Features of Indiabulls Housing Finance Mortgage Loan
| Type | Features |
|---|---|
| Processing Fee | Upto 1.5% |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 23 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.15,00,000/- |
| Max Loan Amount | Rs.10,00,00,000/- |
Indiabulls Housing Finance Mortgage Loan Charges
| Type | Charges |
|---|---|
| Penal Interest | 24% Per Annum |
| Duplicate Statement Charges | Rs.200/- |
| Photocopy Documents | Rs.500/- |
Documentation For Mortgage 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 Mortgage Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Mortgage Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Mortgage 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)
Income Proof For Mortgage 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
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Indiabulls Housing Finance Mortgage Loan FAQ's
When can you apply for a Loan Against Property?
LAP (Loan against property) can be applied for if you are in need of funds for your business or personal use and possess property
Why should one take a Loan Against Property?
A consistent upswing in the property prices makes it the ideal asset to capitalize for business expansion or personal needs. Since OD/CC loans claim monthly EMI, the liability carries on for an indefinite period; where as in LAP one pays regular EMI and reduces the burden in an organized manner.
What are the loan tenure options?
IBHFL offers LAP up to a maximum of 15 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 a monthly basis.
Who can be the co-applicants for the loan?
"Your spouse Any blood relative (immediate family members) Also co-owner of the property has to necessarily be a co-applicant for the loan. "
What is the security/ collateral one needs to provide?
Any immovable property owned by the applicant. The applicant's title to the property should be clear, marketable and free from any encumbrance. 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 is the advantage of LAP over PL/Unsecured Loans?
LAP is usually a property backed loan with a high quantum of loan, whereas unsecured/PL is mostly an unsecured loan with low quantum. Tenure offered in LAP vis a vis unsecured/PL is higher which reduces the EMI burden and repayment can be made in a longer term. Furthermore, the interest rate is generally lower in LAP loans than in PL loans.
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 Balance transfer cases it will be favoring existing financer, for self-consumption cases it will be favoring the borrower."
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. IBHFL works on the 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.
What is an EMI?
You repay your loan in Equated Monthly Installments (EMIs) comprising of principal and interest. Repayment by EMI commences from the month after you take full disbursement.
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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Things Keep In Mind While Avail a Mortgage Loan
A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.
Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.
Type of Collateral You Are Offering
Principal And Interest
The principal is simply the sum of money you borrowed on mortgage.
Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.
Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.
Factors That Affect your Loan Interest Rates
Expert Advice
Best Practices for Mortgage Loan
Things not to do for Mortgage Loan
Mortgage Loans Vs Lease Rental Discounting
| Lease Rental Discounting | Mortgage Loan |
|---|---|
| Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. | Mortgage loans will be provided based on already owned property. |
| There is no restriction on LRD loan usage. It can be used for any purpose. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. | Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. | 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. |
| Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). | Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. | 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 based on the internal policies of the banks for Lease Rental Discounting (LRD). | Part/Prepayment will be allowed as per bank internal policies for Mortgage loans. |
| Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . | 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 Lease Rental Discounting (LRD). | Top up facility will be varying from bank to bank internal guidelines. |