|
NRI........ |
| Loan repayment: |
Loan will be repayable in Equated Monthly
Installments (EMI) comprising principal and interest. Interest is calculated on monthly
reducing balance method. The monthly installment depends on quantum of loan, interest rate
applicable and the term of repayment of the loan. The sample of various EMI's is given in
the table below :
EMI FOR A LOAN OF Rs. 1,00,000/- |
| Term of Loan |
(Interest) |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
|
Years |
12.25
|
3334 |
2464 |
2238
|
1969 |
1779 |
1640 |
1533
|
1450
|
|
Repayment of EMI commences from the
month following the month in which the last installment of the loan is disbursed by the
“HUDCO NIWAS” Until the loan is fully disbursed, Pre-EMI interest is
payable only on the portion of the loan availed as one the last day of every month and is
calculated at the same rate at which EMI is calculated.
Payment of fees, charges & pre EMI interest should be remitted to HUDCO from abroad
through normal banking channel or from the NRE/FCNR/NRO/NRNR/NRSR account in India.
Payment of the EMI should be made through post dated cheques from your
NRE/FCNR/NRO/NRNR/NRSR accounts in India.
However If the house/flat is rented out, the entire rental income, even if it is more than
the prescribed installment, should be adjusted towards repayment of loan. If the
rental income is less than the prescribed installment, the borrower should remit the
amount to the extent of the shortfall from abroad or pay the difference out of is/her
NRE/FCNR/NRO/NRNR/NRSR accounts in India
Repayment of ahead of schedule will be accepted without any changes/penality |
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