Smart Home Loan

Smart Home Loan Overview

Banks offers you the unique Smart Credit loan, where you decide what interest you pay. Smart Credit power packs your loan with transactional features that not only allow you to save on interest, but also help you repay your loan much faster. So, now you can make your every rupee work as hard as you do. In Smart Credit account deposit your excess savings rather than keeping it idle. In Smart Credit you will have the flexibility to withdraw the surplus money deposited in Smart Credit account. Deposit your excess funds in Smart Credit and save the interest on your Loan. In Smart Credit interest is calculated on daily outstanding balance. In Smart Credit you can use this account like current account.

To avail this product, you have to link a current or a savings account to your home loan at the same bank. You can deposit any surplus funds in this linked account. Whenever you deposit a surplus amount in the account, the bank considers this amount and deducts it from the principal of your home loan while calculating the interest on the outstanding home loan.

Smart home loan helps borrowers in two ways. First, it reduces your interest outgo resulting in reduced EMI. In Smart Home Loanyour interest liability is lower and principal amount outgo is higher. In broader outlook customers not only save the tenure but also saves on interest.

While smart home loan saves money, borrowers must evaluate the complete picture of the cost associated with it.

Smart Home Loan Features and Benefits

•  Our expertise to get u the right Banks / Institute to fulfill your requirement.
•  Loan repayment in flexible tenures from 1 year up to 30 years.
•  Lowest Rate of interest compare to any other loan.
•  Part Payment Facility without penalty.
•  Balance transfer facility.
•  Home Loan Top Up Facility.
•  Nil prepayment charges.
•  Applicant and Co- Applicant to the loan.
•  Tax Benefits : The effective rate of housing loans is much lower than the nominal rates quoted by the banks/housing finance companies because of the tax benefits.
•  Minimum/Hassle free Documentation.
•  Convenience of doorstep service.

Smart Home Loan Process

There are several steps in the Smart Home Loan process. Here are the steps in brief:

•  Application form & Document Submission
•  Cibil report check
•  Residence verfication
•  Office
•  Eligibility calculation
•  Technical & Valuation
•  Personal Discussion
•  Credit decision
•  Offer Letter
•  Submission of Property documents & legal check
•  Registration of property documents
•  Signing of agreements and submitting post-dated cheque
•  Disbursement

Smart Home Loan Eligibility

SELF EMPLOYED INDIVIDUAL

•  An Indian Resident
•  You should be in business for a minimum of 3 years.
•  You should be self employed Minimum 24 to maximum 65 years of age.
•  Your current place of residence should be occupied for a minimum of 3 years in the city.

SELF EMPLOYED PROFESSIONAL

•  An Indian Resident
•  You should be in business for a minimum of 3 years.
•  You should be self employed Minimum 24 to maximum 65 years of age.
•  Your current place of residence should be occupied for a minimum of 3 years in the city.

Salaried

•  You should have 3 years work Experience.
•  Your Minimum age should be 24
•  Your maximum age should be 58/60 at the time of closer of the loan.
•  You should have Minimum Rs 20000/- Net Salary