] LEGAL DOCUMENT
--------------------------------------------HOME LOANS
] EMI CALCULATOR
Repayment /other points

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15. Over how many years can you repay the loan?
Resident Indian
You can repay the loan over a maximum period of 20 years. Repayment will not ordinarily be extended beyond your age of retirement, (If you are employed) or on your reaching 65 years of age (which ever is earlier)

Non-resident Indian
You can repay the loan over a maximum of 10 years. The term does not extend beyond your retirement age or on your reaching 60 years of age (whichever is earlier). You can repay the loan ahead of schedule either in part or in full.

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16. How do I customize my repayment schedule?
The home loan repayment is by Equated Monthly Installments (EMIs) comprising of interest and principal amount calculated on monthly rests. EMIs can be paid by Post Dated Cheques or being directly deducted from your salary or standing order instructions.
In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called Pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMIs would commence. 

The size of the EMI are subject to term and conditions of financial
institution from which you are availing the loan at 8% rate on Rs.1,00,000
Term of Loan
Resident Indian / Non-Resident Indian
Year
Rs. (Approx.)
5
2028
10
1213
15
956
20
836

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17. What tax benefits do I enjoy?
Tax benefits are available on the principal and interest components of a loan as per the Income Tax Act, 1961. As the benefits could vary from year to year, please do check out the current benefits available.

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Certain important points

  • Prepayment: Normally there is no part prepayment penalty. However there is a prepayment charges on closing the account premature ranging from 1% to 2% depending from institution to institution.

  • Guarantee: Not a mandatory requirement for most of the institutions.

  • Processing Fees: There is a norm of paying a processing fee of .5% to 1% in two stages. 50% to be paid at the time of sanction and the balance at the time of disbursement.

  • The property is usually taken as the prime Co-lateral.

  • The mortgage is not a registered mortgage

  • Normally a person staying in Kolkata, Delhi, Mumbai, Chennai, Bangalore, Pune can buy a property in a twin city from his native city itself.

  • Registration cost: - 11.1% of the consideration amount (10% on account of Stamp Duty and 1.1% for Registration Charges) – for property within Kolkata Municipal Corporation.
    - 9.1% of the consideration amount (8% on account of Stamp Duty and 1.1% for Registration Charges) – for property within Municipality (other than Municipal Corporation) 

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