Riddhesh Finserv LLP

Housing Finance Home Loan Interest Rate 2023

Housing Finance offers affordable interest rates and attractive features that make it easy to own your dream home. Here are the details of the home loans:

Interest Rate	7.90% p.a. onwards
Loan Amount	Up to 90% of the property value
Processing Fees	Up to Rs. 3000 + GST
Prepayment/Foreclosure charges	Nil
Max Tenure	30 years
Rate packages available	Variable rate

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Housing Finance Home Loan Offers

Housing Finance offers a variety of home loans that can be used for a wide range of purposes, from purchasing land to constructing or renovating a house. Here are the major loan schemes:

• Apna Ghar Yojana/Individual Housing Loan
  • Interest Rate ranging 7.90% p.a. onwards.
  • Can be used to buy new/old property or construct a house
  • Maximum loan of 90% of the value of the property
• Composite Loans
  • Can be used to purchase land and construct a house
  • Maximum loan of 60% of the property's registered value
  • Variable interest rate that depends on CIBIL score
• Repair and Renovation Loan
  • Can be used for repair and renovation of your house
  • Loans in the range of Rs.5 lakh to Rs.15 lakh can be availed
  • Can be availed by both new and existing customers
• Home Extension Loan
  • Can be used for the addition of more space to your house
  • Loans in the range between Rs.1 lakh to Rs.7.5 lakh can be availed
  • Only existing customers can avail this loan
• Affordable Home Loans
  • Can be availed by salaried individuals, professionals, and businessmen
  • Maximum loan amount is Rs.20 lakh in rural areas and Rs.28 lakh in urban areas
  • The interest rate will depend on your CIBIL score

Housing Finance Home Loan EMI Calculator to Know Your EMI

You can use the home loan EMI Calculator tool available on the BankBazaar website to calculate the equated monthly instalments (EMIs) you need to pay towards the repayment of your loan. Calculating the EMI is important to assess your affordability to repay the loan and to plan your monthly finances in a better manner.
To calculate the EMI, you will just need to enter the loan amount, tenure, and the interest rate on the tool. On doing that your EMI will be calculated and shown to you, along with the total interest payable and total amount payable on the loan.

Eligibility Criteria for Housing Finance Home Loan

The eligibility for availing the various home loans from Housing Finance will depend on the type of loan the information of which can be found by contacting its nearest branch.

Documents Required for Housing Finance Home Loan Application

You are required to provide the following documents to avail a home loan from Housing Finance:

Identity Proof	PAN card/Passport/ Driving license/Voter ID card/Aadhar Card
Residence Proof	Utility Bills such as telephone, electricity bill, water bills, postpaid mobile bill etc./Ration card/ Rent Agreement/Letter from employer/Bank statement /copy of Passbook reflecting the address
Income Proof	Salaried applicants - Salary certificate or 12 months' salary slips and 6 months bank statements Professionals - Qualification certificate, previous 3 years Income Tax Returns (ITRs), VAT/Service Tax/TDS Certificate/GST Returns, Profit and Loss account for past 3 years, audited balance sheet, and last 12 months bank statement Businessmen - Past 3 years ITRs with income computation, 12 months' bank statement, Profit and Loss account for past 3 years, audited balance sheet, and VAT/Service Tax/TDS Certificate/GST Returns
Property Documents	Agreement of Sale, Allotment letter from builder, NOC from builder, Registration and stamp duty receipt, Own Contribution Receipt (OCR), Development Agreement, all builder linked documents, Partnership Deed, Tripartite Agreement, Sale Deed, NA order, Title Search Report, and Occupancy Certificate

FAQs on Housing Finance Home Loan

• Do I get additional benefits on availing a home loan from Housing Finance?
  Yes. On availing any home loan from Housing Finance, you will receive additional benefits of free accidental death insurance, free property insurance, and life insurance.
• Will I get any tax benefits on Housing Finance home loan?
  Yes, you will be entitled to receive tax benefits under Section 24 and Section 80C of the Income Tax Act. A maximum deduction of Rs.1.5 lakh from the income can be availed.
• Through what modes can I repay my loan?
  You can repay your loan through National Automated Clearing House (NACH)/Electronic Clearing Service (ECS) by giving standing instructions to your bank. You can also repay your loan through post-dated cheques (PDCs) drawn on your savings/salary account.
• What is the maximum repayment tenure on the loan availed under PMAY?
  The loan availed under PMAY needs to be repaid in a maximum of 20 years.
• Can I do a balance transfer on my home loan availed from another lender?
  Yes, Housing Finance allows you to transfer your loan balance from another lender to HFL at competitive interest rates.

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