Frequently Asked Questions

Add an answer to this item.EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.

A Welcome Letter is sent by a financial institution once a customer is fully onboarded.
It consists of the most important terms and conditions, Repayment Schedule, Charge Schedule and other important loan details.

A Statement of Account (SOA) is a summary of a Loan account provided by the lender. It includes details of all the transactions, the outstanding balance due, rate of interest charged on the outstanding balance, and any fees/charges incurred. However, the outstanding balance as reflected in SOA may not be the amount which you have to pay to close the account. 

You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.

The Most Important Terms and Conditions (MITC) includes important details regarding a loan account such as the loan specifics, repayment schedule, charges, and any other pertinent information that a borrower needs to be aware of. This information can be accessed through both the institution's website and the customer portal.

A repayment schedule is a table that lists all the payments you need to make for a loan. It shows how much of each payment goes towards paying off the loan amount (the principal) and how much goes towards paying the interest. This schedule continues until the loan is fully repaid.

An Interest Certificate is a document issued by the lender which details out the bifurcation of the Principal and Interest Amount paid towards a Home Loan account in a particular financial year.

The NOC, or No Objection Certificate, is a document that states that you have paid all the EMIs and cleared all other outstanding loan dues and is issued by the company post the closure of the loan account.

You are required to submit the below-listed documents along with an application for loan foreclosure:
Proof of Identity: This can be verified using Officially Valid Documents (OVD) like your Aadhaar Card, Passport, Voters Identity Card, or Driving License.
Proof of last EMI payment: This can be shown using your recent bank statement reflecting the last EMI deduction.
Source of funds for closure: A bank statement of the last 30 days and a sanction letter from a financial institution will be required.
Loan documents
Details of your loan account

National Automated Clearing House (NACH) is a centralized structure created to make payments more accessible and cost-effective. It offers a fast and efficient clearing platform.

Bounce charges are incurred if the EMI is not paid by the borrower on the due date.

Foreclosure or prepayment charges are the charges a borrower incurs for partly paying/closing the loan ahead of its full loan term.

Maintaining a credit discipline and repaying your loans timely helps build up a strong credit score. The rate of interest offers for new loans may be improved with an upward movement of CIBIL score.