Edelweiss Home Loan Interest rates in Ahmedabad
Edelweiss Home Loan Floating interest Rates
| Up To 2,00,00,000 | |
|---|---|
| Salaried | 10.50% |
| Self Employed | 10.90% |
| Women | 10.50% |
Loan To Value (LTV) For Edelweiss Home Loan in Ahmedabad
| Up To 2,00,00,000 | |
|---|---|
| Salaried | 85.00% |
| Self Employed | 85.00% |
| Women | 85.00% |
Features of Edelweiss Home Loan Ahmedabad
| Type | Features |
|---|---|
| Processing Fee | Upto 2.0% |
| Pre Closure Charges | Nil |
| Part Payment Charges | Nil |
| Min Tenure | 5 Years |
| Max Tenure | 30 Years |
| Min Age | 21 Years |
| Max Age | 60 Years |
Edelweiss Home Loan Ahmedabad Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | 24% per annum |
| Duplicate Statement Charges | NA |
| Insurance Cover | NA |
| Inspection Charges | NA |
| Legal Opinion Valuation Charges | NA |
| Validity Of Sanction | NA |
| Cheque Swapping Charges | Rs.500/- |
| Bounce Cheque Charges | Rs.500/- |
| Issue Duplicate Provisional Interest Certificate | NA |
| Issue Duplicate Interest Certificate | NA |
| Duplicate Balance Certificate | NA |
| Issue Amortization Schedule Duplicate | NA |
| Switch Variable To Fixed | NA |
| Switch Fixed To Variable | NA |
| Photocopy Documents | NA |
Documentation For Home Loan
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
Edelweiss Home Loan FAQ's
What is an EMI?
Equated Monthly Installment (EMI) is the amount payable to the Lending institution every month till the Loan is paid back in full. The EMI consists of Principal and Interest components.
What is a Pre-EMI?
Pre-EMI consists of only Interest on the disbursed loan amount and is payable monthly till commencement of EMI. In cases of partial disbursement customer pays Pre-EMI until full disbursement.
When does the payment of EMI commence?
Customer starts paying the EMI from the month following the month in which the loan amount was fully disbursed.
What are the different interest rate options offered by Edelweiss Housing Finance Limited (EHFL)/ECL Finance Limited (ECL)?
"The interest rate options are: • Variable: The rate of interest changes with the change in market lending rate • Fixed: The rate of interest is fixed for the tenure of the loan."
What is a Monthly Reducing balance?
Every month the principal component of the EMI is reduced from the Outstanding loan amount. The interest is charged on the outstanding loan amount.
What is an amortization schedule?
An amortization schedule is a tabular representation of monthly installments and reduction in outstanding loan amount during the tenure of the loan.
For what purpose can I avail a loan from EHFL/ECL?
"EHFL/ECL provides loans for: • Purchase of House/Flat/Commercial property from a builder • Purchase of House/Flat/Commercial property in resale • Transfer of Outstanding loan from other financiers "
What are the eligibility criteria for a Housing Loan?
"To avail a Home Loan from EHFL/ECL, you must be • A Resident Indian • Above 21 years at the commencement of the loan • Below 65/ retirement age at the time of maturity "
How much loan amount am I eligible for?
Your loan eligibility will be determined by EHFL/ECL on the basis of factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history to ensure easy repayment for you in the future. The loan eligibility will be subject to the value of property selected by you.
Can I enhance my eligibility?
"Yes. To increase income you can do any of the following • Include an immediate relative with an income as a co-applicant • Include income from other sources (Rental, Business, etc.)"
When can I apply for a loan?
You can apply for a loan even before the purchase of the property. A loan amount will be sanctioned to you base on the above mentioned eligibility criteria. The loan amount will be subject to the value of the property, when you select one.
What is the maximum Tenure of the Loan?
Maximum tenure of the loan is 25 years, subject to eligibility norms.
What security/collateral do I have to provide?
"The security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances. Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to EHFL/ECL of life insurance policies, the surrender value of which is at least equal to the loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other investments that are acceptable to EHFL/ECL. "
What are the modes of payment of EMI?
"The following mode of payment is available: • Electronic Clearance System (ECS)"
Can I repay my loan ahead of schedule?
Yes. There are no charges applicable for full or part prepayment of Home loans. For other loans the charges levied and the amount that can be pre-paid are subject to Edelweiss policy .
Does EHFL/ECL fund/assist Life/Property insurance?
"Yes. EHFL will assist you in finding the insurance policy suited to your needs. EHFL will also fund the insurance premium, subject to eligibility criteria. The premium amount will be part of the loan disbursed and will be amortized over the tenure of the loan."
