Processing Fee
0.5 % of the loan amount applied for, together with Service Tax will be
collected at the time of application, as is applicable at that point of time.
Cheque Bounce Charge, Grace Period & Delayed Payment Penalty
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If the cheque tendered by the customer for EMI/Pre-EMI is dishonored then a
flat penalty of Rs.250/= is applicable. However this will be applicable once
per installment and not per occurrence.
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No other charge will be levied for a further period of 7 days of Grace Period
as long as the EMI/Pre-EMI is cleared within that time.
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If payment is delayed beyond the Grace Period of 7 days from due date or actual
presentment (if presented after due date), penal interest @ 1.5% per month on
the amount of overdue EMI/(Pre-EMI) will be charged for the number of days the
payment gets delayed.
Partial Prepayment Charge:
- - Nil - -
Partial Prepayment Conditions:
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Partial Pre-payment not allowed upto the completion of 6 months' term.
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Over 6 months, partial prepayments are allowed subject to: - a. max. of 2 times
in a span of 12 months and b. min. of Rs..25000/= max. 90% of the outstanding
loan amount.
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Customers opting for fixed rate loans will not get the benefit of the
prepayment.
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In case of prepayment under the floating rate, the EMI would continue to remain
the same and only the tenor would change.
Total Loan Foreclosure Charge
-
1% of (the Outstanding Principal + Unscheduled principal prepayments during the
previous 12 months).
Security
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Mortgage of property by deposit of title deeds. Guarantor wherever applicable
Property Insurance Insurance is to be arranged for the total cost of the
building.
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