GRUH Shubh Lakshmi is a special loan product offered for Purchase / Construction of dwelling units in rural areas wherein the property is either singly or jointly owned by women. Loans of uptoRs. 15 lac wherein the property cost is Rs. 25 lac or less are eligible under GRUH Shubh Lakshmi.
Under GRUH Shubh Lakshmi, the Rate for the first three years is fixed rate option. The rate after three years shifts to the regular rate of interest linkedto the Credit Score applicable to the customer.
The maximum tenure of the loan under GRUH Shubh Lakshmi is 30 years.
EXPLANATION OF ANNUAL / MONTHLY / DAILY AMORTISATION
Reduction from PrincipalThe principal component of the EMI would be reduced from the loan amount only at the time of prepayment or on March 31 each year. Thus customer continues to pay interest on the opening principal as on April 1 each yearThe principal component of the EMI would be reduced from the loan amount each month and the interest for the next month would be calculated on the reduced principal. Thus, the customer gets the benefit in principal payment every month.Interest is calculated only upto the date of payment and any excess payment received is adjusted towards principal. Thus customer gets benefit of amortisation on each date of payment
Impact of Rate RevisionEffective from month following the month when rate revision is effectedEffective from month following the month when rate revision is effectedEffective from the same day when rate revision is effected
Calculation of ODIODI is applicable if any payment is not received by due date.ODI is applicable if any payment is not received by due date. No waiver in ODI is possibleODI is applicable if any payment is not received by due date. No waiver in ODI is possible
Prepayment calculationEffect of prepayment is given from month following the month in which prepayment is received5 days grace is provided for prepayment benefit in each month. Hence if prepayment is made by 5th of the month then benefit of prepayment is given from same month else full EMI is payable for the current month and prepayment impact is given from next monthBenefit of prepayment is given from immediate next date of prepayment irrespective of which date the prepayment is made