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What is the maximum loan amount that can be availed under GRUH Suvidha? |
Under GRUH Suvidha,a loan of approximately 32-38 times your monthly salary can be availed as loan,subject to a maximum limit of 80% of the cost of the property, for a maximum tenure upto 25 years or the age of 60 years, whichever is lower.
The minimum loan amount under the scheme is Rs. 2.00 lac. |
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How will GRUH decide the loan amount? |
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GRUH takes into account factors like the applicant's/co-applicant's income, age, stability of income, savings, credit cell reference,credit worthiness of the guarantor etc.while determining the repayment capacity and the loan amount.
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What is the rate of Interest?
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The current rate of interest applicable under GRUH Suvidha is as shown in the table. Interest is calculated on annual rests.The payments received are first adjusted towards the interest and thereafter against the principal amount of loan. The loans would be under Variable Rate linked to the GRUH PLR.
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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 in monthly installments.
The installment would be structured in such a
way that they would increase by a fixed amount
after every 12 months.This way, you would be
paying a very small amount in the beginning and
more in the later years when your repayment
capability would also have increased.
The monthly installment would be much less
than the normal monthly installment you would
have paid and this difference would be added to
your loan amount.Thus your loan amount would be
increasing in the earlier years and as your
installments increase, this trend would reverse
and finally your loan would be fully repaid by
the time your loan tenure is completed.
During the intervening period between the
time you take your first disbursement and the
final disbursement, you would be required to pay
only interest on the portion of the loan you
have availed. |
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What would be the fee charges?
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Each time the rate of interest on your loan
changes,a small administrative charge as
applicable from time to time, would be levied on
the balance amount of your loan.Besides, since
every year,your monthly installments would be
varying, a small administrative charge,as
applicable from time to time, would be levied to
take care of the processing required to make the
necessary changes in the system.
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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 by GRUH for which you would have to submit the original documents of your property to GRUH.
You
would also be required to bring in two solvent
guarantors. You would also have to take the insurance of your entire property for the tenure of the loan and also take single premium loan cover term life insurance policy.
It would be the applicant's responsibility to ensure that the property being financed is absolutely clear and marketable and free of any encumberances.
For this purpose, a Title Clearance Certificate(TCC)from an advocate would have to be submitted to
GRUH. Additional security as may be acceptable to GRUH may also be required. |
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How will the loan be disbursed ? |
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The loan would be disbursed subject to legal and technical clearance and would be made either in full or in installments based on the progress of construction. Prior to the disbursement, the applicant would have to put in his contribution in full (contribution being the estimated cost, less the loan sanctioned by GRUH).
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Can I prepay the Loan ahead of schedule? |
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Yes,you can prepay the loan ahead of schedule and avail/earn a prepayment discount.
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