Normally,
the spouse will be the co-applicant and in exceptional
cases the other members of the family can also be
the co-applicants.
How
is the eligibility determined?
The
eligible loan amount shall be determined based on
the income of the applicant/co-applicant and his/her
repaying capacity and the value of the property,
which is going to be acquired out of the loan.
What
is the repayment period?
The
repayment period will range from a minimum of 5
years to a maximum of 20 years depending upon the
age of the applicant.
How
will the loan be disbursed?
The
loan will be disbursed based in stages depending
on the progress of work, in case of construction
of a house/flat and in the case of outright purchase
of an existing house/flat, the payment will be made
as one time payment.
What
will be the implication for prepayment/pre closure?
A nominal
fee will be charged for Prepayment / Pre-closure
Does
the property have to be insured?
The
property insurance is provided to Home Loan borrowers
as a FREE Product.
What
is the maximum loan amount that can be availed from
RHFL?
The
maximum loan that can be availed is Rs.50.00 lacs
per individual.
What
is the time limit for availing the sanctioned loan?
The
Loan sanction order is valid for 60 days from the
date of sanction.
How
does one approach RHFL for a Home Loan?
Individual,
Groups of Individuals who have a definite and regular
source of income can approach directly RHFL (Corporate
Office or any branch Office / Centre) for a Home
loan.
What
if the EMI cheque bounces?
In case
of cheque return due to ‘insufficient funds’
or any other reason, a cheque return charges of
Rs.100/- will be charged to discourage recurrence
and in addition to charges debited by the Bankers
on account of the return.
Can
a loan be converted from fixed rate loan to variable
rate loan & vice versa?
Yes,
the loan can be switched over from Fixed Rate
to floating rate. However, the vice versa is not
applicable.
Are
these policies subject to change?
Yes,
the policies are subject to change from time to
time with prior intimation.
