A Home Loan, also known as a housing loan, is a sum of money borrowed from a bank or financial organization by an individual to purchase a home. 

There are various types of Home Loans. Here are a few examples:

• Home Loan for property purchase: This type of Home Loan can be used to purchase both ready-to-move-in and under-construction properties.

• Home Loan for plot purchase and self-construction of property: This Home Loan is available when you want to buy a plot and build a house on it.

• Home improvement loan: Use this loan to renovate your home.

• Balance Transfer:  It’s the transfer of your existing Home Loan from one bank to another.

You can apply for a Home Loan from Metra Trust in any of the following ways:

1. Visit our website at: https://www.metratrust.com/personal-banking/loans/home-loan 

2. Visit any Metra Trust Loan centre or branch

3. Contact our customer care: 1800-10-888

4. The Metra Trust Mobile Banking app

Home Loan co-applicants can include: your spouse, parents, or even major children. All the property owners need to be on the Home Loan structure. 

A Home Loan can be availed for a maximum period of:

Up to 30 years for Salaried borrowers

Up to 25 years for Self-Employed borrowers

Eligibility requirements for a Home Loan:

• Age norms: Salaried: 21 - 60 years or retirement age (whichever is earlier), Self Employed: 23 - 70 years.

• Income: The following is the minimum annual income required to apply for a Home Loan:

Salaried: INR 1 lakh

Self Employed: INR 1.5 lakhs

Work Experience: Minimum 3 years.

Transferring your existing Home Loan from another financier to Metra Trust is known as a balance transfer.

An existing Metra Trust Home Loan customer with a clean repayment track record of more than 9 months can apply for a Home Loan top-up.

Yes, there is a processing fee on your Home Loan. The processing fee will be calculated based on the amount of the Home Loan you have applied for, plus any applicable GST. The processing fees are non-refundable.

The following documents are necessary to apply for a Home Loan from Metra Trust: 

• Identity proof

• Address proof

• Income proof

• Age proof

• Employment details

• Bank statements

• Property details if you have already finalized it

• Any other documents of obligation (SOA, Sanction Letters, etc.)

The checklist is merely indicative; additional documents may be requested throughout the Home Loan sanction procedure.

Pre-EMI interest is the pro-rata interest charged from the date of disbursement till the first EMI due date.

When we get a completed application form with the required supporting documentation, the below process is initiated:

1) Determination of your financial eligibility for the Home Loan: We assess your eligibility based on our internal policy criteria and based on the documentation which has been submitted.

2) Legal and technical check of the property: We will verify the title documents and undertake a technical appraisal and valuation of the property.

Final eligibility will be the lower of the above 2.

Metra Trust now offers floating rates that are linked to an external benchmark rate.

The Reserve Bank of India (RBI) vide its circular no DBR.DIR.BC.No.14/13.03.00/2019-20 on “External Benchmark Based Lending” dated September 04, 2019 has advised to link all new floating rate, personal or retail loans (housing, auto, etc.) to external benchmark. Metra Trust has adopted Repo rate as the external Benchmark lending rate with effect from October 01, 2019.

Yes, a change in the benchmark rate (upwards / downwards) will result in a corresponding change in your applicable interest rate and amortization schedule for floating rate loans. Tenure of the loan will be changed by default. The EMI amount will be changed only at the request of the customer.

The Home Loan interest rates are linked to a benchmark rate and will change as an when the benchmark rate changes.

The impact would be applied first to the loan tenure; however, in case the maximum tenure is breached, the impact will be provided on EMI. 

The change in your Home Loan interest rate will be communicated to you via SMS and a physical letter.

A provisional interest certificate specifies the principal and interest breakdown for scheduled EMIs for the fiscal year (April to March). This certificate can be used to collect income tax rebates under Sections 80C and 24 of the Income Tax Act. You can obtain this certificate by using the information provided to you after your loan has been disbursed on our website. Please keep in mind that the provisional interest certificate is calculated based on outstanding principal balances, interest rates, and your current EMI; if anything changes during the fiscal year, the figures on the certificate may change; as a result, you should obtain the most recent provisional interest certificate before submitting it.

Yes, you have the option to terminate your application once your Home Loan has been approved. However, the fees paid during the processing of the application is non-refundable.

Apart from the financial and property documents, the following documents will be required for a Balance Transfer Home Loan:

1. The  recent foreclosure letter from another bank/HFC/FI referencing the loan account number and account holder's name. 

2. Documents certified by BT Bank/HFC and kept by them

Metra Trust disburses loans for under / self-construction properties in tranches based on the progress of construction. Every tranche disbursed is known as a 'part' or a 'subsequent' disbursement.

It is not mandatory to buy Home Loan Insurance. The insurance however protects the borrower's outstanding debt in the event of an unanticipated incident during the loan's tenure. Hence, we strongly advise you to obtain Home Loan Insurance to secure your home.

In all circumstances, the property itself, whether purchased or anticipated to be purchased, serves as security for the whole loan term.

The advantages you can enjoy with a Home Loan from Metra Trust are:

• Attractive interest rates

• End-to-end digital journey

• Availability of Long-term loans (up to 30 years)

• Customized offers in terms of loan amount and commercials depending upon the customer profile

Yes. You may be eligible for tax benefits on repayment of the principal and interest components of your Home Loan as per below sections of the Income Tax Act, 1961:

• 80C deduction on principal sum of Home Loan, 

• 24(b) deduction on interest on borrowed capital and 

• 80EEA interest on affordable properties which further provides additional deduction on Home Loan interest payment for first time home-buyers.

Since the benefits may vary year to year, please consult your tax advisor.

Metra Trust gives Home Loan amount from INR 5 lakh to INR 10 Crore.

Click here to use our Home Loan EMI Calculator on our website to see how your EMI will be calculated.

Metra Trust will finance the Home Loan as per the below % on the property value of your home.

Up to INR 30 lakh: <= 90%.

Above INR 30 lakh & up to INR 75 lakh: <=80%.

Above INR 75 lakh: <=75%.

Yes, you can make a pre-payment on your Home Loan, which would reduce your EMI amount or tenure. The default option will be reduction in tenure. The EMI amount will be reduced only at the request of the customer.

Yes, you can foreclose your Home Loan by paying the remaining balance to the bank. There are no foreclosure charges on floating rate Home Loan.

No, you will not be charged for this change.

Yes

12% p.a. will be applicable. (Applicable interest rate may vary from time to time)

Following charges are applicable: 0.1% of the sanctioned loan amount or Rs.10,000/-, whichever is lower, excluding applicable charges/taxes.

Please contact Metra Trust customer care at +44 7831 065557 or visit the nearest loan centre branch.

Switching from floating to fixed is allowed only twice during your loan tenor

Once the interest rate is switched from floating to fixed, you cannot switch back to a floating rate for a minimum of three years from the date of the switch

Due to the reset of interest rates, you have the flexibility to choose:

   - Enhancement in EMI or elongation of tenor, or a combination of both

   - Prepayment, either in part or in full, at any point during the loan tenor

   - Foreclosure charges/prepayment penalty (if any) will be applied as applicable.