GRUH Suraksha is a Home Loan product offered to Individuals who are having formal income proof such as Salary Slip with PF deduction or IT returns filed regularly for two years or more and where the loan is to be appraised based on the above formal income sources only
GRUH Suraksha is offered for Purchase / Construction / Extension of dwelling unit for a maximum tenure upto 30 years.
Loan under GRUH Suraksha is offered upto 75% / 80% / 90% of the cost of property depending on the norms laid down by NHB and subject to eligibility of the customer.
Property cost is the cost of land as well as construction thereon. Stamp duty charges, registration charges or other one time payable charges are not included while computing Property cost.
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