Edelweiss Home Loan

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.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    Edelweiss Home Loan Interest Rates

    ParticularsDetails
    Interest RateUpto 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 AmountAbove 1.5 Cr
    Maximum Loan Tenure25 Years
    Processing FeeUpto 0.25% of the loan amount plus service tax as applicable
    Types of LoanBoth Fixed and Floating
    Prepayment ChargesNIL for floating rate loan
    Foreclosure ChargesNIL 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 say23,000 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.)
    20,00,0005 10.50%-10.90%42,988-43,3855,79,268-6,03,11025,79,268-26,03,110
    20,00,0006 10.50%-10.90%37,558-37,9667,04,172-7,33,53827,04,172-27,33,538
    20,00,0007 10.50%-10.90%33,721-34,1408,32,593-8,67,74428,32,593-28,67,744
    20,00,0008 10.50%-10.90%30,880-31,3099,64,483-10,05,67229,64,483-30,05,672
    20,00,0009 10.50%-10.90%28,702-29,14110,99,786-11,47,25730,99,786-31,47,257
    20,00,00010 10.50%-10.90%26,987-27,43712,38,440-12,92,43032,38,440-32,92,430
    20,00,00011 10.50%-10.90%25,609-26,06913,80,377-14,41,11033,80,377-34,41,110
    20,00,00012 10.50%-10.90%24,483-24,95315,25,525-15,93,21635,25,525-35,93,216
    20,00,00013 10.50%-10.90%23,550-24,03016,73,806-17,48,65836,73,806-37,48,658
    20,00,0001410.50%-10.90%22,769-23,25818,25,138-19,07,34238,25,138-39,07,342
    20,00,00015 10.50%-10.90%22,108-22,60719,79,436-20,69,17239,79,436-40,69,172
    20,00,0001610.50%-10.90%21,545-22,05221,36,611-22,34,04541,36,611-42,34,045
    20,00,00017 10.50%-10.90%21,062-21,57822,96,571-24,01,85942,96,571-44,01,859
    20,00,00018 10.50%-10.90%20,645-21,16924,59,224-25,72,50844,59,224-45,72,508
    20,00,0001910.50%-10.90%20,283-20,81526,24,473-27,45,88446,24,473-47,45,884
    20,00,00020 10.50%-10.90%19,968-20,50827,92,223-29,21,87947,92,223-49,21,879

    Amortization Table

    YearPrincipal (in Rs.)Interest (in Rs.)Balance (in Rs.)
    131,0832,08,53319,68,917
    234,5092,05,10719,34,408
    338,3112,01,30518,96,097
    442,5371,97,07918,53,560
    547,2211,92,39518,06,339
    652,4261,87,19017,53,913
    758,2031,81,41316,95,710
    864,6181,74,99816,31,092
    971,7401,67,87615,59,352
    1079,6441,59,97214,79,708
    1188,4221,51,19413,91,286
    1298,1651,41,45112,93,121
    131,08,9831,30,63311,84,138
    141,20,9941,18,62210,63,144
    151,34,3271,05,2899,28,817
    161,49,13290,4847,79,685
    171,65,56774,0496,14,118
    181,83,81255,8044,30,306
    192,04,06935,5472,26,237
    202,26,40713,0560

    Documentation

    ProofsSalariedSelf-employed
    Duly Filled Application FormApplicableApplicable
    Age ProofPassport/Voter ID/ Driving License/PAN Card/Aadhar CardPassport/Voter ID/ Driving License/PAN Card/Aadhar Card
    Address ProofPassport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 monthsPassport/Voter ID/ Driving License/ Aadhar Card & Latest Bank Statement/Electricity Bill for the last 3 months
    Income ProofLatest Salary Slip or Salary Certificate, Form 16Latest 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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    EMI Calculator