Kerala Housing Finance Home Loan

Last Updated : July 26, 2019, 10:54 a.m.

About Kerala Housing Finance Home Loan

Getting your own home is one of the top most priority for most people, irrespective of their income levels. Without the security and comfort of a home, there is no getaway from the difficulties ultimately leading to poverty. Poor people do not have financial resources to purchase or build their homes through their savings, and therefore, they continue to live in their ancestral huts, those rented from landlords or government-supplied houses.

Across the years, the housing problem has become serious in most industrial regions of the world subject to the rising population. The situation became worsened due to the shortages on a large-scale for the fulfillment of the housing needs. In an effort to somewhat solve this kind of problems, Kerala Housing Finance Limited has made a move towards making home loans available to the homeless with a provision of extending it on easy terms. It has impacted a great deal amongst the middle class, thereby, establishing a bond of strong and warm relationship with the customer.

In other words, Kerala Housing Finance Home Loans meets the needs of Urban Housing and Rural housing needs.

Kerala Housing Finance Home Loan Interest Rates

Kerala Housing Finance Home Loan Eligibility Criteria

• Individuals who are employed/self-employed/engaged in their own business.
• An applicant should be a Resident or Non-Resident Indians.
• Applicant’s age should not exceed 55 years.
• The maximum loan amount is ₹25 lakhs, subject to a maximum of 70% of the anticipated construction cost/purchase consideration and depending on the applicant’s repaying capacity.
• The tenure of the loan is for 3 to 10 years.
• The repayment method will be on the basis of Equated Monthly Installment(EMI).
• The security of the loan will be based on the following criteria:
  • Property financed will be under equitable Mortgage.
  • Personal Guarantee of the applicant, co-applicant and one outside guarantor is eligible to become guarantor against home loan sanctioned.

Kerala Housing Finance Home Loan EMI Calculator

Securing a home loan from Kerala Housing Finance is easier. You can use Kerala Housing Finance Home Loan EMI Calculator for determining your monthly repayment amount that you have to incur on your Home Loan.You can also estimate the monthly interest to be payable with EMI and the total cost calculated each year. Kerala Housing Finance Home Loan EMI Calculator will tell you the results instantly. Also, you can quickly assess your eligibility criteria for availing home loan.

For example: You are a salaried employee working for a private sector Bank earning ₹45,000 p.m. You want to buy a property in Thiruvananthapuram, Kerala and have applied for a home loan of ₹25 lakhs payable after 15 years at fixed interest rate being 15.00% (p.a.). You wish to know the total equated monthly installments along with the interest amount that will be payable by you for your home loan. The following table specifies the calculated EMI, interest payment and the total amount(EMI+Interest) required to be paid each year on your home loan.

Table showing EMI, interest outgo and total amount payable on your home loan

Amortization Table

Documentation for Kerala Housing Finance Home Loan

• Salary Certificate for employed applicants
• Last three years’ Income and Expenditure statements for self-employed/business class applicants.
• Property documents including original title deeds and other relevant documents regarding construction work as per the list provided by KHFL.

Features and Benefits of Kerala Housing Finance Home Loan

• Loan schemes with simple terms
• Customer friendly and transparent procedure
• Quick sanction and disbursement of loans
• Personalised and warm customer service

Kerala Housing Finance Home Loan Customer Care Contact Number

If you face any hurdles regarding differential interest rates at the time of repayment of your home loan, reducing the length of the time period for payment of your pending EMI, lack of availability of any document for producing as evidence, then contact customer care division of Kerala Housing Finance on: 9061002750/ 0471-2466541/ 0471-3012344 and get them resolved.You can also write an email on the email ID mentioned on the website.