Renovate, Repair, Refinance
Purpose
With the Flexi Loan, completing your house, carrying out small renovations and repairs, refinancing existing debt or else financing other minor project has never been easier. This hassle-free solution is here to give you peace of mind and in turn, help us retain our clients for a longer period.
Proposed Rate of Interest
The rates proposed for the new Housing Personal Loan are:
- 6.5% per annum for Salary deduction Authority (SDA)
- 7% Per annum for Bank Standing Orders (BSO)
Features
The main features of this new product are as follows:
- Loan amount: Rs 1,500,000
- Period: up to 120 months (10 years).
- The loan will be given to all SDA (Salary Deduction at Source) and BSO (Bank Standing Order) cases who have been making regular payments to their loan account since loan disbursement(no arrears at all) up to the age of 65.
- Continuity Clause:Â The offer is also extended to Non-MHC clients provided the mode of payment is through Salary deduction Authority.
- Other fees and charges to be maintained as per policy:
- Processing Fee -
Up to Rs 0.5m - Rs 3000 (Flat)
Between Rs 0.5m to Rs 1m - 0.65% of the Loan Amount
(Rs 3,250 to Rs 6,500)
Between Rs 1m to Rs 1.5m - 0.75% of the Loan Amount
(Rs 7,500 to Rs 11,250) - Medical & Policy fees – Rs 650
- Service charge monthly- Rs 100
- Processing Fee -
- Repayment Mode:Â SDA or BSO
- A Floating Charge will be applicable to loans between Rs 1m to Rs 1.5m
Fees and Charges
The client should bear all fees and charges from his or her own funds.
Documentation required from clients
- National Identity Card of applicant.
- Recent utility bill of applicant (less than 3 months).
- Birth certificate of applicant.
- Marriage certificate of applicant.
- Six months salary slips of applicant.
- Six months bank statements of applicant
Note that valuation will not be effected and as per norms, no title deed will be requested and salary deduction at source is mandatory.
Purpose
With the Flexi Loan, completing your house, carrying out small renovations and repairs, refinancing existing debt or else financing other minor project has never been easier. This hassle-free solution is here to give you peace of mind and in turn, help us retain our clients for a longer period.
Proposed Rate of Interest
The rates proposed for the new Housing Personal Loan are:
- 6.5% per annum for Salary deduction Authority (SDA)
- 7% Per annum for Bank Standing Orders (BSO)
Features
The main features of this new product are as follows:
- Loan amount: Rs 1,500,000
- Period: up to 120 months (10 years).
- The loan will be given to all SDA (Salary Deduction at Source) and BSO (Bank Standing Order) cases who have been making regular payments to their loan account since loan disbursement(no arrears at all) up to the age of 65.
- Continuity Clause:Â The offer is also extended to Non-MHC clients provided the mode of payment is through Salary deduction Authority.
- Other fees and charges to be maintained as per policy:
- Processing Fee -
Up to Rs 0.5m - Rs 3000 (Flat)
Between Rs 0.5m to Rs 1m - 0.65% of the Loan Amount
(Rs 3,250 to Rs 6,500)
Between Rs 1m to Rs 1.5m - 0.75% of the Loan Amount
(Rs 7,500 to Rs 11,250) - Medical & Policy fees – Rs 650
- Service charge monthly- Rs 100
- Processing Fee -
- Repayment Mode:Â SDA or BSO
- A Floating Charge will be applicable to loans between Rs 1m to Rs 1.5m
Fees and Charges
The client should bear all fees and charges from his or her own funds.
Documentation required from clients
- National Identity Card of applicant.
- Recent utility bill of applicant (less than 3 months).
- Birth certificate of applicant.
- Marriage certificate of applicant.
- Six months salary slips of applicant.
- Six months bank statements of applicant
Note that valuation will not be effected and as per norms, no title deed will be requested and salary deduction at source is mandatory.
