What is Interest Only Home Loan and how does it work?

Interest Only Home Loan (IOHL) allows the customer to pay interest only for the initial tenure (12-36 months); this period is referred as ‘Interest-only period’. No amortization of principle will take place during the interest-only period. Once Interest only period is over, loan would get amortized with an equitable monthly instalment over the remaining tenure of the loan. Amortisation of the loan (principle repayment) will commence after the interest only period is over through equated monthly repayment till the maturity of Loan. The Offering will be for Purchase of Residential Property and towards Balance Transfer of Existing Home Loan. Interest only Home Loan facility will be extended for self occupied (completed / ready) residential properties.

What is the minimum and maximum loan amount for Interest Only Home Loan?

Minimum Loan Amount – 35 Lakhs Maximum Loan Amount – 3.5 Crore

Apply for Interest Only Mortgage Online

Lower Monthly Outflow

Pay only the interest upto 36 months (Interest only period). Full EMI consisting of the principal and interest will be payable after completion of the interest only period. Thus, automatically lowering your monthly outflow initially.

Improve your Cash Savings

Interest–only Home Loan helps in lowering monthly repayments for up to 36 months thus helping in boosting cash savings.

Better Cashflows

More savings means more cash in hand which can be utilized for home improvement, renovations, personal needs & more.

Enjoy Flexibility

You get the option to commence your EMI (Principal + Interest) earlier.

Interest Only Home Loan (IOHL) allows the customer to pay interest only for the initial tenure (12-36 months); this period is referred as ‘Interest-only period’. No amortization of principle will take place during the interest-only period.
Once Interest only period is over, loan would get amortized with an equitable monthly instalment over the remaining tenure of the loan.
Amortisation of the loan (principle repayment) will commence after the interest only period is over through equated monthly repayment till the maturity of Loan.
The Offering will be for Purchase of Residential Property and towards Balance Transfer of Existing Home Loan.
Interest only Home Loan facility will be extended for self occupied (completed / ready) residential properties.

Interest Only Home Loan allows the customer to pay interest only for the initial tenure (12-36 months). Once Interest only period is over, loan would get amortized with an equitable monthly instalment over the remaining tenure of the loan.

Application Form, KYC documents , Income documents – ( 3 month Salary Slip & Latest Form 16 / Latest two years ITR ) , bank statements of last six months & property documents