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Answers for Happy Homes

FAQ'S

on Housing Loan

Know everything that will help you to create your own space.

What are the kinds of loans extended by FIHFC ?

Loan for home purchase
Loan for residential plot and self construction
Loan for home extension / Improvement
Balance transfer from banks, other Housing Finance companies and NBFCs
Loan for purchase of commercial property
Loan Against Property – Term loan against residential or commercial property

When should one apply for a home loan ?

Loan can be applied before or after selection of property. You can apply for a home loan even before you have finalized the property. The loan amounts are sanctioned in principle to let buyers know what maximum loan amount they can afford as per their repaying capacity. The disbursements are done verification of required documents and completion of specific procedures.

What are the eligibility conditions for making an application ?

An Indian Resident
Minimum age of applicant -21 years (Salaried) and 25 years (Self Employed)
Maximum age of applicant on loan maturity to be 65 years Salaried or self employed

What are the documents required ?

Duly signed Application form and Photographs
Know your customer documents : Identity, age and address proof of all applicants
Bank Statement
Income Tax returns / Form 16
Salary slips
For Self Employed – Balance sheet and Profit and Loss account
Property documents

Whether any guarantor is required. Who can be a co-applicant for the loan ?

No guarantor is required. One can have one or more co-applicants who can be spouse, parents, son and brother in case of joint business and residing together. A co-applicant is/are the co-oweners of the property which is being offered as collateral/security to the loan. However, all co-applicants need not be co-owners.

What is the period in which the application will be processed ?

About 15 working days subject to proper documentation provided by the applicant

How is the interest charged/calculated ?

Both fixed and floating interest options are available which are calculated on the basis of monthly rest. The floating (variable) rates are based on prime lending rate (PLR) of FIHFC.

What are the maximum loan amount and tenure options ?

FIHFC offers home loans upto INR 5 crores and for a maximum tenure of 30 years

What are the charges associated with the loan ?

Sr. No	Particulars	Charges
1	Processing Fee/ Charges	Up to 3% of the loan amount
2	Application Fees
	For Loan amount less than or equal to INR 1 Mio	INR 2500
	For Loan amount > INR 1 Mio and <=2.5 Mio	INR 3500
	For Loan amount > INR 2.5 Mio and <=5 Mio	INR 4500
	For Loan amount > 5 Mio	INR 6000
3	Documentation Fees (Only for disbursed cases)
	Loan Amount <= INR 2.5 Mio	INR 1500
	Loan Amount > INR 2.5 Mio	INR 3000
4	Stamp Fees and Charges (if applicable)	At applicable rate as per state laws. In stamping done by FIHFC then additional 5% ( of stamping amount)service fee will be levied
5	Rate of Interest Conversion Fee	An amount not exceeding 0.5% of the outstanding principal amount
6	Cheque / ECS / DDM/NACH bounce charges	INR 500
7	Swap charges for any modification to any repayment	INR 600/- per swap instance
8	CERSAI Charges (Non Refundable)
	For Loans up to INR 5 Lakhs (for an original filing and for modification)	INR 400/-
	For Loans above INR 5 Lakhs (for an original filing and for modification)	INR 650/-
9	Prepayment Charges (in part or full)
	Individual Borrowers (Primary and co-borrowers) under Floating rate of Interest	No prepayment charges shall be payable for partial/full prepayment
	Non individual borrowers (Primary and /or co-borrower)	0-12 MOB : 7% of the prepaid loan amount
	Non individual borrowers (Primary and /or co-borrower)	>12 MOB : 5% of the prepaid loan amount
	Semi Fixed rate of interest loan	For individual borrowers (Primary and co-borrowers): 7% of the prepaid loan amount till the fixed rate tenor and no prepayment charges thereafter
	Semi Fixed rate of interest loan	For Non-Individual borrowers (Primary and/or co-borrower) : 7% of the prepaid loan amount would be applicable for the fixed rate tenor of the loan and 5% of the prepaid loan amount thereafter
	Fixed Rate (Full tenor)	0-60 MOB : 7% of the prepaid loan amount
	Fixed Rate (Full tenor)	>60 MOB : 5% of the prepaid loan amount
9	Penal Interest	Upto 2 % per month of overdue EMI from the relevant due date until the date of actual payment / rectification of default.
10	Part disbursal/ per tranche fee	INR 600
11	Duplicate Statement of Account/Loan Agreement/NOC	INR 300
12	Charges for photocopy of original title deeds of Property	INR 1000
13	Collection of Cheque/Cash (per collection)	INR 500
14	Taxes & Levies	All the charges indicated above or elsewhere in the Loan Agreement shall be exclusive of all taxes and statutory levies as may be applicable from time to time on same including without limitation to service tax and cesses thereon.

What is an EMI ?

EMI, which stands for equated monthly installment, is the monthly amount payments made towards a loan. EMI payments include contributions towards both principal and interest on the loan amount. The interest component constitutes the major portion of the EMI payment in the initial stages. As the loan progresses along the tenure, the portion of interest repayment reduces and contribution towards the principal repayment increases.

What is a pre-EMI ?

Pre-EMI is the interest paid on the loan amount availed in part and before the start of actual EMI. This mainly occurs in self contruction or construction stage linked disbursals. The EMI starts only post full disbursal and hence, interest is charged on partially disbursed loan amount which is called as pre-EMI.

What kind of tax benefits available to an individual while taking a home loan ?

A resident individual can avail tax benefit on both the interest and principal amount of loan repaid during the year. Under the Income Tax Act, the applicable maximum exemption limits are as follows:

For interest Component – INR 200,000 under section 24(b)
For principal component – INR 150,000 under section 80C

Will the IT certificate be issued in the name of both applicant and co-applicant separately ?

As per Income Tax rules, only one certificate can be issued for a home loan. Hence, one certificate can be issued in the name of both the applicant and co-applicant.

When is the IT certificate issued ?

IT certificate will be issued at the end of a financial year.

How can one get the tax benefit during the year ?

You can request for a provisional income tax ceritifcate that can be issued during the course of the year.

How to apply for the loan ?

One can either apply on a website and we will get back to you or visit any of FIHFC branches.

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