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 to 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 EMIs.

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.

Usually, this takes 2 – 10 working days for processing an application from sanction to disbursement. This depends on the documents submitted. The documents should be clear and indicate a marketable title to the property, including proof that the borrower’s contribution has been paid or utilized upfront.

The loan may be disbursed in full or in suitable instalments depending on the requirement of funds and progress of construction as assessed by HHF.

If the property has been identified, the basic documents that should be submitted include:

• Approved plan/layout
• Agreement for sale/construction (as applicable)
• Parent document copies / originals wherever applicable
• Original title deeds
• Encumbrance Certificate for the last 15 years with the record of transactions
• Revenue records like Patta, Chitta, Adangal, Town Survey Extracts, property tax receipts

Once these are verified, the company may ask one to furnish further documents if required to establish clear and marketable title.

The maximum period over which a loan can be repaid depends on:

• The borrower category
• Age of the borrower
• Purpose for which the loan is sought

• New Property Loan
• Resale Home Loan
• Home Extension Loans
• Home Improvement Loans
• Composite Loans
• Balance Transfer & Top up
• Self-Construction Loan
• The loans will be extended for properties which are duly approved by the competent authority.

EMI or Equated Monthly Installment 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.

Salaried: Minimum Age limit: 21 years

Maximum:  retirement age at the time of loan maturity

Self-Employed: Minimum Age limit: 21 Years

Maximum:  not more than 65 years of age at the time of maturity of the loan.

Minimum: 2 Years of work experience for salaried individuals.

Minimum: 3 Years of business continuity for Self-Employed

Minimum: 10,000/- per month for salaried individuals.

Minimum: 1.20 lakhs for self–employed per annum.

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
Plot Loans upto 75% of the cost / value of the property whichever is lower

EMI can be paid through Electronic Clearance System (ECS) or Auto debit with select banks.

The interest rate offered by us is a floating (variable) 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.

Based on the type and quantum of loan, interest rates vary. For Housing Loans, the rates start from 13.50% to 14.50%.

The loan will be disbursed, once

1. All necessary documents to establish clear and marketable title are submitted,
2. Sufficient progress in construction that is proportionate to the own contribution is evident,
3. Loan agreements executed and
4. Conditions, if any, are applicable.

Any Indian national whether employed or self employed can apply for a loan.

Yes. We have branches spread across entire India, the details of which are available in our website or can be obtained from our branches.

Yes, the property must be insured against natural hazards and the lending institution will be the beneficiary of the insurance policy.

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.

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.

Below are the basic documents required while applying :

Salaried

• Proof of Identity, Address, Age
• Bank statements for the last six months
• Last three months Salary slips / Salary Certificate
• Form16 – Income-tax deduction certificate issued by the Employer

Self – employed+

• Proof of Identity, Address, Age
• Business profile
• Income Tax Returns and Tax paid challan for the last three years
• Profit & Loss Account and Balance Sheet for the last three years
• Bank Statements for the last six months

*No Formal Income Proof needed

On checking these basic documents, if further documents are needed, they must be furnished.

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.

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.

Loans will be given to individuals & Non Individuals

Maximum of 4 incomes can be clubbed.

Income of the individual applicant/co-applicant can be clubbed.

Non-individual entities (Partnership Firms, Private & Public Limited companies) cannot be the main applicant or owner of the property. We can take 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.

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.

Salaried Individuals: Any individual who is in permanent service & paid in monetary terms not in kind (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
Note: Non Resident Indian funding is not permitted.

Non-Individual Entities:

Partnership Firms, Private & Public Limited Companies.

Note: Non-individual 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.

A co-applicant(s) can be co-owner(s) of the property for which the loan is sought. However, all co-applicant(s) need not be co-owners. Relatives as agreed by the Company can join as co-applicant(s) and usually are husband, wife, father, son, mother, daughter, etc.

Non-individual entities (Partnership Firms, Private & Public Limited companies) cannot be the main applicant or the owner of property. We can take such entities as co-applicants on the loan.

The registration for mortgage depends on the laws of the state in which the loan is availed. This can vary quite a bit.

For instance in Tamilnadu, for Housing Loans, Memorandum confirming Deposit of Title deeds (MOTD) on requisite stamp paper has to be registered with the concerned Sub Registrar’s office (SRO).

When it comes to states like Kerala and Andhra Pradesh, the procedure for all housing loans is that a Simple Mortgage Deed has to be registered in the concerned SRO.

In Karnataka, for housing loans, MOTD is required to be submitted in requisite stamp paper.