About Equitas Housing Finance Home Loan
Dreaming of having your own house is one thing, and acquiring home loan by going through with hassles, is another. There are certain sections of customers especially self-employed and informal salaried segment, who face many difficulties from HFCs on account of restrictions imposed on them, ultimately gets excluded from granting formal home finance. In order to come up with solutions, Equitas Housing Finance Private Limited came into existence for providing home loans to such segments with ease.
Home Loan
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
The prime objective of the company is:
- To make finance easily available at a reasonable cost and in a transparent manner to such customers which invoke trust in them to consider Equitas again with full confidence
- To acquire acceptable returns on investment so as to attract mainstream capital and human resources for serving the needs of such segments with much more convenience.
| Loan Aspect | Details |
|---|---|
| Loan Amount | Upto INR 300 lakh (upto 90% of the Property Value) |
| Rate of Interest | 9.00% - 15.00% |
| Tenure | 20 years |
| Processing Fee | Upto 2% of the Total Loan Amount |
| Part prepayment Charges | Nil |
| Foreclosure Charges | 2% on the future principal amount |
Equitas Housing Finance Home Loan Eligibility Criteria
- Equitas Housing Finance provides home loan and loan against property to informal salaried and self-employed class of customers who are classified as:
- Members of Equitas with existing relationship with the Micro Finance segment of the Equitas group
- General category customers
- The sanction of home loan is on the following basis:
| Criteria | Member of Equitas | General Category |
|---|---|---|
| Loan Amount | Home Loan - ₹1 Lakh to ₹5 Lakhs | Home Loan - ₹3 Lakh to ₹50 Lakhs |
| Tenure of Loan | 3 Years to 7 Years | 3 Years to 15 Years |
| Entry Age | Min 18 years and Max 60 years | 21 years to 60 years for self employed 21 years to 55 years for salaried |
| Age of Maturity | Max 70 | Max 70 years for self-employed, 60 years or retirement for salaried, whichever is lesser |
| Life Insurance – Credit Shield for Loan Outstanding amount | Compulsory | Compulsory |
| Property Insurance – Building Value | Compulsory | Compulsory |
| Mode of Repayment | ECS | ECS |
For Loan Against Property-Permissible on General Category Only
| Criteria | Details | |
|---|---|---|
| Amount of Loan | Rs 5 Lakh to Rs 20 Lakhs | |
| Tenure of Loan | 3 Years to 15 Years | |
| Entry age | Min 18 years and Max 60 years | |
| Age of Maturity | Max 70 | |
| Life Insurance – Credit Protection for Loan Outstanding amount | Compulsory | |
| Property Insurance – Building Value | Compulsory | |
| Mode of Repayment | ECS |
Please Note: The company has employed process control measures to ensure that the customer and property are checked appropriately prior to the loan
Rate of Interest
Interest Rate model would be a composition of Fixed and Floating rate as follows
- The interest rate will be fixed for the first 3 years.
- For the remaining tenure of the loan, the rate will be floating and for the Floating Interest Period, the Rate of Interest would be combined to Special Equitas Lending Rate (SELR)
- The lending rates for the general customers are combined to Special Equitas Lending Rate (SELR) set at 13.5%
- Interest Rate for Micro Finance Home Loan is combined to Equitas Lending Rate (ELR) set at 15.5%
Equitas Home Loan EMI Calculator
Home Loan EMI (or equated monthly installment) is a fixed amount of money payable by you to Equitas Housing Finance against the loan obtained. This is towards repayment of your loan to the bank. Every month, it becomes due on a fixed day of the month until you repay your full loan amount.
With the help of Equitas Housing Finance home loan EMI calculator, you can calculate your monthly installments i.e. EMI at varying interest rates and also verify the lowest EMI per lakh applicable on the home loan. Accordingly, you can plan your loan amount on the basis of your monthly repayment capacity because higher loan amount leads to higher EMI. The rate of interest also matters as it creates a direct impact on your EMI. Higher the rate of interest so will be the higher EMI.
It is, therefore, recommended to choose higher tenure as it will reduce your EMI payments going against your sanctioned loan amount.
