Home Loan to Individuals:
Description and purpose of Home Loan to Individuals:
Provides Home Loans to individuals for purchase, construction, extension and renovation, with a ticket size of Rs. 1-15 lakh (average of Rs. 7.5 lakh) in the affordable housing segment.
Eligibility
We specialize on providing loans to families within the economically weaker sections of the society in the self-employed category where formal income proofs aren’t easily available and their repayment capacity is appraised based on their cash flows. E.g. to drivers, barbers, rickshaw drivers, vegetable vendors, etc.
Our Home Loans open the door to your new concrete dream Home. Since a Home Loan is a long term commitment of 10-15 years, we at India Home Loan Limited ensure that we give you unmatched quality of service, transparency right through the Loan procedures and a supportive experience that remains with you till such time you realize your dream
Our Home Loan is also offered to professional and self-employed individuals based on an appraisal income which is calculated on surrogate income proof for construction or purchase of dwelling units at village, towns and cities. The Loan amount can be further enhanced by including an earning co-applicant.
Security and Tenure
The Loan is offered up to maximum 80 % of the property cost including Land, Construction cost and single time acquisition costs. You can avail a home loan of up to Rs. 20.00 Lac, but not exceeding 80% of the cost of property.
Rate of Interest
The Loan is offered under the fixed rate option on prevailing rates with monthly amortization. Rate of Interest between 12% to 16% p.a. has been approved by the IHLL Board through circular resolution passed on 16.02.2021.
Annual Percentage Rate (APR)
The formula to compute Annual Percentage Rate is: APR= [{(Fees + Interest)/ Principal}/ n]*365*100. Accordingly, the APR on which IHLL is offering loans to its customers is 14% to 18% p.a.
Documentation
For processing your Home Loan Application, we are required to adhere to certain documentation procedures. To enable us to speedily process your Home Loan Application, we will require the following:
**Customer Awareness Initiative:** IHLL ensures complete transparency in its processes and adheres strictly to the Most Important Terms and Conditions (“MITC”) as prescribed by the National Housing Bank. Customers are advised to thoroughly review the MITC before availing any loan services.
Download MITC PDF
Documents:
- KYC (Know Your Customer) documents
- Proof of Income documents and bank statements (last One Years)
- Property related documents Tax Benefits.
Loan Details:
- Loan Amount: Up to ₹20 lakh, not exceeding 80% of the property's cost.
- Interest Rate: Fixed or variable with monthly amortization.
- Annual Percentage Rate (APR): 14% to 18% per annum.
Tax Benefit
Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rupees 2,00,000/- for the interest amount paid in the financial year and up to Rupees 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
No Charges For:
- Replacement of Cheques.
- Income Tax eligibility Certificates (provisional & Final once a year).
- Accelerated Repayment Option.
- Statement of your Housing Loan Account once a year.
Flexible Loan Options
We offer a wide range of loan products designed to suit your needs. Whether you are looking to finance your dream home, renovate your property, or consolidate debt, we have a solution for you.
Personalized Support
Our team of experts is here to guide you through the entire process, ensuring a smooth and hassle-free experience. With our customer-first approach, we make borrowing simple and straightforward.
Frequently Asked Questions
Step 2: Your application would be assessed on the basis of various eligibility and funding norms.
Step 3: A property valuation and title check may be carried out by the company representative to determine the property value and legal clearance of the property to arrive at the loan amount.
Step 4: Based on the internal and regulatory guidelines, IHLL may approve or reject the loan application.
Step 5: Submission of the original property documents are required along with signing of agreements, handing over of registered property papers and submission of post-dated cheques/ECS/NACH.
Step 6: Upon finding all the documents in order, IHLL will disburse the loan amount to the developer/contractor based on the progress of construction. The EMI/Pre-EMI will commence after the disbursement.
Home Loan Eligibility Calculator