Edelweiss Home Loan Interest rates in Pune
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 Pune
| Up To 2,00,00,000 | |
|---|---|
| Salaried | 85.00% |
| Self Employed | 85.00% |
| Women | 85.00% |
Features of Edelweiss Home Loan Pune
| 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 Pune 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 Pune
Pune is the the second largest city in the Indian state of Maharashtra and the ninth most populous city in the country. Situated Deccan plateau on the right bank of the Mutha river, Pune is the 7th ranking industrial metro of India at present. Infact Kothrud has achieved a place in the Guinness book of world records for having the fastest urban growth rate, and one of the most important IT hubs in India. Pune is known for its educational facilities and relative prosperity. Being the cultural capital of Maharashtra,
Pune became popular with the rise of Maratha ruler Shivaji. He spent his early childhood in Pune at Lal Mahal, a palace built by his father Shahaji, where Shivaji's mother Jijabai lived for a decade. Aurangazeb's uncle, Shahistekhan was defeated at Lal Mahal by Shivaji.Aurangazeb named Pune as Muhiyabad after the death of Shivaji in 1680. Pune again gained importance during the period of the second Peshwa Thorala (senior) Bajirao who ruled from 1720 to 1740.
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Places To Be Visited In Pune
Western Ghat
During monsoon the western ghat enhances its beauty. At that time, all red brown terrain changes into a deep, bright green with dense rain clouds hanging from the sides. The option for trekking is also available.
Lonavala
Lonavala is best weekend destination for people of Maharashtra. Lonavala is situated in Pune district of Maharashtra. It is about 64 km away from the city ofPune, 96 km away from the city ofMumbai. Here you will get the mesmerized view. Lonavla Lake is surrounded by natural scenery, about 1.6 km from the town.
Darshan Museum
Darshan Museum is a biographical museum that offers an insight into the life and therefore the teachings of Sadhu Vaswani. The museum is built on a space of 10000 sq. feet; on the first floor of the Sadhu Vaswani Mission Building.
Bhuleshwar Temple
Bhuleshwar Temple is a hindu temple of Shiva, situated around 45km from Pune it is a historical Temple in Pune.The temple is situated on a hill and was built in the 13th century.The temple is unique as its architecture is Islamic from outside and appears more as a mosque than a temple due to its resemblance of circular tomb and minarets.
Rajmachi
Clad in history and ancient tales, the quaint village of Rajmachi is also among the best places to near Pune in monsoon. Located around 78km from the city limits, this hamlet is embraced by the enchanting charm of the Sahyadri Mountains and the historic Rajmachi Fort serving as the main attraction.With the fortified Shrivardhan and Manaranjan forts as the fortified structures, a trek to Rajmachi Fort is a must for the adrenaline junkies.
Lavasa
Located around 57km from Pune's city limits, Lavasa or the first private planned city in India is a heaven for the nature lovers. Cossetted with stunning hills and evergreen pastures, this hill city spreads around 25,000 acres and is known for its peaceful ambience, serenity and gorgeousness andmake it to this beautiful hill city and explore its grandiosity on a jovial segway ride. Navigate through the quaint lanes of Lavas, ride steadily through its opulent beauty and discover the charm and appeal of Lavasa.