Indiabulls Home Loan Interest Rates, 27 Sep 2020 and More Highlighted Information

Updated: May 25,2020 13:57 IST

Hari Aditya

Indiabulls Home Loan Interest Rates, 27 Sep 2020 and More Highlighted Information

Indiabulls Home Loan is providing by Indiabulls Housing Finance Ltd to help the people to purchase their dream house and increase their assets. Check this article for more up-to-date details on the features, interest rates and other charges of Indiabulls Home Loan. Also information related to Indiabulls Home Loan for NRI are provided in this article.

Overview of Indiabulls Home Loan 

Indiabulls Home Loan help to fulfill the aspirations and dreams of the customers in owning the houses. Indiabulls Home Loan is obtained through easier procedure and formalities. Indiabulls finance has their branches in many cities in India and also in Dubai and London for the convenience of their customers. Indiabulls Home Loan charges their customers at competitive rate of interest and provides various benefits. Indiabulls Home Loan can be applied either by visiting the branch or also through online mode which is designed for customer to access and apply easily even from other countries.
 

Interest Rates

8.50%-11%pa.

Loan tenure

Upto 30 years

Loan amount

Provides even more than 300 lakhs

Pre-payment or foreclosure charges

Nil

Late payment charges

24% of outstanding EMI

Loan processing charges

0.5%-1%

What are the Interest Rates of Indiabulls Home Loan ?

 By keeping the customers in mind, Indiabulls Home Loan charge fixed rate of interest for the loan amount for upto 2 years. After 2 years, the rate of interest is variable based on the margin adjusted reference rates at the time of agreement execution. Also if the property is not owned or co-owned by a women borrower, then rate of interest is 0.05% higher. The fixed and floating rate of interest are provided in the below table.
 

Loan Amount

Fixed and Floating Rate of Interest

Upto 75 lakhs

8.95%- 10%

75 lakhs - 300 lakhs

9% -10.75%

More than 300 lakhs

9.10%-11.50%

 

Loan Amount

Variable Rate of Interest

Upto 75 lakhs

8.40%-9.75%

75 lakhs - 300 lakhs

8.65%-10.50%

More than 300 lakhs

8.80%-11.25%

What are the Other Charges of Indiabulls Home Loan ?

Indiabulls Home Loan charges the customers at a certain amount depending on the loan amount for the purpose of processing the loan application. The initial charges that comes along the Indiabulls Home Loan is the processing charges. The next charge that is associated with Indiabulls Home Loan is the rate of interest. Apart from this, there are other charges that are levied along with Indiabulls Home Loan namely late payment charges, amortization schedule charges, technical valuation charges, etc. Indiabulls Home Loan does not levy any prepayment or foreclosure charges. This is an added benefit to their customers.Partial prepayment is also accepted with no charges. The customer is charged with 24% of the loan outstanding amount for the late payment. Indiabulls Housing Finance Ltd charges their customers for statement account charges Rs.200 and Rs.2500 for transaction handling. The processing charges  and other charges of Indiabulls Home Loan are provided in the below table.
 

Loan Amount

Processing Charges

Upto 28 lakhs

Rs.10000

28 lakhs -300 lakhs

0.5% on loan amount

Above 300 lakhs

0.5%-1% on loan amount

Other charges

Resale home loans

Rs.2500

Technical valuation charges

Nil (already included in processing charges)

Legal charges

Nil (already included in processing charges)

ECS Dishonour charges

Rs.250

Retrieval charges for copies of loan

Copies in Email- Charges NIL

 

Physical copies with IB attestation- Rs.500

Stamp duty charges

As per law

Original documents retrieval

Rs.5000

Database admin charges

Rs.650 + taxes

 Indiabulls Home Loan Eligibility Criteria

Indiabulls Home Loan provide higher loan amounts to satisfy the requirements of their customers for them to own a house. Applicants can apply for Indiabulls home loan solely or jointly. Applicants can use the eligibility calculator available online in the Indiabulls home loans official website before submitting the application form. To obtain Indiabulls Home Loan, one has to qualify the following eligibility criteria.

  • The applicant must be an Indian. 

  • NRI can also apply for the  Indiabulls Home Loan.

  • The property for which the loan is applied must be in India.

  • The applicant must have regular monthly  income and made available to pay the monthly EMI promptly.

  • The applicant must be at least 21 years and not more than 65 years.

  • The applicant must have good credit history.

What are the Documents Required to Apply for Indiabulls Home Loan? 

 Proper documentation helps easy approval of Indiabulls home loan. Applicants keep all the documents ready. The documents must have accurate and up-to-date information. Recent passport photographs of the applicant and co-applicant must be taken. Applicant should submit the following documents along with  Indiabulls Home Loan application form.

