India Home Loan
Last Updated : July 19, 2019, 2:23 p.m.
About India Home Loan
Researching about home loans is a crucial step of every home buyer’s journey. Buyers consider financing their purchase with a home loan rather than utilizing their savings for the same. But will any home loan do? Can one just randomly choose the nearest home loan companies and avail a home loan without any risk or regret? It’s not as easy as that.
It is ideal to do some homework before deciding on any one home loan. The good news is that some housing finance companies have made it convenient for retail consumers to choose their home loan product as per their requirements. India Home Loans Limited (IHLL) is one such company which offers an unparalleled quality of service, transparency right through the Loan procedures and a supportive experience that remains with you until such time you accomplish your dream. Home loans are availed by those customers who look to purchase the ready-made home or wanting to construct a dwelling unit on an owned plot of land.
India Home Loans Ltd. offers home loan for an amount up to ₹20 lakhs at varying interest rates 12.50%-14 % for a tenure ranging from 5 years to 15 years. Home loans are availed by those customers who look to purchase the ready-made home or wanting to construct a dwelling unit on an owned plot of land.
India Home Loan Interest Rates
| Particulars | Description |
|---|---|
| Interest Rate | 12.5%-14% for Loans Upto Rs. 20 Lakhs Beyond Rs. 20 Lakhs-as per the norms |
| Maximum Loan Amount | ₹20 Lakhs. But it should be within 80% of the property cost |
| Loan Tenure | 5-15 Years |
| Processing Fee & Other Charges | As applicable |
| Income Tax Exemption | Available under Section 24 of the Income Tax Act |
India Home Loan Eligibility Criteria
Applicants applying for a home loan should meet the following criteria:
You can apply either individually or jointly with a co-borrower/co-borrowers for a home loan. However, the combined income must be sufficient enough to bear the EMIs that come with a loan.
Make sure the property you want to buy is situated in rural /urban areas.
The loan tenure is limited to the retirement age or 60 years, whichever is earlier, for salaried professionals. For self-employed, the maximum tenure is 65 years.
Other eligibility criteria
- Both salaried and self-employed, willing to construct or purchase the dwelling units at towns, cities, and villages, can avail a home loan subject to their appraised income, which gets calculated based on the surrogate income proof.
The minimum and maximum tenure of the home loan are 5 years and 15 years, respectively.
Maximum loan availability is limited to ₹20 lakhs, within 80% of the property cost that involves the cost of a land, construction, and single-time purchase.
You can choose from both fixed and floating rate home loans with the availability of monthly amortization at your disposal.
IHLL will comply with the Most Important Terms and Conditions (“MITC”) on all loans as specified by the National Housing Bank (NHB). You can check the details of the policy at MITC.
India Home Loan EMI Calculator
Now you can easily buy the house of your dreams. With the help of India Home Loan EMI Calculator , it is possible to do so. All you need is to fill the details in the EMI calculator such as loan amount, the number of months and interest rate applicable on your loan.You may get the calculated EMI value to be payable against your home loan.
For example- You are a creative designer working for an IT Company in Noida. Your monthly income is ₹75000. You want to acquire a property in Noida costing ₹87 lakhs for which ₹67 lakhs will be funded out of your own savings. Further, an application has been made towards the home loan for an amount ₹20 lakhs, payable after 15 years at varying interest rates 12.50%-14%.
Below is the table to check how much amount you will be paying as your EMI along with interest accrued each year.
