Home Loan

Indiabulls Housing Finance Limited is one of the most preferred emerging NBFC brand in housing finance segment. The tagline of “Ghar aa jao” says it all about their absorption on Indian household and the dreams attached with their own house. The products are not only designed to meet the requirement of customer from every possible segment in Indian market, but also offer best in class facilities.

 

IndiaBulls Home Loan


Indiabulls Home Loan Features & Eligibility:
 

  • The Indiabulls Housing Finance Limited home loan offers one of the highest Loans to value (LTV) ratio in Indian market. For loan amount up to 30 lakhs, Indiabulls offer loan amount up to 90% of the market value of the property. For loan amount above 30 lakhs and up to 75 lakhs, a maximum of 80% of the property value is offered as loan amount. This includes the cost of the land as well.
  • The tenor is offered as maximum of 30 years subject to the retirement age of the borrower.
  • Customers can apply for an Indiabulls Housing Finance Limited home loan either singly or jointly known as co-applicant. Co-applicants could be either spouse, parents, son or daughter or even siblings. Having a co-applicant in Indiabulls Housing Finance Limited home loan allows a higher loan eligibility amount and mitigates the risk of any default payment.
  • Floating interest rate makes the Indiabulls Housing Finance Limited home loan more striking. This ensures that customer shall reap all the benefit if the benchmark interest rate changes in future depending on prevailing market conditions.This however don’t apply on the loan disbursal amount. Any change in the interest rate shall impact only the interest component in the EMI amount.
  • Customer may apply for an Indiabulls home loan even before they have selected the property.
  • State of the art Online facility and other value add services makes the Indiabulls Housing Finance Limited home loan process more transparent and viable
  • Online access to check eligibility, calculate EMI and tax benefit.

 

Purpose

Potential borrowers may seeks to avail Indiabulls Housing Finance Home loan for the following:
 

  • Purchase of New or existing flat, bungalow or Independent houses from either any property developers or free hold properties.
  • Construction of house on existing land already owned by the customer.
  • Purchase of new plot and construction on the same thereafter.
  • Extension or renovation of existing property.

Indiabulls Home Loan Rate of Interest

Indiabulls Home Loan Interest Rates

Loan Amount

Variable rates%

Up to Rs.30 lakhs

8.35%

Between Rs.30 lakhs and Rs. 75 lakhs

8.50%

Above Rs. 75 lakhs

8.70%

 

 

Fixed & Floating

Fixed Rate Tenure

Rates%*

Loan Amount

Up to and including Rs.75 lakhs

Up to 10 Years

9.95% to 10.90%

More than Rs.75 lakhs & Up to 150 Lakhs

10.10% to 11.10%

More than Rs.150 lakhs

10.40% to 11.75%


*After the completion of Fixed Rate Tenure, the rate of interest applicable on loan will be the prevailing Variable Rate of Interest basis the Margin adjusted to Reference Rates at the time of loan agreement execution

 


Fees & Charges:


Processing Fees
 

Loan Amount

Charges

Up to Rs.28 lakhs

Up to Rs.10,000

Rs.28.01 lakhs to Over Rs.50 lakhs

Up to 0.50%

Over Rs.50 lakhs

0.50% to 1.00%


 

Prepayment Charges For Individuals
 

  • The charges for any home loan in name of individuals.

  • No Charges for part of full payments for loan on floating rate of interest, irrespective of source of funds.

  • No charges for part of full payment for loan on dual (Fixed+Floating) interest rate, however this implies only post conversion of the loan from fixed to floating rate of interest

  • Nil charges Prepayment or full payment on loans during fixed interest rate tenure when the same is paid off from own source of fund. The own source shall be considered as any source except borrowing from any other lender.

  • For cases wherein the loan is being paid either partially or fully during fixed interest rate tenure from any other source (such as balance transfer etc.), a charge of 2% on the principal amount paid shall be levied.

