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Home Finance
-FAQs
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Who can apply for a loan?
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General
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Any individual who has the capacity to service a loan, as assessed by Sundaram BNP Paribas Home, can apply for a loan.
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What is the maximum loan that I can avail?
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General
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The maximum loan that you can avail is:
for Home Loans and Home Extension Loans Rs. 100 lakhs or 85% of the cost of property, whichever is less, subject to your repayment capacity as assessed by Sundaram BNP Paribas Home.
For Home Improvement Loans Rs.100 lakhs or 70% of the cost of improvements as evaluated by Sundaram BNP Paribas Home, whichever is less, subject to your repayment capacity as assessed by Sundaram BNP Paribas Home.
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How is my loan eligibility assessed?
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General
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Your loan eligibility is assessed taking into consideration factors like your monthly income, monthly commitments, assets, age, qualification, employment, and savings background.
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What is the maximum term of repayment?
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General
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The loan is repayable over a maximum term of 15 years or retirement age WHICHEVER IS EARLIER. (65 years of age in case of self-employed.)
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Who is a Co-applicant?
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General
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If your spouse is an earning member, Sundaram BNP Paribas Home could consider him/her as a Co-applicant. However, all Co-owners of the property financed should join as Co-applicants.
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What is the Fee payable for loan processing? When is the fee payable?
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General
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A non-refundable fee of 1% of the loan amount applied for is payable along with the application.
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How long is an loan offer open ? Is there any commitment charge?
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General
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There is no validity for a loan offer. However, Sundaram BNP Paribas Home reserves the right to re-assess your repayment capacity if there is a considerable lapse of time between loan sanction and acceptance. No commitment charge is payable on the undrawn loan amount.
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What is the security for the loan?
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General
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The loan will be secured by an equitable mortgage of the property. Equitable Mortgage of property is created by way of deposit of title documents of the property financed.
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Will Sundaram BNP Paribas Home assist me in identifying a property?
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General
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Yes, Please check out www.sundaramhomefind.com for details on properties in seven locations
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