Indiabulls Housing Finance

Indiabulls Housing Finance Limited is India’s second largest housing finance company and is considered as the most preferred NBFC brand nationwide. IBHFL’s tagline of “Ab 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 a customer from every possible segment in the Indian market but also offer best-in-class features and services.

Indiabulls Housing Finance Home Loan Features

• The Indiabulls Housing Finance Limited home loan offers one of the highest Loans to value (LTV) ratio in the 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 a loan amount. This includes the cost of the land as well.
• The tenor is offered upto 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.
• The 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 added services makes the Indiabulls Housing Finance Limited home loan process more transparent and viable
• Online access to check Indiabulls home loan eligibility, calculate EMI and tax benefit.

Purpose of Loan

Potential borrowers may seek 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 freehold properties.
• Construction of a house on existing land already owned by the customer.
• Purchase of new plot and construction on the same thereafter.
• Extension or renovation of an existing property.

Indiabulls Home Loan Rate of Interest

*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.

Indiabulls Home Loan Processing Fees & Charges:

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

Prepayment Charges For Individuals:

• No charges for part of full payment of the loan on floating rate of interest, irrespective of the source of funds.
• No charges for part or full payment of 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 on prepayment or full payment of 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-individuals. 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 the principal amount outstanding, a charge of 2% shall be applicable on the exceeding amount. This shall include a sum-up of all pre-payment amount made within the last 12 months.
• Any Prepayment or full payment made within 12 months of loan sanction shall imply a charge of 2% + GST.

Interest Rate Switch Over Charges:

• Customers of Indiabulls have the option to switch the interest rate spread from floating to fixed or vice  However there shall be additional charges applied on it.
• No charges are applicable on loan amount yet to be disbursed 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 lakhs, 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.

Indiabulls Home Loan Other Fees & Charges

Indiabulls NRI Home Loan

Indiabulls concede the Indians across almost every geographical locations. To make it more appreciative, home loans are offered to Non-Resident Indian in two specific locations with considerable Indian population which are Dubai and the United Kingdom. Some key home loan features related to the home loan offer for these nations are discussed below:

Indiabulls Home loan for Dubai Based NRIs

An all-inclusive product intended for Indians 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 pleasing and hassle-free.

The major advantages of Indiabulls Housing Finance home loan for Dubai based NRIs are:

• Home Loan is offered to NRIs for every need irrespective of property type and for both – new 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 location in 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 offered in home loan for NRI is up to 30 years.
• Provision of EMI deduction from NRE/ NRO account is also available.
• Loan for Every Need: Home in Resale / Home from Builder/ Residential plot purchase / Construction loan.

Indiabulls Home Loan for UK Based NRIs

An all-inclusive product intended for Indian based in United Kingdom, who plan or desire of having a house in their own country. With various values add aspects, Indiabulls Housing Finance Limited makes the experience of loan application pleasing and hassle-free.

Key features and benefits of home loan for UK based NRI are as follows:

• 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 location in 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 offered in home loan for NRI is 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.

Documents Required for Indiabulls NRI Home Loan

Prospective customers are required to submit their personal, financial and property related documents to process their 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 Full name and date of birth proof, address proof, signature proof, identity proof, such as Aadhaar Card, Voter ID Card
• Income documents for salaried individuals like salary slips, Form 16 and bank statement
• Income documents for a self-employed: ITRs with financial statements, bank statement
• and property related documents.

Non Resident Individual customers

• Application Form
• Duly filled and signed by all applicants
• One coloured passport-size photograph of all applicants (signed across)
• Processing fee cheque
• KYC Documents:

1. Passport Copy of self as well as spouse
2. Visa copy of self as well as spouse
3. PAN card copy of self as well as spouse
4. Labor Card / Work Permit / Official Identity Card of self as well as spouse
5. Address proof of applicants (Indian residence address Proof) e.g. rent agreements, utility bill, etc
6. Emirates ID Card copy

• Overseas Tenancy Contract copy
• Financial Documents

Additional Documents for Salaried Individuals

• Latest Original Salary Certificate / Latest 3 months salary slips
• 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 account) for the latest 6 months(operating account)
• 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

Important Terms and Conditions:

• Indiabulls home loan Interest rates is calculated on a 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 is 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 charged on the partial disbursement which is a general case in self-construction or Construction Stage Linked Disbursals.
• Rate of interest switch feature is applicable only to a borrower with a proven track record of 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 their EMI and thereby reducing their residual tenor. He can also opt to change both tenure and EMI within the band as per convenience.