 

Prepayment Charges For Non-individuals
 

  • The prepayment charges for any home loans sanctioned wherein either one or all borrowers are non-individual. The charges mentioned below are applicable for both floating as well as dual (fixed+ floating) rate of interest loans.

  • Nil charges for up to 25 % of the principal amount outstanding post 12 months of loan sanction

  • For any amount exceeding 25 % of principal amount outstanding, a charge of 2% shall be applicable on the exceeding amount. This shall include all sums up of all pre-payment amount made within last 12 months.
  • Any Prepayment or full payment made within 12 months of loan sanction shall imply charge of 2 % + service tax

 

Interest Rate Switch Over Charges
 

  • Customers in Indiabulls have the option to switch the interest rate spread from floating to fixed or vice-a –versa. However there shall be specific charges applied on it.

  • No charges are applicable on undisbursed loan amount out of the total sanction loan amount.

  • For fully disbursed loan, the switch fee shall be 0.5% on the principal outstanding (POS).

  • For loan amount less than or equal to 25 lakh, the maximum switch charge collection can be up to Rs.5000/-
  • Borrowers can either reduce the due EMI while keeping the tenure unchanged OR keep the EMI same and reduce the remaining tenure. Alternately, both the tenure and EMI may be changed if the borrower so desires.

 

Other Fees & Charges
 

Nature of Charges

Charges

Legal Opinion Charges, SRO Search Charges, ROC Search Charges ,Non-Encumbrance Certificate from SRO charges

NIL, included in the loan Processing fee

Transaction Handling charges in Balance Transfer / Resale Home Loans

Rs.2500/-

Technical Valuation charges

NIL, included in the Processing fee

PDC / ECS Dishonor Charges

Rs.250/- (Home Loans) 

 

Nil on Representation of ECS / PDC

Late Payment Charges

24% per Annum of Outstanding EMI

PDC/ECS Swapping charges

NIL

Retrieval charges for Copies of loan /property document in IB custody

Emailing of Scan Copies: NIL

 

Physical copies with IB attestation: Rs.500/-

Charges for Statement Of Account / Amortization Schedule

Rs.200/-

Registration Charges for Borrowers’ ECS Mandate (Indiabulls home loan repayment)

NIL

Income Tax Certificate in Home Loans

NIL

Charges for Certified True Copies of Title Deeds from SRO, if applicable.

As per Actual

Stamping charges of loan Agreement

Actual, subject to state laws-where fixed charges irrespective of loan amount: provided by IB-where ad-valorem charges as a function of loan amount: to be procured by borrower directly.

Stamping charges of other legal documents like Indemnity Bond, Legal Undertakings, Legal Affidavits, Personal Guarantee Bond, Power of Attorney for NRI Home Loans etc.

As per Actual, subject to state laws-to be procured by borrower directly

Original property documents retrieval for specific activity like production at SRO or Development Authority (on borrower request)

Rs.5000/-

Database Admin Fee

Rs.650/- (inclusive of service tax)

Indiabulls NRI Home Loan

India bulls concede the hard working Indian across every geographical venues. To make it more appreciative, Home loans are offered to Non Resident Indian in two specific location with considerable Indian Populations.


Indiabulls Housing Finance Home loan for Dubai Based NRI

An all-inclusive product intended for Indian based in Dubai, who reverie of having a house in their mother country. With various value add aspects, Indiabulls Housing Finance Limited makes the experience of loan application a pleasing and hassle free.
 

The Major advantage of Indiabulls Housing Finance home loan for Dubai based NRI are:
 

Home Loan is offered to NRIs for every need irrespective of property type and for both - new property or resale property.

