Edelweiss Home Loan Interest rates in Chandigarh
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 Chandigarh
| Up To 2,00,00,000 | |
|---|---|
| Salaried | 85.00% |
| Self Employed | 85.00% |
| Women | 85.00% |
Features of Edelweiss Home Loan Chandigarh
| 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 Chandigarh 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. "
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DHFL
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IDBI Bank
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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 Chandigarh
Chandigarh is a city and the capital of india states of Haryana and Punjab. It is situated in the foot of Shivalik hills.The city Chandigarh is located in western side of river Gaggar is one of the fastest growing city with a population decadal growth rate of 40.30%. The construction of capital city of joint Punjab was started in early 50s.
The City Chandigarh was declared a Union Territory in the year 1966 with joint capital of both the states of Punjab and Haryana. and Shimla National highway. The Chandigarh Administration has set up a Rajiv Gandhi I.T. Park nearby village Kishangarh where in many MNCs have shown interest to set up their I.T. Industries.
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Places To Be Visited In Chandigarh
Rock Garden
The name refers to a sculpture garden located near Sukhna Lake. The Rock garden is also known by the name Nek Chand’s Rock Garden after its founder. Nek Chand was a former government official who started cultivating this garden secretly in his spare time. He kept it hidden from the government authorities for 18 years, till 1975. The garden features several interlinked causeways that run along the waterfalls of the Sukhna Lake and is landscaped with pottery and sculptures of dancers, animals and musicians.
Rose Garden
Spread over 30 acres the Zakir Hussain Rose Garden is the largest botanical garden in Asia that is dedicated to roses. The garden is named after Zakir Hussain the former President of India. Apart from roses the garden also features several verities of medicinal herbs.
ChattBir Zoo
Also known as the Mahendra Chaudhry Zoological Park, the zoo houses a huge number of exotic and wild animals, birds and reptiles. The thing to watch out for at this zoo is the famous lion safari.
Le Corbusier Centre
The office was named after and used by the Swiss-French architect Le Corbusier. Le Corbusier used the building as his office during the time he was commissioned to plan the city of Chandigarh. The center has now been converted into a museum dedicated to the architect and displays the life and times of Le Corbusier.
Mohali Cricket Stadium
The home of the IPL team Kings XI Punjab, the Mohali cricket stadium is the seat of the Punjab Cricket Association. The stadium was established in 1993 and took 3 years to complete. The stadium has been a venue to many local and international matches in India and has been a favorite venue of the cricket fans in India.
International Dolls Museum
The Dolls museum of Chandigarh contains dolls and puppets from over 25 different countries. The museum was established in 1985 and is managed by the Indian council of Child welfare. The prime attraction of the museum is the Indian section and the toy train.