Home Loan

Purpose of availing Home Loan
You can avail of a home loan for ready built-up or under construction house/flat purchase, extension or renovation.

Home Loan Eligibility:
You can avail a Home Loan of up to ₹ 10,00,000 (minimum loan amount 1 lac) but not exceeding 80% of the cost of property (including stamp duty and registration fees) or 75% of market value, whichever is lower. The loan amount can be further enhanced by including an earning co-applicant.

The actual Home loan amount is determined taking into various account factors such as:

  • Repayment capacity
  • Age
  • Educational qualifications
  • Stability and continuity of income
  • Number of dependents
  • Co-applicant’s income
  • Assets
  • Liabilities
  • Saving habits, and more

Maximum Tenure Period for Home Loan: Up to 12 years
The tenure of your Home Loan ranges from 5 to 12 years. The term however does not extend beyond the retirement age or 60 years whichever is earlier.

NERHFC understands the value of your hard earned money. With tenure of 12 years, you can reduce the EMI amount on your Home Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards.

Home Loan Interest Rates:
The Interest rate ranges from 13.00% to 16.50% based on money market conditions.

Home Loan Processing Fees:
This is charged as the fee towards processing your home loan application. In case of salaried individuals (SAL) it is 1.5% of the loan amount, whereas for Self-employed Professionals / Non Professionals (SEP / SENP) it is charged at 2% of the loan amount, plus Service Tax and Cess as applicable.

Easy Repayments:
You have 2 options for repayment of the loan based on the EMIs payable on your Home Loan:

  • Through ECS (Electronic Clearing Service) based on standing instructions to your bank.
  • PDCs (Post Dated Cheques) drawn on your Savings/Salary account.

Easy Documentation for your Home Loans:
For processing your home loan application, we’re required to adhere to certain documentation procedures. To enable us to speedily process your home loan application, we will require the following:

  • KYC (Know Your Customer) documents.
  • Proof of Income documents and bank statements as per log-in checklist.
  • Property related documents.

Home Loan Tax Benefits
Get Maximum Tax benefit under Home Loan scheme. As per Indian IT Rules, the current applicable exemption u/s 24 is ₹ 1.5 lacs for the interest amount paid in a financial year and up to ₹ 1 lac for the Principal amount repaid in the same year. Thus up to ₹ 2.5 lacs is tax exempt, helping you save up to ₹ 70,000 tax annually.

Fill in the Enquiry Form alongside, our Representative will get in touch with you to help you through the entire home loan process. Your dream home is within reach. Get ready to move in!