Table showing EMI, interest outgo and total amount payable on your home loan
| Loan Amount (in ₹) | Loan Tenure (in years) | Interest Rate (p.a.) | EMI (in ₹) | Total Interest Outgo (in ₹) | Total Amount(EMI+Interest) (in ₹) |
|---|---|---|---|---|---|
| 20,00,000 | 1 | 12.50%-14% | 1,78,166-1,79,574 | 1,37,989-1,54,891 | 21,37,989-21,54,891 |
| 20,00,000 | 2 | 12.50%-14% | 94,615-96,026 | 2,70,751-3,04,618 | 22,70,751-23,04,618 |
| 20,00,000 | 3 | 12.50%-14% | 66,907-68,355 | 4,08,661-4,60,789 | 24,08,661-24,60,789 |
| 20,00,000 | 4 | 12.50%-14% | 53,160-54,653 | 5,51,680-6,23,342 | 25,51,680-26,23,342 |
| 20,00,000 | 5 | 12.50%-14% | 44,996-46,537 | 6,99,753-7,92,190 | 26,99,753-27,92,190 |
| 20,00,000 | 6 | 12.50%-14% | 39,622-41,211 | 8,52,810-9,67,226 | 28,52,810-29,67,226 |
| 20,00,000 | 7 | 12.50%-14% | 35,842-37,480 | 10,10,768-11,48,322 | 30,10,768-31,48,322 |
| 20,00,000 | 8 | 12.50%-14% | 33,058-34,743 | 11,73,531-13,35,328 | 31,73,531-33,35,328 |
| 20,00,000 | 9 | 12.50%-14% | 30,935-32,667 | 13,40,991-15,28,079 | 33,40,991-35,28,079 |
| 20,00,000 | 10 | 12.50%-14% | 29,275-31,053 | 15,13,028-17,26,394 | 35,13,028-37,26,394 |
| 20,00,000 | 11 | 12.50%-14% | 27,951-29,773 | 16,89,513-19,30,079 | 36,89,513-39,30,079 |
| 20,00,000 | 12 | 12.50%-14% | 26,877-28,743 | 18,70,309-21,38,926 | 38,70,309-41,38,926 |
| 20,00,000 | 13 | 12.50%-14% | 25,995-27,902 | 20,55,270-23,52,722 | 40,55,270-43,52,722 |
| 20,00,000 | 14 | 12.50%-14% | 25,263-27,210 | 22,44,246-25,71,245 | 42,44,246-45,71,245 |
| 20,00,000 | 15 | 12.50%-14% | 24,650-26,635 | 24,37,079-27,94,269 | 44,37,079-47,94,269 |
Amortization Table
| Year | Principal (in ₹) | Interest (in ₹) | Balance Amount (in ₹) |
|---|---|---|---|
| 1 | 42,265-48,519 | 247,281-277,355 | 1,951,481-1,957,735 |
| 2 | 48,575-54,943 | 240,857-271,045 | 1,896,538-1,909,160 |
| 3 | 55,830-62,217 | 233,583-263,790 | 1,834,321-1,853,330 |
| 4 | 64,166-70,455 | 225,345-255,454 | 1,763,866-1,789,164 |
| 5 | 73,750-79,786 | 216,014-245,870 | 1,684,080-1,715,414 |
| 6 | 84,763-90,349 | 205,451-234,857 | 1,593,731-1,630,651 |
| 7 | 97,422-1,02,312 | 193,488-222,198 | 1,491,419-1,533,229 |
| 8 | 111,973-115,860 | 179,940-207,647 | 1,375,559-1,421,256 |
| 9 | 128,695-131,201 | 164,599-190,925 | 1,244,358-1,292,561 |
| 10 | 147,914-148,577 | 147,223-171,706 | 1,095,781-1,144,647 |
| 11 | 168,251-170,003 | 127,549-149,617 | 927,530-974,644 |
| 12 | 190,529-195,391 | 105,271-124,229 | 737,001-779,253 |
| 13 | 215,759-224,572 | 80,041-95,048 | 521,242-554,681 |
| 14 | 244,328-258,111 | 51,472-61,509 | 276,914-296,570 |
| 15 | 277,171-296,876 | 19,119-22,963 | 0 |
Documentation Required for India Home Loan
In order to process your Home Loan Application, particular documents are required to be submitted by you.
- Know Your Customer (KYC) documents.
Photo ID Proof(Any one required)
- PAN Card
- Passport
- Driving License
- Voters ID Card
Residence Proof (Any one required)
- Electricity Bill
- Telephone Bill
- Letter from Employer
- Ration Card
- Bank Statement/Passbook with address
- Income proof documents and last 1-year bank statement
- Documents pertaining to the property
Features and Benefits of India Home Loan
Home loan is available for the purchase of a ready-to-move-in Home/Flat
Affordable rates of interest
No fee charged for cheque replacement, home loan account statement, procurement of provisional or final income tax eligibility certificates
Clear terms
Simple procedures
Hassle free norms
Benefit of quick sanction & disbursal available
India Home Loan Customer Care Contact Number
Are you facing any complexity in understanding the procedure of home loan disbursements? Contact an experienced customer care representative of India Home Loan for your queries regarding interest rates, eligibility norms or for reducing your monthly installments in case of scarcity of funds or any other grievance(if any) by calling on: 022- 25683353/54/079- 40035027.
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