Salaried: - Minimum Age Limit: 21 years
Maximum: Retirement age or not more than 60 years of age at the time of maturity of the loan.
Self-Employed: Minimum Age limit: 21 Years
Maximum: Not more than 65 years of age at the time of maturity of the loan
Minimum: 10,000/- per month for salaried individuals.
Minimum: 15,000/- per month for self–employed individuals.
EMI can be paid through National automated clearing house (NACH) or auto debit with select banks
The rate offered by us is Hybrid rate of interest (Semi-fixed), First three years will be fixed then floating rate of interest.
Based on the type and quantum of loan, interest rates vary.
For Housing Loans, the rates start from 13.50%.
For Non-Housing Loans, the rates start from 14.00%.
The loan will be disbursed, once
Non-Assessed Income: In cases where proper and complete documents are not available with the borrower, we can appraise such cases based on other parameters which indicate the financial health and stability of borrower. Such methods are repayment track record method, banking method, liquid income method & LTV method. These methods may be used only for self-employed. Further, there may be salaried borrowers who may be considered in this segment due to the fact that such borrowers have insufficient documents or may be drawing salary in cash.
The maximum amount that you can borrow depends on various factors such as your repayment capacity as assessed by us, purpose of the loan, cost and value of the property, and is as detailed below: Home Loans up to Rs. 30 lacs – 90% of the cost / value of the property whichever is lower Home Loans greater than Rs. 30 lacs – 80% of the cost / value of the property whichever is lower
The interest is calculated by HHF on a Monthly Reducing balance basis. This means the principal reduces every month from your EMI net of interest accrued.
The maximum period over which a loan can be repaid depends on:
| PRODUCT | LOAN AMOUNT | LOAN TO VALUE (LTV) | LOAN TENURE |
|---|---|---|---|
| Purchase Loan | ₹5 Lakhs to ₹50 Lakhs | 80% | 1 Year to 25 Years |
| Balance Transfer (BT) | ₹5 Lakhs to ₹50 Lakhs | 80% | 1 Year to 20 Years |
| Top-up Loan | ₹5 Lakhs to ₹50 Lakhs | 50% of market value of the property | 1 Year to 20 Years |
| Home Improvement/Renovation Loan | ₹5 Lakhs to ₹15 Lakhs | 60% | 1 Year to 10 Years |
| Home Extension Loan | ₹5 Lakhs to ₹15 Lakhs | 60% | 1 Year to 10 Years |
| Self-Construction Loan | ₹5 Lakhs to ₹50 Lakhs | 80% | 1 Year to 25 Years |
| Loan against Property | ₹5 Lakhs to ₹50 Lakhs | 50% of market value of the property | 1 Year to 12 Years |
The loan will be disbursed in a maximum of 10 tranches, with each tranche being proportional to the progress of the construction of your home.
Yes, under Section 80C & 24(b) of the Income Tax Act, 1961 (in force as of date) you are eligible for tax benefits on both the principal and interest components of the EMI paid on Home Loans (other than plot loans).
However, this is too subject to the policies of the Government.
Yes, you can pre-close your loan either in part or in full. Part prepayments will be accepted under the condition that only three such part payments will be made in a financial year and that the amount prepaid each time is equivalent to or not less than six EMI’s
Based on Loan product, property documents may differ but typically you will need to submit
EMI or Equated Monthly Instalment is the fixed sum of money to be paid by the customer throughout the tenure of the entire loan. It includes both principal and interest. The size of the EMI depends on the loan amount, rate of interest and term of the loan. Payment is to commence once the loan is fully disbursed and from the date of final disbursement. Interest (known as Pre-EMI) is payable on partly disbursed loans and must be paid every month on the amounts cumulatively disbursed till the loan is fully disbursed.
The interest rate that varies according to the market lending rates is a floating rate of interest.
Minimum: 2 Years of work experience for salaried individuals.
Minimum: 3 Years of business continuity for Self-Employed
The interest rate offered by us is a Hybrid (Semi-fixed) rate of interest.
Here, the primary security is the first mortgage of the property to be financed. Title deeds need to be deposited with us. If required, we may require additional security such as LIC Policies or Third-party guarantee.
The title to the property should be clear, marketable and free from encumbrances and to our satisfaction.
Any Indian national whether employed or self-employed can apply for a loan.
No, you have to apply for home loan in the city where you work. However, you can buy property in another city, we have branches spread across entire India, the details of which are available in our website or can be obtained from our branches.
Own contribution is the difference between total cost of the property minus the loan component which should have been utilised/ paid before disbursement of the loan by the borrower.
Salaried Individuals: Any individual who is in permanent service & paid in monetary (Individual can work in private limited company, multinational company, public limited company, government & semi government, public sector units, proprietorship & partnership firms.)
Professionals: Any individual with a professional qualification and pursuing the same line of business. E.g. Doctors (MBBS), architects, chartered accountants, cost accountants, company secretary & management consultant (E.g. IT consultant, engineering consultant, marketing consultant, etc.)
Self Employed Individuals: Any individual carrying on business & filing income tax returns
Non-Individual Entities: Partnership Firms, Private & Public Limited Companies. Note: Entities cannot be the main applicant or owner of the property. We will accept such entities as co-applicant on the loan structure if the income of director (in case of company) or Partner (in case of partnership firm) is considered.
Co-applicants usually are husband, wife, father, son, mother, daughter or Relatives as agreed by the Company can join as co-applicant(s). All co-owners of the property should be a co-applicant to the loan. However, all co-applicant(s) need not be co-owners.
Non-individual entities (Partnership Firms, Private & Public Limited companies) cannot be the main applicant or the owner of property.
Yes, the property must be insured against natural hazards and the lending institution will be the beneficiary of the insurance policy.
The eligibility is determined considering various factors such as age, monthly income, monthly commitments, qualifications, employment, savings background, assets, liabilities and repayment history of other loans if any.
This is simple and easy.
Just call your nearest home finance branch and enjoy doorstep service. Our representatives will meet you at home and facilitate the process. It’s simple, easy and convenient.
You can visit any of our home finance branches to check the eligibility and submit your application form with relevant documents.
Assessed Income: It simply means we can assess the income of an individual by checking & verifying his available documents received, based on which Income eligibility would be calculated.
Primary documents for assessed income eligibility computation are: For salaried – salary slip & Form 16, for self-employed – Income Tax Returns & Financials (audited / unaudited).
Non-Assessed Income: In cases where proper and complete documents are not available with the borrower, we can appraise such cases based on other parameters which indicate the financial health and stability of borrower. Such methods are repayment track record method, banking method, liquid income method & L TV method. These methods may be used only for self- employed. Further, there may be salaried borrowers who may be considered in this segment due to the fact that such borrowers have insufficient documents or may be drawing salary in cash. Such cases will be appraised for income eligibility as mentioned in the salaried segment of manual.
Below are the basic documents required while applying:
Salaried:
Self – employed:
*No Formal Income Proof needed
On checking these basic documents, if further documents are needed, they must be furnished.
Initially, a processing fee of Rs. 4600 (includes service tax) needs to be paid along with the application to cover the legal and technical evaluation expenses. This is non-refundable. Later on, a balance fee is payable to cover the Property & Personal Insurance, Documentation & CERSAI charges should be paid after the sanction of loan, but before the disbursement.
Credit appraisal will be done just like any other loan as detailed in the Loan Policy. All the owners of the property need to be the applicant or co-applicants to the loan. Eligibility will be determined keeping the loan servicing ratios based on the income considered under any one of the above methods (as mentioned in income assessment process) within the acceptable limits.
