Edelweiss Home Loan
Last Updated : March 25, 2017, 12:24 p.m.
Edelweiss Home Loan
Edelweiss Housing Finance Private Limited, an Edelweiss Group company, offers a broad suite of home finance products that can meet varying financing requirements. Be it for the purchase of a new/used home, home renovation or home extension, the company thrives on offering customized products to suit the taste of customers. The key point is the low-interest rate of 10.5%-10.9% per annum, much lower than many NBFCs that charge around 12%-16% interest rate on a home loan. Moreover, the no foreclosure charges on floating rate home loan is like an icing on the cake for home buyers. So, why are you letting the opportunity go by? Cling-on it by getting yourself acquainted with Edelweiss Home Loan.
Edelweiss Home Loan Interest Rates
| Particulars | Details |
|---|---|
| Interest Rate | Upto Rs. 30,00,000-10.5% Rs. 30,00,001-75,00,000-10.75% Rs. 75,00,001-1,50,00,000-10.9% (Floating) 11% (Fixed) |
| Maximum Loan Amount | Above 1.5 Cr |
| Maximum Loan Tenure | 25 Years |
| Processing Fee | Upto 0.25% of the loan amount plus service tax as applicable |
| Types of Loan | Both Fixed and Floating |
| Prepayment Charges | NIL for floating rate loan |
| Foreclosure Charges | NIL for floating rate loan |
Factors Affecting Home Loan Interest Rates
Quantum of Finance – The interest rate on a home loan at Edelweiss is greatly affected by the amount of loan that you are looking for. If the loan amount is higher, then the interest rate will be lower.
Income -The next thing that facilitates in the fixing of a interest rate by Edelweiss on a home loan is the income of an individual. More income at the disposal means the offering of lower rate home loan by the housing finance company.
Workplace – At Edelweiss, you would get a home loan at a lower rate if you are working in a company, which is in the list of companies where the housing finance firm lends.
Age – As they say start early, similarly you must plan your dream home at the very beginning of your professional life. Suppose you kicked off your employee or entrepreneur life at the age of 22 years. Then, the best time for you to apply for a loan would be 28-30 years as you could expect to earn a decent amount by that time. Plus, with around 30 years left before your retirement will only boost your eligibility for a home loan at Edelweiss. So, don’t waste your time and get started earlier.
Property Value- Edelweiss provides home loan upto 70%-80% of the property value. So, negotiate with the property developer in such a way that you get a loan in the range of agreed price between you and the former. If the loan amount is lower than the agreed price, then you will need extra cash from your side to finance the purchase. You can either do it on your own or borrow from the relatives, family members or friends.
Location of Property- Your home loan eligibility is also dependent upon the location of the property that you want to purchase. You need to make sure that the property is not located in an area categorized as negative by Edelweiss. Else, the loan application may get denied.
Authority Approval- Your property must bear the legal attestation of the competent property development authority so that the loan gets through the approval process seamlessly. However, if the property lacks the same, the loan approval may just not be the possibility.
Job Stability- If you are a salaried professional, then you must have worked for a period of atleast 2-3 years to get your home loan application approved by Edelweiss.
Business Continuity- Self-employed and people belonging to other business classes must remain in the business for atleast 3 years in their bid to get the loan pass the approval test.
Edelweiss Home Loan Eligibility Calculator
Want to know the home loan amount eligibility at Edelweiss? Start using Edelweiss Home Loan Eligibility Calculator , which will ascertain the amount that you are eligible to receive. All that calculator requires is the savings that you do each month. Assume you work in a firm and take home a salary of say ₹ 23,000 and save around ₹ 10,000 each month. What will be your loan amount eligibility? Edelweiss will first calculate per lakh EMI based on your savings and then come up with a loan amount offer. Check out the calculation of per lakh EMI for a tenure of 20 years.
Amount- ₹ 1,00,000
Rate of Interest-10.5%-10.9%
Tenure-20 Years
Per Lakh EMI- ₹ 998-1,025
Loan Amount Eligibility- ₹ 1,00,000 x savings/per lac EMI
= ₹ 1,00,000 x 10,000/998= ₹ 10.02 Lacs
= ₹ 1,00,000 x 10,000/1,025= ₹ 9.75 Lacs
So, the loan amount eligibility will be ₹ 9.75 Lacs-10.02 Lacs
Edelweiss Home Loan EMI Calculator
After eligibility calculator, let’s get down to study the functioning of EMI calculator . EMI, which stands for Equated Monthly Installment, is the summation of interest and principal amount that will go out of your pocket each month towards the loan. If you wish to take a loan of ₹ 20 Lacs from Edelweiss for a tenure of 20 years, then what will be the EMI? It will be ₹ 19,968-20,508 at a prevailing interest rate of 10.5%-10.9% per annum. Wanna check out EMI in different loan tenures ranging upto 20 years on the same loan amount at the same interest rate? See the table below.