For example, you are salaried employee earning INR 40,000 p.m., working for a manufacturing firm based in Noida. You have applied for a home loan of INR 20 lakhs to be payable at possible interest rates varying from 13.5% after 15 years. You can consider the following table as it describes your monthly EMI along with interest and the total amount going each year as your settlement done against your home loan.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 13.5% | 1 | ₹ 1,79,104 | ₹ 1,49,249 | ₹ 21,49,249 |
| ₹ 20,00,000 | 13.5% | 2 | ₹ 95,554 | ₹ 2,93,297 | ₹ 22,93,297 |
| ₹ 20,00,000 | 13.5% | 3 | ₹ 67,871 | ₹ 4,43,341 | ₹ 24,43,341 |
| ₹ 20,00,000 | 13.5% | 4 | ₹ 54,153 | ₹ 5,99,327 | ₹ 25,99,327 |
| ₹ 20,00,000 | 13.5% | 5 | ₹ 46,020 | ₹ 7,61,182 | ₹ 27,61,182 |
| ₹ 20,00,000 | 13.5% | 6 | ₹ 40,678 | ₹ 9,28,811 | ₹ 29,28,811 |
| ₹ 20,00,000 | 13.5% | 7 | ₹ 36,930 | ₹ 11,02,102 | ₹ 31,02,102 |
| ₹ 20,00,000 | 13.5% | 8 | ₹ 34,176 | ₹ 12,80,927 | ₹ 32,80,927 |
| ₹ 20,00,000 | 13.5% | 9 | ₹ 32,085 | ₹ 14,65,140 | ₹ 34,65,140 |
| ₹ 20,00,000 | 13.5% | 10 | ₹ 30,455 | ₹ 16,54,583 | ₹ 36,54,583 |
| ₹ 20,00,000 | 13.5% | 11 | ₹ 29,160 | ₹ 18,49,085 | ₹ 38,49,085 |
| ₹ 20,00,000 | 13.5% | 12 | ₹ 28,114 | ₹ 20,48,465 | ₹ 40,48,465 |
| ₹ 20,00,000 | 13.5% | 13 | ₹ 27,260 | ₹ 22,52,534 | ₹ 42,52,534 |
| ₹ 20,00,000 | 13.5% | 14 | ₹ 26,554 | ₹ 24,61,095 | ₹ 44,61,095 |
| ₹ 20,00,000 | 13.5% | 15 | ₹ 25,966 | ₹ 26,73,947 | ₹ 46,73,947 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 44,269 | ₹ 2,67,327 | ₹ 19,55,730 |
| 2 | ₹ 50,629 | ₹ 2,60,967 | ₹ 19,05,101 |
| 3 | ₹ 57,903 | ₹ 2,53,693 | ₹ 18,47,197 |
| 4 | ₹ 66,223 | ₹ 2,45,373 | ₹ 17,80,974 |
| 5 | ₹ 75,737 | ₹ 2,35,859 | ₹ 17,05,236 |
| 6 | ₹ 86,619 | ₹ 2,24,977 | ₹ 16,18,617 |
| 7 | ₹ 99,064 | ₹ 2,12,532 | ₹ 15,19,553 |
| 8 | ₹ 1,13,297 | ₹ 1,98,299 | ₹ 14,06,256 |
| 9 | ₹ 1,29,575 | ₹ 1,82,021 | ₹ 12,76,681 |
| 10 | ₹ 1,48,191 | ₹ 1,63,405 | ₹ 11,28,489 |
| 11 | ₹ 1,69,482 | ₹ 1,42,113 | ₹ 9,59,006 |
| 12 | ₹ 1,93,833 | ₹ 1,17,763 | ₹ 7,65,173 |
| 13 | ₹ 2,21,682 | ₹ 89,914 | ₹ 5,43,490 |
| 14 | ₹ 2,53,532 | ₹ 58,064 | ₹ 2,89,958 |
| 15 | ₹ 2,90,247 | ₹ 21,638 | ₹ 0 |
Documentation for Equitas Housing Finance Home Loan
The following list consists of the types of documents which are required from salaried employees and self-employed individuals which are described as:
DOCUMENTS REQUIRED FROM SALARIED EMPLOYEES
- Identity proof-Passport/Driving License/Voter ID/PAN
- 2 Passport Size photograph
- Filled Loan Application Form
- Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old) and Passport
- Income Documents consisting of: 6 months payslip, 2 years Form 16, and 6 months bank statement showing salary credit and any EMI debits
DOCUMENTS REQUIRED FROM SELF-EMPLOYED INDIVIDUALS
- 2 Passport Size Photo
- Filled loan application form
- Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old) and Passport
- Identity Proof – Passport/ Driving License/ Voter ID/ PAN
- Business proof such as VAT/ service tax registration, business address proof, incorporation details in case of companies, profit and loss account and balance sheets verified by Chartered Accountant, copy of partnership deed and proof of business existence and business profile
Features and Benefits of Equitas Housing Finance Home Loan
There are some amazing features and benefits of the Equitas Housing Finance Home Loan that you should look at. All of them are mentioned below.
- Reasonable rates of interest – With the Equitas Housing Finance Home Loan, you can opt for the loan amount at an affordable rate of interest, which will help you in repaying the loan amount easily. Because of lower interest rates, your repayment amount will be lower and ensure timely repayment.
- Easy and understandable terms – Equitas Housing Finance provides you an opportunity to avail of a home loan with a hassle-free procedure. The friendly representatives will tell you about each aspect of the loan carefully so that you can choose the suitable scheme according to your convenience.
- Quick sanctions and disbursements – When you apply for Equitas Housing Finance Home Loan, you can get the loan amount at a much faster rate as the overall documentation process and authentication process is quite swift. As soon as you will submit the required documents and the authentication is done, your loan amount will be disbursed into your account.
- Doorstep services – If you can’t go to any of the branches, you can opt for the Doorstep services. This will ensure the lender representatives take your documents from your home or office. You don’t have to go anywhere in order to apply for the loan.
Equitas Housing Finance Home Loan Customer Care Contact Number
If you face any difficulty in understanding the sanction process of the loan amount or have any queries relating to interest rates or facing any issue in completing the formalities of documentation process then contact a devoted customer care representative on 1800 3000 3030(toll-free number) or 044-42995000.