Indiabulls Home Loan News

Indiabulls Home Loan Rates Hiked by 20 Basis Points 

As on August 4, 2018, Indiabulls Housing Finance has increased 20 basis points in the interest rates for home loans. Post this revision, the home loan interest rates worth upto Rs 35 Lakhs will be from 8.70% onwards. Indiabulls Housing Finance said, “The revised rate of interest on new home loans for women applicants/co-applicants will now start at 8.70 per cent for loans of up to Rs 35 lakh and 8.80 per cent onwards for loans above Rs 35 lakh.

Indiabulls Housing Finance Increase Home Loan Interest Rates by 20 bps

Indiabulls Housing Finance Ltd. has increased the home loan interest rate by 20 bps or by 0.20%. The revised home loan rates for women co-applicant will be 8.80% for loans upto Rs. 35 lakhs and 8.95% onwards for above Rs. 35 lakhs. Recently, Indiabulls Housing Finance increased the lowest slab from Rs. 30 Lakhs to Rs. 35 lakhs. Indiabulls Housing Finance has already received the rating of ‘AAA’ from all four leading rating agencies. As per IBHFL “The increase in lending rates reflects the rise in the cost of funds,”. Revised interest rates will be effective from Tuesday, 9th Oct 2018 onwards.

Indiabulls Home Loan Eligibility 

The very first thing that comes to the mind of any person who wants to avail a home loan is 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 for the loan.

One can login to Paisabazaar.com website and check the home loan eligibility which is calculated 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 age, source of income, qualifications, dependents, past payment history, current asset and liabilities, and an additional source of income, such as spouse’s income etc.

Home Loan EMI Calculator for Indiabulls

Home Loan 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 the desired loan such as amount, tenor, ROI etc.
• Click on submit
• A new page opens and the EMI amount appears.

Home Loan Tax Benefit for Indiabulls Home Loan

Post availing the Indiabulls Housing Finance home loan, customer can reap the benefit of home loan tax saving under Section 24 of the Income Tax Act & Section 80C of the Income Tax Act.

1) Section 24 of the Income Tax Act

Customers 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 the property. They become entitled to a deduction. Rs 2,00,000, which is the maximum amount eligible for deduction in the case of self-occupied property. However, for rented out property there is no limit on the amount of deduction

2) 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 assessee is also considered under this amount.

List of Pre-Approved Projects

Indiabulls Housing Finance Limited has collaboration with numerous projects and builders. This brings dual advantage for the loan seekers with Indiabulls. On one hand, the credibility of a builder is proved without an iota of doubt and for the customer, the loan is processed in a much simpler way since the projects are pre-approved.

How to Apply for Indiabulls Housing Loan

Interested 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)

• When arethe Indiabulls home loans available?

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.

• What are the purposes for which an Indiabulls home loan can be used?

The home loans 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.
• What are the other types of home loans available at Indiabulls Housing Finance Limited?

Besides home loans, Indiabulls offers loan for builder properties and loan against property

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

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.

• Who can act as co-applicant for Indiabulls home loans?

Along with the applicant, his/her spouse or any immediate family members who are blood relatives can act as co-applicants. Moreover, if house property is to be co-owned by more than one individual, all the co-owners would have to act as co-applicants for the home loan.

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

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.

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

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.

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

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.

• What types of home loan interest rates are offered by Indiabulls Housing Finance?

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.

• What is the concept of Pre–EMI under the home loan?

In case of Indiabulls home loans availed for self-construction or for properties which are under construction, the loan amount is disbursed in portions. The Indiabulls Housing Finance home loan EMI starts after the final disbursement of the loan portions. 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.