Table Showing EMIs, Interest and Total Amount Payable on a Home Loan of ₹ 20 Lacs at 10.50%-10.90% Interest Rate for Different Loan Periods Upto 20 Years
| Loan Amount (in Rs.) | Loan Tenure (in years) | Interest Rate (p.a.) | EMI (in Rs.) | Interest Amount (in Rs.) | Total Amount (Principal+Interest) (in Rs.) |
|---|---|---|---|---|---|
| 20,00,000 | 5 | 10.50%-10.90% | 42,988-43,385 | 5,79,268-6,03,110 | 25,79,268-26,03,110 |
| 20,00,000 | 6 | 10.50%-10.90% | 37,558-37,966 | 7,04,172-7,33,538 | 27,04,172-27,33,538 |
| 20,00,000 | 7 | 10.50%-10.90% | 33,721-34,140 | 8,32,593-8,67,744 | 28,32,593-28,67,744 |
| 20,00,000 | 8 | 10.50%-10.90% | 30,880-31,309 | 9,64,483-10,05,672 | 29,64,483-30,05,672 |
| 20,00,000 | 9 | 10.50%-10.90% | 28,702-29,141 | 10,99,786-11,47,257 | 30,99,786-31,47,257 |
| 20,00,000 | 10 | 10.50%-10.90% | 26,987-27,437 | 12,38,440-12,92,430 | 32,38,440-32,92,430 |
| 20,00,000 | 11 | 10.50%-10.90% | 25,609-26,069 | 13,80,377-14,41,110 | 33,80,377-34,41,110 |
| 20,00,000 | 12 | 10.50%-10.90% | 24,483-24,953 | 15,25,525-15,93,216 | 35,25,525-35,93,216 |
| 20,00,000 | 13 | 10.50%-10.90% | 23,550-24,030 | 16,73,806-17,48,658 | 36,73,806-37,48,658 |
| 20,00,000 | 14 | 10.50%-10.90% | 22,769-23,258 | 18,25,138-19,07,342 | 38,25,138-39,07,342 |
| 20,00,000 | 15 | 10.50%-10.90% | 22,108-22,607 | 19,79,436-20,69,172 | 39,79,436-40,69,172 |
| 20,00,000 | 16 | 10.50%-10.90% | 21,545-22,052 | 21,36,611-22,34,045 | 41,36,611-42,34,045 |
| 20,00,000 | 17 | 10.50%-10.90% | 21,062-21,578 | 22,96,571-24,01,859 | 42,96,571-44,01,859 |
| 20,00,000 | 18 | 10.50%-10.90% | 20,645-21,169 | 24,59,224-25,72,508 | 44,59,224-45,72,508 |
| 20,00,000 | 19 | 10.50%-10.90% | 20,283-20,815 | 26,24,473-27,45,884 | 46,24,473-47,45,884 |
| 20,00,000 | 20 | 10.50%-10.90% | 19,968-20,508 | 27,92,223-29,21,879 | 47,92,223-49,21,879 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance (in Rs.) |
|---|---|---|---|
| 1 | 31,083 | 2,08,533 | 19,68,917 |
| 2 | 34,509 | 2,05,107 | 19,34,408 |
| 3 | 38,311 | 2,01,305 | 18,96,097 |
| 4 | 42,537 | 1,97,079 | 18,53,560 |
| 5 | 47,221 | 1,92,395 | 18,06,339 |
| 6 | 52,426 | 1,87,190 | 17,53,913 |
| 7 | 58,203 | 1,81,413 | 16,95,710 |
| 8 | 64,618 | 1,74,998 | 16,31,092 |
| 9 | 71,740 | 1,67,876 | 15,59,352 |
| 10 | 79,644 | 1,59,972 | 14,79,708 |
| 11 | 88,422 | 1,51,194 | 13,91,286 |
| 12 | 98,165 | 1,41,451 | 12,93,121 |
| 13 | 1,08,983 | 1,30,633 | 11,84,138 |
| 14 | 1,20,994 | 1,18,622 | 10,63,144 |
| 15 | 1,34,327 | 1,05,289 | 9,28,817 |
| 16 | 1,49,132 | 90,484 | 7,79,685 |
| 17 | 1,65,567 | 74,049 | 6,14,118 |
| 18 | 1,83,812 | 55,804 | 4,30,306 |
| 19 | 2,04,069 | 35,547 | 2,26,237 |
| 20 | 2,26,407 | 13,056 | 0 |
Documentation
| Proofs | Salaried | Self-employed |
|---|---|---|
| Duly Filled Application Form | Applicable | Applicable |
| Age Proof | Passport/Voter ID/ Driving License/PAN Card/Aadhar Card | Passport/Voter ID/ Driving License/PAN Card/Aadhar Card |
| Address Proof | Passport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 months | Passport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 months |
| Income Proof | Latest Salary Slip or Salary Certificate, Form 16 | Latest 3 ITRs of both Personal and Business Along with the Computation of Income, Duly Certified Balance Sheet and Profit & Loss Account for latest 3 Years, Advance Tax Challans |
Edelweiss Home Loan Application Form
You can apply by either visiting the website of Edelweiss Housing Finance or at the branch of the housing finance firm. If you apply online, then you will have to fill in an application form asking you to mention details on your identity, address, income and others. The firm, if find you eligible for a home loan, will send an executive to visit the property that you look to buy. Based on his/her verification and the existing market rates, the executive will prepare a technical & legal report, which will then determine the property value. Depending on your repayment capacity, Edelweiss would finance you 70%-80% of the property value.
Edelweiss Home Loan Login
You can get a login ID to keep a track of your home loan account at Edelweiss Housing Finance. Login ID can be prepared online by submitting requisite information.
Edelweiss Home Loan Customer Care
Looking to resolve your home loan queries & complaints? Call 022-42722272/74 or email to the ID shown on the website of Edelweiss Housing Finance.
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