Indiabulls Housing Finance Home Loan Interest rates in Tirunelveli
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 Tirunelveli
Features of Indiabulls Housing Finance Home Loan Tirunelveli
| 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 Tirunelveli 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
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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 Tirunelveli
Tirunelveli, fondly called as 'Nellai Mavattam' by the Tamil speaking population living all over the world, is an important district located in the southerly corner of the state of Tamil Nadu. The fifth largest territorial dominion in the state in terms of area,
Tirunelveli was originally constituted by the East India Company during the year 1790. The urban centre of Tirunelveli is the central office of the Tirunelveli district. Tirunelveli or Nellai, is a 2000 year old city. It grew into prominence during the Pandyan Regime and served as their capital for some time.
Places To Be Visited In Tirunelveli
Nellaiappar Temple
The origins of the temple dedicated to the Hindu deity Shiva are found in the ancient texts of the Puranas. The gopuram ofNellaiappar Temple is said to be built by Muluthukanda Rama Pandiyan and the rest of the Nindraseer Nedumaran. The two temples were linked in 1647 AD by Thiru Vadamalaiappa Pillaiyan by building the chain Mandapam. The Dravidian architecture is well exemplified in this temple and the musical pillars are one of the amazing aspects of the design aesthetics of the temple.
Sankaranarayanan Koil (Sankarankovil)
The Sankaranarayanan koil is a temple dedicated to the Hindu deity Lord Shiva and is said to be 900 years old. The main deity here is the Sankaranarayanan which is a combined form of Shiva and Vishnu. The gopuram is a massive dome which is 135 feet high and has 9 tiers.
Papanasam
The small town of Papanasam is one of the most popular picnic spots in Tirunelveli. Large acres of lush green paddy fields surround the town and the town is a home to 108 types of medicinal herbs that are not found anywhere in the world. The various dams, rivers and waterfalls here are considered to be major tourist attractions and are a home to several species of migratory birds.
Kuttralam
Known as the Spa of Southern India,Kuttralam is located at the Western Ghats. A number of perennial rivers originate from this area and thus provide the town with a vast array of flora and fauna. The various waterfalls that are located in the area attract a huge number of tourists each year and visiting during the months between January till April is considered the best.
Mundanthurai Tiger Reserve
The second largest protected reserve forest in Tamil Nadu, Mundanthurai Tiger Reserve spreads across an area of 895 square kilometers at an elevation of 1,800 meters above sea levels at the Western Ghats. The sanctuary is home to a wide variety of flora and fauna including several species of endemic plants, fish, birds, amphibians, reptiles and mammals. Also the Mundanthurai Tiger Reserve as the name suggests is a major habitat of the Royal Bengal Tiger.