North East Region Housing Finance Home Loan

About North East Region Housing Finance Home Loan

Buying a home is a wonderful experience, provided you have chosen the right home loan company that justify your needs, which can vary as per your requirements whether personal or commercial. But when your needs are evaluated by a home loan company on their disbursal procedure, your eligibility criteria comes into the picture.

Home Loan

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

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    North East Region Housing Finance Company Ltd. sanctions a home loan based on an individual’s actual income,  educational qualifications, stability and continuity of income, the number of dependents, co-applicant’s income, assets, and liabilities, saving habits, etc.

    You can avail a home loan from the company for the following purposes:

    • Purchase of homes
    • Under construction house/flat purchase
    • Extension of homes.
    • Renovation of homes.

    North East Region Housing Finance Home Loan Interest Rates

    Home loans are offered especially to salaried employees and self-employed professionals.

    Interest Rates13.00% to 16.50%
    Loan Amount₹1 lakh-₹10 lakhs
    Tenure5 to 12 years
    Age limitNot exceeding retirement age of 60 years
    Processing FeesFor Salaried Employees: 1.5% of the loan amount

    For Self-Employed Professionals: 2% of the loan amount plus Service Tax and Cess as applicable.
    Pre-payment or Foreclosure ChargesDisclosure of information to borrowers time-to-time
    Loan to Value80% of the cost of property (including stamp duty and registration fees) or 75% of market value, whichever is lower

    North East Region Housing Finance EMI Calculator

    Now you can check your Home Loan EMI within seconds. With the help of North East Region Housing Finance 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.

    Assume you are a quality manager working in a Noida-based manufacturing at a salary of ₹50,000 p.m. You have applied for a home loan of ₹10 lakhs to be payable at possible interest rates varying from 13.00%-16.50% after 12 years. You can consider the following table as it describes your monthly EMI along with interest and the total amount going each year towards the repayment of your home loan.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,00013%1₹ 1,78,635₹ 1,43,615₹ 21,43,615
    ₹ 20,00,00013%2₹ 95,084₹ 2,82,007₹ 22,82,007
    ₹ 20,00,00013%3₹ 67,388₹ 4,25,965₹ 24,25,965
    ₹ 20,00,00013%4₹ 53,655₹ 5,75,440₹ 25,75,440
    ₹ 20,00,00013%5₹ 45,506₹ 7,30,369₹ 27,30,369
    ₹ 20,00,00013%6₹ 40,148₹ 8,90,671₹ 28,90,671
    ₹ 20,00,00013%7₹ 36,384₹ 10,56,250₹ 30,56,250
    ₹ 20,00,00013%8₹ 33,615₹ 12,26,993₹ 32,26,993
    ₹ 20,00,00013%9₹ 31,507₹ 14,02,775₹ 34,02,775
    ₹ 20,00,00013%10₹ 29,862₹ 15,83,458₹ 35,83,458
    ₹ 20,00,00013%11₹ 28,552₹ 17,68,892₹ 37,68,892
    ₹ 20,00,00013%12₹ 27,493₹ 19,58,921₹ 39,58,921

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 74,229₹ 2,55,680₹ 19,25,770
    2₹ 84,475₹ 2,45,434₹ 18,41,294
    3₹ 96,136₹ 2,33,774₹ 17,45,158
    4₹ 1,09,406₹ 2,20,504₹ 16,35,752
    5₹ 1,24,507₹ 2,05,402₹ 15,11,244
    6₹ 1,41,693₹ 1,88,216₹ 13,69,550
    7₹ 1,61,252₹ 1,68,658₹ 12,08,298
    8₹ 1,83,510₹ 1,46,400₹ 10,24,788
    9₹ 2,08,840₹ 1,21,069₹ 8,15,947
    10₹ 2,37,667₹ 92,243₹ 5,78,280
    11₹ 2,70,473₹ 59,437₹ 3,07,807
    12₹ 3,08,101₹ 22,103₹ 0

    Documentation for North East Region Housing Finance

    While applying for a home loan at North East Region Housing Finance, you are required to submit a list of documents along with the application form. The documents are shown below for you to go through.

    • Know Your Customer (KYC) documents

    Proof of Identity/Address(Any One)

    • PAN Card
    • Voter Card
    • Aadhar Card
    • Valid Passport

    Proof of Income

    • Last 2-month salary slip
    • Last 6 months bank statements of salaried account
    • Latest Form 16 and ITR

    Property Documents

    • Documents of the property to be bought.

    Features and Benefits of North East Region Housing Finance

    • Simple procedures
    • Affordable rates of interest
    • Clear, simple and understandable terms
    • Hassle free norms
    • Quick sanctions and disbursements
    • Friendly and warm customer service
    • Door-step services
    • Tax Benefits under Income Tax Act, 1961
      • The current applicable exemption u/s 24 is ₹1.5 lacs for the interest amount paid in a financial year
      • Up to ₹1 lakh for the Principal amount repaid in the same year. Thus up to ₹2.5 lacs is tax exempt, helping you save up to ₹70,000 tax annually.
    • Long lasting relationship

    North East Region Housing Finance 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 of North East Region Housing Finance on 011-25614164/65

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