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ROI SWITCH POLICY
Home Loans :
Existing customers have an option to reduce the applicable rate of interest on their loan by changing the spread or by switching between the schemes through our ROI Switch Policy.
This switch option is available to Salaried, Self Employed Professional and Self Employed Non- Professional who have availed below loans under Floating Rate of Interest -
- ⚈ Home Loans
- ⚈ Home Improvement Loan
- ⚈ Home Construction Loan
- ⚈ Plot Loan
Borrowers have an option to reduce the EMI keeping the residual tenor unchanged or keep the EMI unchanged and thereby reducing the residual tenor. They can also opt for changing both the EMI and tenor within the band to suit their convenience.
Conversion Fee is payable on the principal outstanding at the time of switch and will be charged at the discretion of the lender.
The fees payable shall be 25% or onwards of the difference of the two coupon rates i.e. between the existing and proposed revised rate, depending upon factors like profile, loan amount, property type and other risk parameters. In case of a partly disbursed loan, the switch fee is payable on the principal outstanding (POS) only. There will be no switch fee payable on the undisbursed loan amount out of the total contracted loan.
Rate reduction through spread change will be at the discretion of lender and will depend upon various factors like -
- ⚈ Account to be regular
- ⚈ There should be no document pending submission by borrower/s.
- ⚈ There should be no material impairment in the value of the underlying collateral
- ⚈ There should not be any breach in terms of loan agreement , which is not acceptable to the lender
- ⚈ Any other condition as imposed by the lender
The same shall be communicated to the borrower in an appropriate manner.
The reset of spread will be effective from the first day of the following calendar month from the date of switch.
The Rate switch offer shall be valid subject to the fulfilment of conditions/ additional terms as imposed by the lender.
Non Home Loans
Existing customers have an option to reduce the applicable rate of interest on their loan by changing the spread or by switching between the schemes through our ROI Switch Policy.
This option to switch is available to borrowers who have availed loans under Floating Rate of Interest
This switch option is available to Salaried, Self Employed Professional and Self Employed Non- Professional who have availed below loans under Floating Rate of Interest -
- ⚈ Loan Against Property
- ⚈ Top-up Loan
- ⚈ Construction Finance Loan
- ⚈ Lease Rental Discounting
- ⚈ Non Residential Property Loan
Borrowers have the option to reduce the EMI keeping the residual tenor unchanged or keep the EMI unchanged and thereby reducing the residual tenor. They can also opt for changing both the EMI and tenor within the band to suit their convenience.
Conversion Fee is payable on the principal outstanding at the time of switch and will be charged at the discretion of the lender
The fees payable shall be 50% or onwards of the difference of the two coupon rates i.e. between the existing and proposed revised rate, depending upon factors like profile, loan amount, property type and other risk parameters
Rate reduction through spread change will be at the discretion of lender and will depend upon various factors like -
- ⚈ Account to be regular
- ⚈ There should be no document pending submission by borrower/s.
- ⚈ There should be no material impairment in the value of the underlying collateral
- ⚈ There should not be any breach in terms of loan agreement , which is not acceptable to the lender
- ⚈ Any other condition as imposed by the lender
The same shall be communicated to the borrower in an appropriate manner.
The reset of spread will be effective from the first day of the following calendar month from the date of switch.
The Rate switch offer shall be valid subject to the fulfilment of conditions/ additional terms as imposed by the lender