  • Most competitive rate of interest
  • Doorstep service for quick and hassle free loan processing.
  • Provision of loan sanction prior to finalization of property
  • 5000+ pre-approved projects across every locations India.
  • Safe document storage (ISO Certified) for all original property documents.
  • Portability option to Transfer loan with reduced interest rates and EMI’s
  • No pre-payment / foreclosure charges on Indiabulls home loans.
  • A maximum Loan Value of up to 85% of the market value of the property if the loan amount is up to Rs.30 lakhs. For loan amount above Rs.30 lakhs and up to Rs.75 lakhs, the loan value is 80% and for loans above Rs.75 lakhs, it is 75% respectively.
  • The tenure of offered in home loan for NRI up to 30 years.
  • Provision of EMI deduction from NRE/NRO account
  • Loan for Every Need: Home in Resale / Home from Builder/ Residential plot purchase/ Construction loan

 

Home Loan for UK Based NRI
An all-inclusive product intended for Indian based in United Kingdom, who reverie of having a house in their mother country. With various values add aspects, Indiabulls Housing Finance Limited makes the experience of loan application a pleasing and hassle free.
 

The Major advantage of home loan in India Bulls for UK based NRI are:

  • Home Loan is offered to NRIs for every need irrespective of property type and for both - New property or resale property.
  • Most competitive rate of interest
  • Doorstep service for quick and hassle free processing.
  • Provision of loan sanction prior to finalization of property
  • 5000+ pre-approved projects across every locations India.
  • Safe document storage (ISO Certified) for all original property documents.
  • Portability option to Transfer loan with reduced interest rates and EMI’s
  • No pre-payment / foreclosure charges on Indiabulls home loans.
  • A maximum Loan Value of up to 85% of the market value of the property if the loan amount is up to Rs.30 lakhs. For loan amount above Rs.30 lakhs and up to Rs.75 lakhs, the loan value is 80% and for loans above Rs.75 lakhs, it is 75% respectively.
  • The tenure of offered in home loan for NRI up to 30 years.
  • Provision of EMI deduction from NRE/NRO account
  • Loan for Every Need: Home in Resale / Home from Builder/ Residential plot purchase/ Construction loan

Documentation for Indiabulls Home Loans

Prospective customers are required to submit their personal, financial and property related documents in order to process the home loan. Below is the list of documents required;
 

Resident Individual Customers

  • Duly filled and signed application form.
  • Processing fee cheque.
  • KYC documents such as Name & date of birth proof, address proof, signature proof, identity proof such as Aadhar Card, Voter ID Card
  • Income documents for salaried individuals Salary slips, Form 16 and bank statement
  • Income documents for a self-employed: ITRs with financial statements, Bank statement.
  • Property related documents

 

Non Resident Individual customers

  • Application Form
  • Duly filled and signed by all applicants
  • One colored passport-size photograph of all applicants (signed across)
  • Processing fee cheque 
  • KYC Documents
  • Passport Copy of self as well as spouse
  • Visa copy of self as well as spouse
  • PAN card copy of self as well as spouse
  • Labor Card / Work Permit / Official Identity Card of self as well as spouse
  • Address proof of applicants (Indian residence address Proof) e.g. Rent agreements, utility bill, etc
  • Emirates ID Card copy
  • Overseas Tenancy Contract copy
  • Financial Documents 

 

Additional Documents for Salaried Individuals

  • Latest Original Salary Certificate / Latest 3 months salary slip
  • Latest 6 months bank statement reflecting regular salary credits  (Should be in original or attested by Bank at least three months)
  • Indian bank statement (NRE/ NRO a/c) for latest 6 months(operating A/c)
  • Other Related Documents (As Applicable)
  • Sanction letters of all running loans / statement of accounts of all running loans
  • Latest 6 months repayment track
  • Copy of complete chain of property docs if available

