Any pre-payment/excess amount paid by you to the Bank; shall be appropriated in the loan account basis the below criteria/methodology in the absence of any specific instructions from you:
- Excess amount greater than (>) EMI: If service request (SR) for part payment is not created/received within 2 days of receipt of funds, the excess funds will be adjusted towards principal outstanding as part payment.
- Excess amount equal to (=) EMI: If service request (SR) / instructions for part payment is not created/received on same day of receipt of funds, excess amount will be refunded to your operative account.
- Excess amount less than (<) EMI: Excess amount will be kept unappropriated in the Loan account for
15 days. Post 15 days, the excess funds shall be adjusted towards principal outstanding as a part
- Excess amount equal to (=) or greater than (>) foreclosure / pre-closure amount : In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account and:
- Excess amount is equivalent (=) to the foreclosure amount, Loan account will be proactively closed by the Bank.
- Excess amount is greater than (>) the foreclosure amount, adjustment in Loan account would be as follows:
- If excess amount is up to INR 20,000, Loan account would be closed by the Bank and after closure, excess funds would be credited to the Loan repayment account.
- If excess amount is greater than INR 20,000, the Bank will connect with you telephonically for
verification of payment. Alternatively, you may connect with the Bank on 18604195555 to confirm the credit adjustment in your Loan account.
- Excess amount less than (<) the foreclosure amount: In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account, then excess amount will be adjusted against the outstanding principal, leaving an amount equivalent to one EMI for forthcoming EMI presentation. However, in case you would like the entire amount to be adjusted against the outstanding principal, please place a request at Phone Banking / Loan Centre at the earliest.
Note: Part Payments can be done for EMI waiver product (Shubh Aarambh Home Loan / Fast Forward Home Loan). However, to be eligible under this scheme, your loan must be active with us for at least 48 months / 120 months respectively from the date of first disbursement.
Kindly ensure that the loan tenure does not fall below the specified tenure of 48 / 120 months. Any breach of the specified qualifying condition will result in disqualification from the EMI Waiver scheme.