What is Home equity loan offered by Sundaram Home ?

It is a loan offered against the Mortgage of property 

Can I take the loan against commercial property ?

No Home equity loan is available only for self occupied residential property 

What is the maximum loan I can avail ?

You can avail up to a maximum of Rs.25 lakhs or 50% of the value as determined by Sundaram Home subject to the repayment capacity whichever is less 

What is the Maximum term of repayment ?

If you are salaried maximum term - 7 years ( or ) retirement age whichever is earlier 

If you are self employed - 7 years or 65 years whichever is earlier 

What is the fee payable for loan processing ?

A non refundable processing fee of 2 % of the loan amount payable towards legal , technical and documentation is applicable 

What is the security for the loan ?

The loan will be secured by an equitable mortgage of the property . Equitable mortgage of property is created by way of deposit of title document of the property financed 

It is essential that all the owners of the property should join the applicant as co applicants / co borrowers 

Do I have to provide additional security for the loan amount ?

Sundaram Home may ask for additional security/ securities based on assessment and the strength of repayment capacity. 

It could be personal guarantee /s , Life insurance policies with adequate paid up value or any other alternate tangible security acceptable to Sundaram Home 

What are the documents to be submitted ?

If you are salaried: 
     A.  Your latest salary slip or salary certificate showing details of deductions.
     B.  Your previous occupational history if you are in your current employment for less than 2 years.
    C.  A detailed profile of your company if it newly established or a private limited company. 

If you are self employed: 
     A.  Copy of your profit and loss accounts, audited balance sheet for the last three financial years of your firm.
     B.  Copy of computation of income by your chartered accountant.
     C.  Copy of acknowledgement of IT returns given by the Income tax department.

Property Documents: 
     A.  One entire set of the property documents. 
     B.  A copy of the approved plan. 

How will the loan amount be disbursed ?

The loan amount shall be disbursed in one lump sum after due verification of the following 
- clearance of title of the property by Sundaram Home’s legal department 
- Valuation of the property by our technical department / external valuation 

What is the mode of repayment ?

Deduction from salary if Sundaram Home has an arrangement with your company or using post - dated cheques 

When does the repayment of the loan begin ?

EMI towards repayment of loan comprising principal and interest shall commence from the month following the month in which the final disbursement takes place 

Can I prepay the loan ?

Yes you can prepay the loan either partly or fully with prepayment charges as applicable from time to time.

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