Most Important Terms & Conditions

  • Interest is calculated on monthly basis on reducing balance.
  • Co-applicant could be spouse, any of blood relative (immediate family members). Co-owner has to be necessarily co-applicant in the loan, however co-applicant are not necessarily the co-owner.
  • The immovable property is accepted as the security/ collateral in the home loan. Customers should ensure the property they have proposed to buy should be free from any litigation or impediment. The ownership structure should be clear and no previous loan has been obtained on the same property from any lender.
  • Only one consolidated certificate shall be issued in the name of both applicants and co-applicants for Income tax rebate purpose.
  • Pre- EMI shall be charges on the partial disbursement which is a general case in self construction or Construction Stage Linked Disbursals.
  • Rate of interest switch features is applicable only to borrower with proven track records with nil EMI/PEMI bouncing under normal banking of ECS/PDC in the preceding six months from the date of application for switch.
  • Keeping the residual tenor unchanged OR keep EMI unchanged, borrowers have the option to reduce his EMI and thereby reducing his residual tenor. He can also opt to change both tenure and EMI within the band as per convenience.

 

Online Loan Tools

Paisabazaar.com has come up with state of the art online facilities to ensure a pleasant and hassle free processing of home loans for any and every prospective customer. The various tools of online calculation and online application available at Paisabazaar.com include the following;

Check home loan Eligibility online

Check Eligibility

The very first thing that comes to the mind of any person who wants to avail a home loan is that how much I can get. At Indiabulls this has been taken care of. The Online eligibility checker disseminates any dilemma in customer’s mind before applying the loan.


One has to login to Paisabazaar.com website and check the loan eligibility which is available by filling in the personal, occupational and income details online.


This amount is however indicative only and the final eligibility is derived basis computation of various other factors such as such as age, Source of Income, Qualifications , Dependents , Past payment history , current asset and liabilities , additional source of income such as spouse’s income etc.

Home Loan EMI Calculator

EMI calculator allows the prospective borrower to decide and calculate EMI for Indiabulls Housing Finance home loan he can bear while applying for the loan.


One has to login to Paisabazaar.com website and follow the below mentioned steps:
 

  • Go to tools
  • Select EMI calculator
  • Fill up the details of desired loan such as amount, tenor, ROI etc.
  • Click on submit
  • A new page opens and the EMI amount appears.
  • Instant Online approval
  • This is one of its kind tool to cut down on the processing time of the loan. While customer has to fill up his personal, financial and property details, the loan is pre-approved before submission of actual papers.

Home Loan TAX Benefit

  • Post availing the Indiabulls Housing Finance home loan, customer can reap the benefit of tax saving under Section 24 of the Income Tax Act & Section 80C of the Income Tax Act.
     
  • Section 24 of the Income Tax Act
     
  • Customer availing home loan from Indiabulls can get the benefit of tax saving on Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. Rs 2,00,000 is the maximum amount eligible for deduction in the case of self-occupied property and for rented out property there is no limit of amount of deduction
     
  • Section 80C of the Income Tax Act;
     
  • Under this section of Income tax rules, customer can get a maximum Rs.1,50,000 deduction from the Income, on repayment of principal during a financial year. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assesse is also considered under this amount.

List of Pre-Approved Projects
 

Indiabulls Housing Finance Limited being one the largest lender of housing finance, has collaboration with numerous project and builder. This brings dual advantage for the loan seeker in Indiabulls. On one hand the credibility of builder is hence proven with an iota of doubt and for the customer, the loan is processed a much simpler way since the project are pre-approved.

Applying for Indiabulls housing loan

Desirous applicants may apply for Indiabulls Housing Finance home loans through Paisabazaar.com website which allows easy loan application process and enables faster disbursal of the Indiabulls Housing Finance home loan. Various other online tools, as mentioned earlier, also help to make the home loan application and Indiabulls Housing Finance home loan disbursal process an easy and faster method.

