ING | Home Loan

About the Product

Eligibility

Fees

Rate of Interest

Security for the Loan

Supporting Documents

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FAQ

FAQs:

	For what purpose can a customer avail a home loan?
	For what purpose can a customer avail a Home Equity Loan?
	Should I apply only after identifying the property of my choice?
	Can I avail loan for alteration of property or construction thereon?
	Can I avail the loan along with my spouse / parents / siblings to enhance my loan eligibility?
	How do I repay the loan?
	When does my EMI fall due?
	Can I make partial prepayments?
	If I opt for PDCs as mode of repayment, should I furnish PDCs for the entire repayment period upfront?

Q: For what purpose can a customer avail a home loan?

	Self-construction.
	Extension / Alteration / Upgradation of an existing property.
	Purchase of a Resale House/Flat.
	Purchase of a Used House/Flat.
	Composite Loan (Purchase of a Site + Construction).
	Balance Transfer from other Banks/Fin. Institutions with Top Up Loan.

Q: Can branches process and sanction the Home Loans?

A: Home Equity loan can be taken for personal or business use. The proceeds of the loan should not be used for any illegal activity or speculation.

Q: Should I apply only after identifying the property of my choice?

A: Application can be made even before the property is finalized or identified.
In-principle approval can be given based on your income and capacity to repay. This makes the entire process of identifying and buying a house easier and more flexible. This in-principle approval is valid for 3 months making it convenient to choose a flat/house of your choice. However the Bank has a right to alter/modify the terms of the sanction.

Q: Can I avail loan for alteration of property or construction thereon?

A: Yes. In such cases loan is released in tranches.

Q: Can I avail the loan along with my spouse / parents / siblings to enhance my loan eligibility?

A: Yes. Immediate family members can join as co-applicants and their incomes can be added to enhance the loan eligibility.

Q: How do I repay the loan?

	Repayment Period Min - 60 months and Max. - 240 months including the repayment holiday of a maximum 12 months in case of self construction / composite loans.
	Repayment will be in EMIs (Equated Monthly Installments) will begin on completion of the house or 12 months from the disbursement of the first tranche of the loan, whichever is earlier. Pre-EMI interest shall be paid by the borrower during construction period till the commencement of first EMI.
	Mode of Repayment will be through.
	PDC (post dated cheques).
	SI (standing instructions) on a Savings/Current account. ECS (Electronic Clearance Scheme)

Q: When does my EMI fall due?

A: It depends on whether your case is of self construction or a purchase. The same is illustrated with sample cases in the table below.
In the event of part disbursals in stages particularly for properties under construction, the borrower shall pay Pre-EMI interest on the quantum of loan already disbursed from the date of disbursal till the time of completion of construction or expiry of repayment holiday whichever occurs first.

Date of Disbursement	Date of Commencement of EMI	Due Date of 1st EMI	Pre-EMI Period	Pre-EMI Days
One-shot Disbursement
3rd April 2006	8th April 2006	8th May 2006	3rd Apr to 7th Apr	5
11th April 2006	8th May 2006	8th June 2006	11th Apr to 7th May	27

Multiple Disbursements

Date of 1st Disbursement	Progress	Due Date of 1st EMI	Pre-EMI Period	Pre-EMI Days
3rd April 2006	Date of expiry of moratorium 3rd March 2007 Date of Completion of Constr 21st Dec 2006 Date of Possession 6th Jan 2007	21st Jan 2006	3rd April to 21st Dec 2006	262

Q: Can I make partial prepayments?

A: Partial prepayments are allowed after 6 months of full and final disbursement

Q: If I opt for PDCs as mode of repayment, should I furnish PDCs for the entire repayment period upfront?

A: For Pre-EMI cases (Resident Indian & NRI)
18 blank PDCs towards Pre-EMI + 1 Security cheque for full loan amount
For EMI cases (Resident Indian & NRI)
1 Pre-EMI PDC for immediate due date + 18 PDCs towards EMI Amount + 1 Security Cheque for full loan amount

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