GRUH SAHYOG |
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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 leading housing finance company incorporated in July, 1986 under the Companies Act, 1956.
GRUH is a subsidiary of HDFC.
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 Sahyog? |
It is a loan offered to individuals, professionals and self employed persons for meeting personal needs like marriage, higher education, travel expenses and hospitalization. These loans are given against a mortgage.
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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 upto a maximum of 85% of the property cost including the cost of the land, registration and other acquisition charges.
GRUH lends upto a maximum of Rs.3 lac to an individual.
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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 thereby the loan amount.
Deduction of loan installment at source from the applicant’s income is considered an important factor in sanctioning of the loan.
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| What is the rate of interest? |
| The indicative rate of interest applicable depends on the individual credit score and is as per the enclosed chart. The interest is calculated on monthly 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 GRUH’s favour by way of deposit of title deeds. Besides this, the loan would be secured 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, a 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 the 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’s favour.
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| What is the period in which I can repay the loan |
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| You can repay the loan over a maximum period of 5 years. |
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| How do I repay the loan? |
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The repayment of the loan would commence from
the month following the month in which you take
the full disbursement.The repayment of the loan
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/cheque/demand draft at any of GRUH’s retail offices.
GRUH
also accepts post dated cheques for
repayment. Repayment can also be made at
Collection Centres approved by
GRUH. |
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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. |
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| When can I apply for a loan? |
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| You can apply for a loan anytime after you have incurred the expenses. |
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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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| 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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| Other Terms and Conditions: |
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It would be GRUH’s endeavor to ensure that the 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 the government in the 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 as necessary 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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