Housing, mortgage and new vehicle loans

Choose the loan that fits your purpose

Getting the best result from a housing loan

For buying a ready home, buying a new flat from a builder, or building on land you already own.

• Borrow against the realistic value of the property and keep your own contribution higher than the minimum. A lower loan amount means a lower total interest bill.
• Choose the longest tenure you can comfortably service, then prepay when you have spare cash. Prepaying a floating-rate loan is the cheapest way to cut interest.
• Add a co-applicant with income if one is available. It can raise eligibility, and a woman co-borrower may attract a rate concession at some banks.
• Check the property papers (title chain, approvals, builder tie-up with the bank) before you pay any booking amount.

Home loan for purchase  |  Home construction loan  |  Home loan balance transfer

Getting the best result from a loan against property / mortgage loan

For raising funds against a residential or commercial property you own, for any genuine personal or business need.

• A property-backed loan usually carries a much lower rate than an unsecured loan. Use it for needs that justify a long-term loan, not for short-term spending.
• Make sure the property is in your name or the names of the applicants, with clear title and no pending dues, disputes or attachments.
• Ask for the bank-approved valuation and the eligible loan-to-value in writing, then borrow only what the purpose needs.
• Compare the full cost: rate spread, processing fee, valuation and legal charges, and any charge on part-payment or closure.

Loan against property

Getting the best result from a new vehicle loan

For buying a new car or other new vehicle from an authorised dealer. Used vehicles are not covered.

• Put down as much as you can. A bigger down payment lowers the EMI and the interest paid over the term.
• Keep the tenure short. A vehicle loses value quickly, so a long loan can leave you owing more than the vehicle is worth.
• Compare the loan on the ex-showroom price, the on-road cost and what the bank will actually fund, since insurance and registration are not always included.
• Read the sanction letter for the rate type, EMI date, and what happens if you close the loan early.

New vehicle loan

Loan approval, the interest rate and the final terms are decided by the bank after its own checks. Rates and charges change, so confirm the current figures with the bank before you sign.