Loan can be applied before or after selection of property. You can apply for a home loan even before you have finalized the property. The loan amounts are sanctioned in principle to let buyers know what maximum loan amount they can afford as per their repaying capacity. The disbursements are done verification of required documents and completion of specific procedures.
No guarantor is required. One can have one or more co-applicants who can be spouse, parents, son and brother in case of joint business and residing together. A co-applicant is/are the co-oweners of the property which is being offered as collateral/security to the loan. However, all co-applicants need not be co-owners.
About 15 working days subject to proper documentation provided by the applicant
Both fixed and floating interest options are available which are calculated on the basis of monthly rest. The floating (variable) rates are based on prime lending rate (PLR) of FIHFC.
FIHFC offers home loans upto INR 5 crores and for a maximum tenure of 30 years
|1||Processing Fee/ Charges||Up to 3% of the loan amount|
|For Loan amount less than or equal to INR 1 Mio||INR 2500|
|For Loan amount > INR 1 Mio and <=2.5 Mio||INR 3500|
|For Loan amount > INR 2.5 Mio and <=5 Mio||INR 4500|
|For Loan amount > 5 Mio||INR 6000|
|3||Documentation Fees (Only for disbursed cases)|
|Loan Amount <= INR 2.5 Mio||INR 1500|
|Loan Amount > INR 2.5 Mio||INR 3000|
|4||Stamp Fees and Charges (if applicable)||At applicable rate as per state laws. In stamping done by FIHFC then additional 5% ( of stamping amount)service fee will be levied|
|5||Rate of Interest Conversion Fee||An amount not exceeding 0.5% of the outstanding principal amount|
|6||Cheque / ECS / DDM/NACH bounce charges||INR 500|
|7||Swap charges for any modification to any repayment||INR 600/- per swap instance|
|8||CERSAI Charges (Non Refundable)|
|For Loans up to INR 5 Lakhs (for an original filing and for modification)||INR 400/-|
|For Loans above INR 5 Lakhs (for an original filing and for modification)||INR 650/-|
|9||Prepayment Charges (in part or full)|
|Individual Borrowers (Primary and co-borrowers) under Floating rate of Interest||No prepayment charges shall be payable for partial/full prepayment|
|Non individual borrowers (Primary and /or co-borrower)||0-12 MOB : 7% of the prepaid loan amount|
|>12 MOB : 5% of the prepaid loan amount|
|Semi Fixed rate of interest loan||For individual borrowers (Primary and co-borrowers): 7% of the prepaid loan amount till the fixed rate tenor and no prepayment charges thereafter|
|For Non-Individual borrowers (Primary and/or co-borrower) : 7% of the prepaid loan amount would be applicable for the fixed rate tenor of the loan and 5% of the prepaid loan amount thereafter|
|Fixed Rate (Full tenor)||0-60 MOB : 7% of the prepaid loan amount|
|>60 MOB : 5% of the prepaid loan amount|
|9||Penal Interest||Upto 2 % per month of overdue EMI from the relevant due date until the date of actual payment / rectification of default.|
|10||Part disbursal/ per tranche fee||INR 600|
|11||Duplicate Statement of Account/Loan Agreement/NOC||INR 300|
|12||Charges for photocopy of original title deeds of Property||INR 1000|
|13||Collection of Cheque/Cash (per collection)||INR 500|
|14||Taxes & Levies||All the charges indicated above or elsewhere in the Loan Agreement shall be exclusive of all taxes and statutory levies as may be applicable from time to time on same including without limitation to service tax and cesses thereon.|
EMI, which stands for equated monthly installment, is the monthly amount payments made towards a loan. EMI payments include contributions towards both principal and interest on the loan amount. The interest component constitutes the major portion of the EMI payment in the initial stages. As the loan progresses along the tenure, the portion of interest repayment reduces and contribution towards the principal repayment increases.
Pre-EMI is the interest paid on the loan amount availed in part and before the start of actual EMI. This mainly occurs in self contruction or construction stage linked disbursals. The EMI starts only post full disbursal and hence, interest is charged on partially disbursed loan amount which is called as pre-EMI.
A resident individual can avail tax benefit on both the interest and principal amount of loan repaid during the year. Under the Income Tax Act, the applicable maximum exemption limits are as follows:
As per Income Tax rules, only one certificate can be issued for a home loan. Hence, one certificate can be issued in the name of both the applicant and co-applicant.
IT certificate will be issued at the end of a financial year.
You can request for a provisional income tax ceritifcate that can be issued during the course of the year.
One can either apply on a website and we will get back to you or visit any of FIHFC branches.