Frequently Asked Questions (FAQs)

1. When is the home loan from Indiabulls available?
A. Applicants can apply for a home loan from Indiabulls whenever they decide to buy or construct a house property for residential purposes. Indiabulls Pre-approved loan is also available which approves a specified limit of loan allowable to an applicant even before the applicant has finalized the house property intended to be financed using the loan amount. The company, thus, sanctions or approves the allowable limit of Indiabulls Housing Finance home loan amount based on the applicant’s repayment ability and allows for the grant of pre-approved home loans


2. What are the purposes for which an Indiabulls Home Loan can be used?
A. The homes loan available at Indiabulls Housing Finance can be used for multiple housing related requirements like:

  • Purchasing a house property
  • Purchasing a residential plot for self-constructing a house property
  • Carrying out extensions or improvement to an existing house
  • Transferring of home loans availed from other banks or financial institutions

 

3. What are the other types of home loans available at Indiabulls Housing Finance Limited?
A. Besides home loans, Indiabulls offers loan for builder properties and loan against property


4. What is the Indiabulls Housing Finance home loan eligibility for Indiabulls housing loans?

A. Salaried individuals, self-employed individuals both professional and non-professional and NRIs can apply for a home loan from Indiabulls Housing Finance Limited. Moreover, one can apply for a home loan from Indiabulls either individually or jointly with co-applicants


5. Who can act as co-applicant for Indiabulls Ltd. home loans?
A. Along with the applicant, his or her spouse or any immediate family members who are blood relatives can act as co-applicants of the Indiabulls Ltd. home loans. Moreover, if a house property is to be co-owner by more than one individual, all the co-owners would have to act as co-applicants for the home loan


6. How much home loan can one avail under the home loan schemes of Indiabulls Housing Finance Limited?

A. Indiabulls Housing Finance offers home loans to the tune of 75% to 85% of the value of the property depending on the estimated absolute value of the property. The maximum amount of loans offered by Indiabulls Housing Finance in absolute terms is Rs.75 lakhs


7. What is the loan repayment tenure granted to repay the home loans from Indiabulls Housing Finance Limited?

A. Indiabulls Home Loans come with a loan tenure extending up to 30 years subject to the condition that the age of the applicant should not cross 65 years within the loan tenure or the applicant should not retire within the tenure


8. Does the Indiabulls home loan require any security or collateral for being sanctioned?

A. Yes, the Indiabulls housing loans come with security requirements and are secured loans. Any immovable property owned by the applicant would act as the security. The applicant’s title to the property should be free, clear, marketable and unambiguous. The bank’s security created on the property should be first and also exclusive. The security would be created by depositing the original title documents of the property to the bank


9. What types of Indiabulls housing finance limited home loan interest rates are offered on the Indiabulls home loan?

A. Home loan can be taken either at a floating rate of interest or at a fixed rate of interest depending on the applicant’s choice.


10. What is the concept of pre EMI under the Home loan?

A. In case of Indiabulls home loans availed for self-construction or for properties which are under construction, the loan amount is disbursed in tranches. The Indiabulls Housing Finance home loan EMI starts after the final disbursement of the loan tranche. However, before the final disbursal is made and after the first disbursal is made, the applicant is required to pay the Indiabulls home loans interest rate on the amount of loan actually disbursed. This payment of the interest is called a pre EMI.

Indiabulls Home Loan
(3.7/5 ) 3 Reviews
Home LoanHome Loan
3/5

Decent services

I could borrow money to buy a new house in India at a very low interest rate. IndiaBulls helped me really well to get my loan approvals. I applied for my loan scheme online and it got approved really quickly. Very good but I am eagerly waiting for my..Read more...

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Posted on: Jan 5 , 2017
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4/5

Lowest EMI scheme

I borrowed home loan to buy a new house at Kolkata and IndiaBulls approved my request at 9.10% p.a. only. My loan has no processing fees or pre closure charges applicable. Their agents are also very helpful who helped me throughout to get my loan sch..Read more...

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Posted on: Jan 4 , 2017
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4/5

Best home loan schemes

This company has the fastest approvals for home loan request. Very good NBFC that provides loan schemes at an interest rate of 10.60% p.a. only. I am very happy with my loan scheme, however I am still waiting for my disbursal amount to quickly buy my..Read more...

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Posted on: Jan 4 , 2017
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