EMI: Equated Monthly Instalment

It is fixed amount which a customer repays on a monthly basis so that his loan is repaid in the given tenor. EMI covers both interest and principal amount.

PEMI: Pre Equated Monthly Instalment

In the case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called pre-EMI interest (PEMI).

KYC: Know Your Customer

Documents that help establish the identity of the applicant. Check list includes identity proof (driving license / pan card / passport / voter id / aadhar card), and residence proof (latest bank account statement / electricity bill / telephone bill / ration card / letter from society).

CAR: Credit Appraisal Report

CAR is produced by credit team and delineates the sanction decision related to the loan application. It gives the eligibility of the loan applicant in the form of quantum and tenor of the loan based on the evaluation of the applicant and co-applicant.

LAR: Legal Appraisal Report

LAR is produced by legal officer / empanelled lawyer and gives a qualified opinion on legal documents related to the property, flow and evidence of the title of the property, other provisions affecting the property. The report helps in establishing clear and marketable title to the property being purchased.

TAR: Technical Appraisal Report

TAR is produced by technical officer / appointed valuer and gives information related to property documented during site visits and checking of requisite documents. The report gives information on location, address, stage of construction, demarcations (North, East, West, South), foundation, other structural details and approvals from competent authorities.

FI: Field Investigation

Filed investigator personally visits the office (Office Verification)/ residence (Residence Verification) premises of the applicant to verify the information given by the applicant / co applicant in the home loan application.

PD: Personal Discussion

Personal discussion between the appraisal officer and the applicant / co applicant conducted at the business premises to verify the information related to the business (nature, infrastructure, income, expenses, inventory etc.). In case of salaried customer, the personal discussion may take place over telephone / residence / office premisesx`.

ECS: Electronic Clearing system

ECS is an mode of repayment that facilitates transaction directly linked to the savings account and also provides for a faster method of effecting periodic and repetitive payments.

PDC: Postdated Cheque

This is a mode of repayment where you are required to submit signed post-dated cheques to the home-loan provider for a tenure specified by them.

LTV: Loan to Value Ratio

It is used to calculate the loan amount that an applicant is eligible to pay on the basis of the actual market value of the property (excludes stamp duty, registration, government levies and other charges).

LCR: Loan to Cost Ratio

It is used to calculate the loan amount that an applicant is eligible to pay on the basis of the total cost of the property (includes stamp duty, registration, government levies and other charges).

IIR: Instalment to Income Ratio

IIR is a ratio that signifies the percentage of the income that can be set aside for repayment of the loan. This percentage denotes the portion of the applicant’s monthly instalment on the home loan.

FOIR: Fixed Obligation Income Ratio

FOIR is a ratio that signifies the importance of the regularity in the repayment of previous loans. This ratio includes all the fixed obligations the borrower is supposed to pay to the current loan provider and other financial institutions.

ACH: Automated Clearing House

It is the use of electronic clearing houses to facilitate electronic transfers of money in order to increase efficiency and timeliness of business transactions.