What are the Tax benefits of Home loans?
"Both principal as well as interest of home loans attract tax benefits. With effect from 1st April 2005 (i.e. assessment year 2006-07) under section 24(b) and 80C of the Income Tax Act 1961. Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium etc up to a maximum of Rs 1,00,000/- will be eligible for deduction from gross income u/s 80C of Income Tax Act 1961. For self occupied - Income will be treated as nil and interest payment upto Rs. 1,50,000/- will be treated as minus income which will be adjusted against other income under section 24(b) of the Income Tax Act 1961. For rental property - It will be adjusted against rental income Interest paid on loan before completion of construction will be allowed as deduction from income at 20% per year for the next five years. "
About Edelweiss
Edelweiss Highlights
About Other Banks
Bajaj Finserv
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
Fullerton
TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Indiabulls Housing Finance
Religare Finvest
Yes Bank
Canara Bank
Bank of Baroda
Home Loan Can Be Used For Many Purposes Like Below
Why Home Loans?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Interest Rates
Other Benefits
Facts about Home Loans
The Banks/Financial Institutes takes care about the following, when you apply for a Home Loan.
Home Loan Vs Mortgage Loans
| Home Loans | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Ahmedabad
Ahmedabad is the largest city and former capital of Gujarat, which is a state in India,it is located on the banks of the Sabarmati River. Ahmedabad is also known as Amdavad by fellow Amdavadis and population of more than 6.3 million and an extended population of 7.8 million, it is the sixth largest city and seventh largest metropolitan area of India. In Ahmedabad Cricket is a popular sport in Ahmedabad, which houses the 54,000-seat Sardar Patel Stadium.
Ahmedabad begins in the eleventh century with the Solanki King Karandev I, ruler of Anhilwara. He waged a war against the Bhil King Ashapall or Ashaval and after his victory established a city called Karnavati on the banks of the Sabarmati at site of modern Ahmedabad. The history of Ahmedabad dates back to 15th century when it was known as Karnavati after the name of the King Karandev, the ruler of the place. Later when Sultan Ahmed Shah, medieval ruler of Gujarat, conquered the place it was renamed as Ahmedabad. The city was spacious and built to the east of Sabarmati. There is a fort known as Bhadra Fort which is enclosed by 12 gates.
Other Cities Loan Offers
Places To Be Visited In Ahmedabad
Sabarmati Ashram
This ashram was Gandhi's headquarters during the long struggle for Indian independence. His ashram was founded in 1915 and still makes handicraft, handmade paper and spinning wheels. Gandhi's spartan living quarter are preserved as a small museum and there is a pictorial record of the major events in his life.
Jama Masjid
The Jama Masjid, built in 1423 by Ahmed Shah, is beside Mahatma Gandhi Rd, to the east of the Teen Darwaja. Although 260 columns support the roof, the two 'shaking' minarets lost half their height in the great earthquake of 1819, and another tremor in 1957 completed their demolition. Much of this early Ahmedabad mosque was built using items salvaged from the demolished Hindu and Jain temples. It is said that a large black slab by the main arch is actually the base of a Jain idol, buried upside down for the Muslim faithful to tread on.
Hathee Singh Jain Temple
Hathee Singh Jain Temple was built outside Delhi Gate in 1850 by a rich Jain Merchant. This is the best known of Ahmedabad's many ornate Jain Temples. Built of pure white marble and profusely decorated with rich carvings, the Hathee Singh Temple is dedicated to Dharamanath.
Nal Sarovar Bird Sanctuary
54 km away and connected the the city, the sanctuary offers a pleasant trip. The sanctuary mainly comprises a lake and marshes where you can see flamingos, pelicans, ducks, geese, cranes, storks, ibises, spoonbills, wading birds, kingfishers, swallows, fishing eagles, osprey, harriers and falcons in great numbers.
Dada Hari Vav
Dada Hari Vav is well was built to provide cool resting place and water. The stepped well is one the finest example of Gujarati architecture. Even on the hottest days the well is cool. This well was built in 1501. It has a flight of steps leading down to lower and lower platform terminating at a small, octagonal well.
Rani Sipri's Mosque
This small mosque outh-east of the city is also known as the Masjid-e-Nagira (Jewel of a Mosque) because of its extremely graceful and well-executed design. Its slender minarets again blend Hindu and Islamic style. The mosque is said to have been commissioned in 1514 by the wife of Sultan Mahmud Begada after he executed their son for some minor misdemeanour and she is in fact buried here.