Indiabulls Housing Finance Home Loan Interest rates in Mumbai
Indiabulls Housing Finance Home Loan Floating interest Rates
| Up To 75,00,000 | 75,00,000 Above | |
|---|---|---|
| Salaried | 8.95% | 9.00% |
Loan To Value (LTV) For Indiabulls Housing Finance Home Loan in Mumbai
Features of Indiabulls Housing Finance Home Loan Mumbai
| Type | Features |
|---|---|
| Processing Fee | Upto 1.0% |
| Pre Closure Charges | Nil |
| Part Payment Charges | Nil |
| Min Tenure | 5 Years |
| Max Tenure | 30 Years |
| Min Age | 21 Years |
| Max Age | 60 Years |
Indiabulls Housing Finance Home Loan Mumbai Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | 24% per Annum |
| Duplicate Statement Charges | Rs.200/- |
| Insurance Cover | NA |
| Inspection Charges | NA |
| Legal Opinion Valuation Charges | NA |
| Validity Of Sanction | NA |
| Cheque Swapping Charges | Nil |
| Bounce Cheque Charges | Rs.250/- |
| Issue Duplicate Provisional Interest Certificate | Nil |
| Issue Duplicate Interest Certificate | Nil |
| Duplicate Balance Certificate | Nil |
| Issue Amortization Schedule Duplicate | Rs.200/- |
| 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)
Indiabulls Housing Finance Home Loan FAQ's
When can you apply for a loan?
When can you apply for a loan? The moment you decide to buy a home, you can put in your application for a Home Loan with Indiabulls Housing Finance Ltd. You can apply for a Home Loan even before you have finalized the property. The loan amount would be sanctioned or approved, based on your repayment capability.
What are the loan tenure options?
IHFL offers Home loan up to 30 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.
How is the interest charged/ calculated?
Interest is calculated on monthly rest.
Who can be the co-applicants for the loan?
"• Your spouse • Any of your blood relative (immediate family members) • Also co-owner has to be necessarily co-applicant in the loan. "
What are the securities/ collaterals you need to provide?
Immovable property owned by the applicants. The applicant's title to the property should be clear, marketable and free from any encumbrances. The security created on property shall be first and exclusive. Such security will be created by deposit of original title documents of the said property.
What are the stages involved while taking a loan?
Application submission - Submit a completely filled in application with all the necessary documents. Sanction - You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property. Disbursement is done on the basis of nature of transaction. For resale, disbursal instrument is made favoring the seller, For Balance transfer cases it will be favoring existing financer, for self construction cases it will be on the basis of stage of construction favoring the borrower. It will be in favoring of the builder for builder direct x construction favoring the borrower. It will be in favoring of the builder for builder direct allotment cases.
What are the various kind of loans extended?
"Loan for home purchase - Loan for Residential plot and self construction - Loan for Home extension/Improvement - Balance Transfer from other banks - Loan for builders properties - Loan Against Property"
What is a Monthly Reducing Balance?
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan. IHFL works on Monthly Rests basis.
What is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.
Can you get IT certificates in the name of both the applicant and co-applicant separately?
As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.
When is the IT certificate issued?
You can request for a provisional IT certificate that can be issued any time during the course of the year.
What kind of Tax Benefit does an individual get while applying for a Home Loan?
Many of us have taken home loans / mortgages to buy our house. One of the most important motivators for availing a housing loan is the income-tax benefit that it provides. If you have availed a home loan, you can claim tax benefits on both the principal and interest components of the home loan as per the Income Tax Act. These benefits are in the form of deductions available to assesses who have taken a loan to either buy a house or build one. You can reduce your tax liability by a maximum of Rs.6250 per month (Rs.75000 p.a.) (for self occupied property) Under section 80,repayment of principal of up to Rs.1 lac is deductible in full from your income which means you can save tax up to a maximum of Rs.30,000 p.a. on principal. Similarly under section 24 of the Income Tax Act, interest is deductible up to a maximum of Rs.1.5 lac. Thus, this leads to an additional saving of a maximum of Rs.45000 p.a
What are the types of rate of interests offered?
Fixed and Floating.
What is EMI?
You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.
What is Pre Emi?
Pre EMI is the Interest paid on the Loan Amount availed in part and before the start of the actual EMI. This generally occures in Self Construction or Construction Stage Linked Disbursals. The EMI doesn't get started till the loan is disbursed in full and hence interst is charged on partially disbursed loan amount only which is Pre EMI.
About Indiabulls Housing Finance
The Indiabulls Group has a net worth of Rs. 15,332 Cr. as of 30 June, 15 and is one of the top dividend paying groups amongst the Indian listed promoter owned group/companies.
Indiabulls Housing Finance Highlights
About Other Banks
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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
Edelweiss
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 Mumbai
Mumbai, which was previously known as Bombay is a major metropolitan city of India. It is the state capital of Maharashtra . Mumbai city is known as the business capital of India, it being the country's principal financial and communications centre. The city has the largest and the busiest port handling India's foreign trade and a major Interntional airport. India's largest Stock Exchange which ranks as the third largest in the world, is situated in Mumbai. Here, trading of stocks is carried out in billions of rupees everyday.
Historic All India Congress Committee session was started on 7th of August 1942 at Gowala Tank Maidan. Mahatma Gandhi gave 'Quit India' call at this session. British arrested the Indian leaders soon afterwards but the momentum of the Quit India movement could not be stopped and led to the final withdrawal of the British on 15 August 1947.After independence, the state of Bombay was split into Maharashtra and Gujarat states in 1960 on linguistic basis, while the former retaining Bombay city as its capital.
Other Cities Loan Offers
Places To Be Visited In Mumbai
Gateway of India
Mumbai's most recognized monument, the Gateway of India, was constructed to commemorate the visit of King George V and Queen Mary to the city. It's also a popular place to start exploring Mumbai. These days the atmosphere around the monument resembles a circus at times, with numerous vendors peddling everything from balloons to Indian tea.
Heritage Buildings
Mumbai has some captivating heritage buildings where you can marvel over staggering examples of intricate colonial architecture. Some of the best are the Gothic looking Prince of Wales Museumin the Kala Ghoda art precinct, Victoria Terminus (CST) railway station, the Bombay High Court and the buildings of Horniman Circle in the Fort area. The feature of Horniman Circle is its huge gardens, which provide a welcome respite from the hustle and bustle of the city. Also have a wander past the historic 18th century homes in Khotachiwadi village.
Haji Ali
The imposing Haji Ali is both a mosque and tomb. It was built in 1431 by wealthy Muslim merchant and Sufi saint Pir Haji Ali Shah Bukhari, who was inspired to change the course of his life after going to Mecca. It also contains his body. Situated in the middle of the ocean, Haji Ali is only accessible during low tide from a narrow, 500 yard long walkway.
Caves and National Park
In contrast to its millions of inhabitants and sprawling development, Mumbai surprisingly also has a national parklocated within its limits and the many ancient Buddhist caves, which have been hand carved into volcanic rock there. More caves, dedicated to the Hindu Lord Shiva, can also be found on Elephanta Island.
Juhu and Marine Drive Chowpatty Beaches
The Juhu Beach in Mumbai is one of the most famous Indian beaches.It is located approximately 18 km from the city center and is a desired location for most film shootings.
Kala Ghoda Art Precinct
Kala Ghoda, meaning "Black Horse" in reference to a statue that was once located there, is Mumbai's cultural center. This crescent-shaped stretch is home to Mumbai's best art galleries and museums. It's also filled with cultural spaces, including some wonderful pavement galleries.