  • Identity Proof

  • Address Proof

  • Age Proof

  • Income Proof

  • Salary Certificates in case of salaried people and Bank Statements in case of self employed people.

  • Property documents

  • PAN Card 

  • Aadhar Card

How to apply for Indiabulls Home Loan?

The primary step one should perform before apply for any home loan is he/she should compare all the home loans available in the market. This provides the idea about the interest rates and other charges applicable to the home loans. After clear research, decide with beneficial home loan scheme. Indiabulls Home Loan seems to be beneficial to the borrowers as it eliminates unnecessary charges. Indiabulls Home Loan is sanctioned after few stages of application process. The applicant must first submit the  Indiabulls Home Loan application form and necessary documents. The financial institution will scrutinize the details in the application form and verify the proof documents. Once the verification process is over, the agreement between Indiabulls Housing Finance Ltd and the customer is created.  Later the applicant must sign the agreement. Indiabulls Home Loan is then sanctioned and the loan amount is disbursed.

What are the Key Features of Indiabulls Home Loan ?

Applying for Indiabulls home loans involve minimal procedures. It has special features and flexibility in repayment that attracts many borrowers. One can obtain high loan amount through Indiabulls Home loan and satisfy their financial needs. Indiabulls Home Loan key features are as follows.

  • Indiabulls Home Loan is provided with attractive interest rates.

  • Indiabulls Home Loan amount is provided upto 80% of the total loan property.

  • For Indiabulls Home Loan amount upto 20 lakhs, 85% of the loan is provided.

  • The maximum repayment tenure is 20 years.

  • It allows to check the eligibility through online within a few seconds by entering basic details.

  • There is transparency in the housing loan sanctioning procedure and eliminates any hidden charges.

  • Indiabulls Home Loan is provided through easy documentation and quick processing.

  • Customers of Indiabulls Home Loan are allowed for flexible repayment and thus eliminating their burden.

  • Indiabulls Home Loan scheme can be agreed according to the convenience of the customers by deciding either short term or long term.

What are the Benefits of Indiabulls Home Loan ?

Customers of Indiabulls Home Loan enjoys many benefits apart from the financial support it provides to own a house. The distinctive benefit of choosing Indiabulls home loan is one can apply for a home loan before even choosing the property.  One can enjoy attractive interest rate and repayment flexibility in Indiabulls home loan schemes. The benefits of Indiabulls Home Loan are as follows.

  • Indiabulls Housing Finance approves the Indiabulls Home Loan even when the property is yet to be chosen.

  • Indiabulls Home Loan Account can be managed easily through online.

  • Indiabulls Home Loan facility is available for even the NRI.

  • Indiabulls Home Loan is provided for completed projects as well as ongoing projects.

  • The customers are given guidances even at their doorsteps.

  • Indiabulls Home Loan are sanctioned quickly and disbursal of loan amount is done without much delay.

  • The main advantage of the Indiabulls Home Loan is the tax benefits it provides to the customers.

What are the Tax Benefits available through Indiabulls Home Loan and how to Calculate Tax Benefit ?

People who has obtained the Indiabulls Home Loan can enjoy the tax benefits. According to the Section 24 of the Income Tax Act, interest paid on borrowed capital for acquisition, repair, construction, renewal or reconstruction of any property is entitled to a deduction of Rs.200000 in case of self-occupied property. According to the Section 80c of the Income Tax Act, one can be eligible for tax exemption upto Rs.150000 from their income, when paid for the repayment of home loan. Also stamp duty fees and charges can be considered during the calculation of the tax exemption amount. Indiabulls Housing Finance Ltd provides an unique application to calculate the tax benefit of the customer. This is available in its official website. Few information are to be entered to calculate the tax benefits which are as follows.

  • Category is to be chosen namely male or female or senior citizen.

  • Total income for the financial year

  • Interest amount for the year

  • Principal  paid for the year 

Indiabulls Home Loan EMI Calculator

Indiabulls Home Loan provides an EMI Calculator to calculate their monthly loan EMI through online. It can be easily calculated in a single click with the help of the internet. One must enter the details like the loan amount, loan tenure, rate of interest to calculate the EMI. It can be calculated within seconds. This EMI Calculator helps the customer to plan for the loan amount, so that the repayment does not disturb their monthly financial needs. The direct link for Indiabulls Home Loan EMI Calculator is https://www.indiabullshomeloans.com/home-loan-emi-calculator/ . From the EMI Calculator, one is directed towards the one click of Indiabulls Home Loan approval. Indiabulls Home Loan EMI Calculator helps their borrowers to plan their monthly budget ahead. Indiabulls Home Loan EMI Calculator is helpful for the existing borrowers as well as the one planning to take the Home loans. 

