwork involved? |
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| Yes, but just sufficient to protect your
interests. |
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| Other Terms and Conditions |
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It would be GRUH's endeavor to ensure that
rate of interest remains the same throughout the loan
term. However, GRUH reserves the right to alter the rate
of interest considering the changes In the money market
or taxes made applicable by Government in future.
All disputes are subject to jurisdiction of courts/ tribunals
in Ahmedabad only. Jurisdiction of all other courts and
tribunals Is excluded.
GRUH reserves the right to alter the above norms and
policies from time to time.
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| How to apply? |
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All you have to do Is just call or visit us
at the nearest GRUH Retail
Outlet,we and we'll do the rest.
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