| Source
of repayment |
|
Under the RBI regulations, the repayment
of the housing loan by NRIs can only be made by remittances
from abroad or from balances in the NRE/NRO account.
|
| |
| Mode
of repayment |
| Before availing full disbursement
of loan |
|
Where you have availed only a part
of the loan, you would be required to pay us only
the interest on the amount disbursed till the full
loan is availed. This payment would have to be made
every month-end. This payment would have to be made
by you by post-dated cheques.
|
| |
| After availing full disbursement
of loan |
|
After you avail full disbursement,
you can have the convenience of setting up a standing
instruction in your bank account with us, for monthly
repayments of your home loan installments. For this,
you need to execute a Direct Debit Mandate in our
favour and also give us four post-dated cheques from
the account. For the format of the direct debit mandate,
please click here.
|
| |
| Pre-payment |
|
You can make part-prepayments during
the tenure of the loan, without our levying any fee
for this. We would reduce the outstanding balance
of your loan to the extent of the pre-payment made
by you. The interest on your loan would therefore
be calculated only on the balance loan outstanding.
This would help you in either reducing the tenure
of the loan or reducing the monthly installment that
you would be paying.
In case you desire to fully close
the loan before its stipulated maturity, we would
charge a fee of 2% of the outstanding loan. This would
include pre-payments made by you during the period
of 1 year immediately preceding the date of full repayment.
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| |