Indiabulls Home Loan  For NRI

Indiabulls Home Loan is provided for the Non Residents of India as well. NRI can use the Indiabulls Home Loan to purchase a property which is located in India. To fulfil the needs of the NRI customers, the Indiabulls Housing Finance has set up a branch with experienced officials at Dubai and London, UK. NRI must submit their passport copy for the purpose of availing Indiabulls Home Loan. NRI can easily operate their loan accounts online and also apply online. The application can be tracked through online. Benefits of Indiabulls Home loans for NRI are listed below.

  • Indiabulls Home Loans are provided through easy documentation.

  • Maximum loan amount provided for NRI is upto 85% of property value in its market value if the loan amount is upto 30 lakhs and when the loan amount exceeds Rs.30 lakhs and within Rs.75 lakhs the value is 80%. When the amount is more than Rs.75 lakhs, then it is 75%.

  • Through speedy processing, the NRI applicants are able to own a house easily.

  • There are no hidden charges in Indiabulls Home Loan.

  • Indiabulls Home loans are provided with attractive rate of interest.

  • By giving few basic details, one can check their eligibility with just a click in Indiabulls Home Loan.

  • Indiabulls Home Loan provides flexible repayments for the borrowers.

  • Indiabulls Home Loan provides both short term and long term loans.

  • Also home loans are provided for NRI for both new or resale of property.

What are the Documents Required for NRI to Obtain Home Loan?

NRI applicants should submit all the necessary documents with accurate information to get their home loan sanctioned quickly. Most of documents which are required is related to their personal, financial and property details. Below are the list of all the necessary documents which are to be submitted.

  • Application form duly filled in and signed by NRI

  • Passport size photo of the applicant which should signed cross by the applicant

  • Processing fee cheque

  • Overseas tenancy documents

  • All financial documents revealing their salary or profit.

  • Bank statements

  • Salary certificate if applicable

  • Passport copy of self and spouse

  • Visa copy of self and spouse

  • PAN Card of self and spouse

  • Work permit or official ID of self and spouse

  • Address proof of the NRI applicant and his/her Indian Residence proof

Indiabulls Home Loan Eligibility Calculator

Indiabulls Home Loan Eligibility calculator is set up by the Indiabulls Housing Finance Ltd. in their official site. This helps the customers to check their eligibility to avail the Indiabulls Home Loan. Indiabulls Home Loan Eligibility Calculator saves a lot of time and efforts. Indiabulls Home Loan Eligibility Calculator is of great use to the NRI applicants. Basic details of the applicant is required like income, age, etc. to check their eligibility. The result can be viewed within seconds. The direct link to Indiabulls Home Loan Eligibility Calculator is https://www.indiabullshomeloans.com/home-loan-eligibility-calculator/ . This helps the applicant to decide with the loan amount for which he/she is eligible. It is easy to calculate the eligibility of the applicant using the Indiabulls Home Loan Eligibility Calculator. 

Indiabulls Home Loan Stamp Duty Calculator

Indiabulls Housing Finance Ltd provides another unique feature to calculate the property stamp duty calculator. Indiabulls Home loan stamp duty calculator helps their customers to plan ahead of the stamp duty amount. One has to enter the State and the value of the property to calculate the stamp duty. This online feature is very beneficial for their customers. Direct link to Indiabulls Home Loan Stamp Duty Calculator is https://www.indiabullshomeloans.com/stamp-duty-calculator/ . Stamp Duty charges vary for different states across the country. The stamp duty charges are displayed with just a click.

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Indiabulls Home Loan - FAQ

1.

When can I apply for a home loan in Indiabulls?

The moment you want to purchase a house, you can apply for a home loan with Indiabulls Housing Finance Ltd (IHFL). You may apply for a home loan just before the house has been finalized. The amount of the loan will be allowed or accepted according to the capacity to repay.

2.

What are the loan tenure options?

You can obtain home tenure loans for up to 30 years. But remember, the loan term will only extend until you're 65 years of age, or your retirement age, whichever is earlier.

3.

Who can be the co-applicants for the loan?

Your spouse and blood relatives (close family members) could be co-applicants to the loan. Remember a co-applicant must also be a house co-owner.

4.

What security/ collateral do I need to provide?

The immovable properties can be used as leverage. The property title should be clear, marketable, and free from any burdens on your behalf. The protection produced will be first and exclusive on the house. Depositing of the property's original title documents will create security.

5.

What is a monthly reducing balance in Indiabulls Bank?

The equated monthly installment (EMI) you are charged has two components: interest and principal. When the interest is measured on monthly rests, each month the amount on which the interest is paid descends. This will result in significant savings over the lending tenure for you. IHFL operates on a base of monthly rests.




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