Q: When can I take a Loan Against Property from GE Money?

A: You can take a loan for Business Expansion, Child's Education, Child's Marriage and for your holiday abroad.

Q: I already have a Loan against Property running. Can I transfer it to GE Money?

A: Yes, it is possible to transfer an existing loan from any other bank/housing finance company to GE Money at attractive rates.

Q: How does GE Money determine my eligibility for a loan and the loan amount?

A: GE Money takes into account the following factors:
-Your age
- Your Income
- Co-applicant's income (if considered)
- Financial documents- Property valuation
- Number of dependants- Liabilities
- Stability/Continuity of employment/Business

Q: What is the maximum amount I can get as Loan Against Property from GE Money?

A: For your varying needs, GE Money offers Loan Against Property to a maximum of Rs. 2 Crore in 7 locations. Alternatively, it can be up to 50% of the property value.

Q: Is there a way to increase my loan amount?

A: It is must to have a co-applicant in your loan application. The co-applicant's income can help you increase your loan eligibility. The co-applicant must be a part of your immediate family (Viz. Spouse, Father, Mother or Brother). Further, in case there are any other co-owners of the property, they also need to be co-applicants.

Q: What is the rate of interest on GE Money Loan Against Property?

A: GE Money Loan Against Property is available only at a floating rate of interest. This is subject to change as the market rates change.

Q: What is the benchmark for the rate of interest?

A: The rate of interest is set against GEMFSRR. As the GEMFSRR changes there would be a similar fluctuation in your rate of interest.

Q: I am young. Can I take a loan tenor of 20 years?

A: GE Money provides Loan Against Property for a maximum tenor of up to 15 years. Applicable tenor is subject to your age of retirement (for employed); or on your reaching 65 years of age; whichever is earlier. However, we will make every effort to determine a repayment period to suit your convenience.

Q: Is it necessary to give PDCs to repay the loan?

A:The repayment of the GE Money Loan Against Property is through Equated Monthly Installments (EMIs) comprising of an interest and principal amount. You can pay these EMIs through post-dated cheques collected upfront at the time of disbursal or they can be directly debited from your bank account

Q: What documents do I need to submit as security against the loan?

A: The property should have a clear title; should be marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation on the property either. In case your property qualifies the mentioned criteria, the following documents are required to create a mortgage:
- Title deeds of the property
- Other property related documents, if any

Q: What is the procedure to prepay the loan?

A: If you want to prepay your Loan Against Property,
- Maximum of one such payment is allowed in a financial year
- Maximum amount to be pre-paid is Rs. 25,000 or 4 times the EMI, which ever is higher

Q: Will I be required to pay a processing fee to apply for a GE Money Loan Against Property?

A: Yes, there is a token processing fee applicable. This fee covers the cost of technical valuation and title search report of your property along with other administrative costs that are involved in the processing of the loan.

Q: What documents do I need to submit to apply for a loan from GE Money?

A: Only GE Money offers you flexibility and options in terms of documents required. Please click here to find out more.

Q: Do I need to insure my property before applying for a GE Money Loan Against Property?

A: Yes, insurance of the property against fire, flood, riots, earthquakes and other appropriate hazards is necessary during the tenor of the loan.

Q: If I apply for a GE Money Loan Against Property today, how long will it take for approval?

A: It takes anywhere between 7 to 10 days for the loan to be sanctioned once all the documents are submitted.

Q: What are applicable foreclosure charges?

A:

Foreclosure Charges:

At sole discretion of company, minimum 5%+balance interest for the first yearIn the event, pre-payment is requested by the Borrower for availing a loan facility on the same property from any other bank, financial institution or entity, the Borrower shall pay an additional pre-payment charge of 2% of the outstanding Loan over and above the pre payment charges stated above.

Q: What is the new applicable GEMFRR & GEHFRR?

A: The applicable GEMFRR is 16.75% from 1st August 2008. The applicable GEMHFRR is 16.25% from 1st June 2009.