Housing Finance Companies - Gruh Finance LTD.
Gruh Finance LTD. is a subsidiary of HDFC and was established in the year 1986. It offers various home loan schemes making it easier for individuals to afford a home or to upgrade their existing home.
This scheme is offered to salaried, professional and self-employed people who wish to purchase or construct homes. People can obtain a maximum loan of up to INR 25 Lakhs. They can avail up to 85% of the total cost of the property. The interest is calculated on a monthly resting balance basis. A one time non-refundable processing fee is charged which depends on the quantum and the tenure of the loan. The first mortgage of the property is required as security. Other collateral security may also be asked for. The loan can be repaid within 20 years. The loan has to be repaid using equated monthly installments which can be paid using cash, checks, demand drafts and post-dated checks.
The applicant has to put his own contribution (15%) in full before the loan can be disbursed in full or in suitable installments depending up on the progression of the work. The loan can be applied for even before the property has been selected. Prepayment is possible but the applicants may have to pay a nominal penalty.
People with monthly income above INR 6000 can apply for this home loan. People can obtain loans ranging from INR 2-10 Lakhs or up to 80% the cost of the property. This loan is available with a variable interest rate that depends on the GRUH PLR. This loan is available with a step-up repayment scheme and each time the interest rate changes administrative fee is charged.
Home loan offered to people who wish to make improvements or repair to their existing homes. The minimum amount available is INR 10,000 and the maximum amount available is INR 5 Lakhs. People can obtain up to 85% of the total costs. The interest is calculated on the monthly resting balance basis. The loan can be repaid within 10 years and a one time processing fee is charged.
Gruh Finance LTD. offers loans to professionals to build office premises as well as loans to businessmen to build shops.