Home Loan Frequently Asked Questions

You can put in your application for a home Loan with Indiabulls Housing Finance Ltd (IHFL) the moment you decide to buy a home. You can apply for a home loan even before you have finalised the property. The loan amount will be sanctioned or approved based on your capability to repay.

You can get home loans for tenures up to 30 years. But remember, the term of the loan will extend only till you are 65 years old, or your retirement age, whichever is earlier.

Interest is calculated on monthly rests.

Co-applicants for the loan could include your spouse and blood relatives (close family members). Remember that a co-owner of the house also has to be a co-applicant.

You can use immovable property as collateral. The title to the property should be in your name, clear, marketable and free from any encumbrances. The security created on property will be first and exclusive. The security will be created by depositing original title documents of the property.

The first step is to submit a filled in application with all the necessary documents. After that, you get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property. Disbursement depends on the nature of the transaction. In the case of resale, the disbursal instrument is made favouring the seller. In balance transfer cases, it will favour existing financers. For self-construction cases, disbursement will be on the basis of stage of construction favouring the borrower.

- Loan for home purchase
- Loan for Residential plot and self construction
- Loan for Home extension/Improvement
- Balance transfer from other banks
- Loan for builders properties

The equated monthly instalment (EMI) that you pay has two components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for you over the tenure of the loan. IHFL works on a monthly rests basis.

An amortization schedule is a table giving details of how much your loan amount goes down each month when you pay EMIs. The amortization schedule also gives information on how much outstanding principal and interest you are repaying with each EMI.

As per income-tax rules, only one certificate can be issued for a home loan. So only one certificate will be issued in the name of both the applicant and the co-applicant.

You can request for a provisional IT certificate, which can be issued at any time during the course of the year.

If you have availed of a home loan, you can claim tax benefits on both the principal and interest components of the home loan as per the Income Tax Act. These benefits are in the form of deductions from taxable income. Under section 80C, you can reduce your taxable income by Rs 1.5 lakh for repayment of principal. So if your annual income is Rs 10 lakh, and your principal repayments amount to Rs 1.5 lakh, you can reduce your taxable income to that extent. So your taxable income will now be Rs 8.5 lakh. This could mean a tax saving of over Rs 30,000 a year. You can also claim a deduction of a maximum of Rs 2 lakh a year on interest paid on home loans under Section 24. So you could end up with a total tax saving of Rs 72,800 a year.

You can apply for a loan using either of the following ways:
1.Using our One-Click loan approval functionality. Click here
2.Calling us through our Click to Call functionality. Click here
3.Emailing us at homeloans@indiabulls.com
4.Calling us at our helpline 1800 572 7777
5.Visiting your nearest branch. Click here

You have the option of choosing between fixed and floating interest rates.

EMI stands for equated monthly instalments. This is the amount you pay each month for repayment of interest and principal. EMI repayment starts the month following the one in which you take full reimbursement.

Pre-EMI is the interest paid on the loan amount availed in part and before the start of the actual EMI. You have to pay pre-EMI if disbursals are for self-construction or at the construction stage of a building. The EMI doesn't start till the loan is disbursed in full; hence interest is charged on the partially disbursed loan amount, which is pre-EMI.

This may happen if the trusted root certificate list in your Adobe Acrobat Reader is not up-to-date. For this, please install the latest version of Adobe Acrobat Reader by downloading it from https://get[dot]adobe[dot]com/uk/reader/. Now open Adobe Acrobat Reader. Open the Preferences dialog box by clicking 'Preferences' menu item in 'Edit' menu. Select 'Trust Manager' from 'Categories' list displayed on the left-hand side. You will see 'Automatic Adobe Approved Trusted Certificates Updates' section on the right-hand side in the Preferences box. Check 'Load trusted root certificates from an Adobe server' check box and click 'Update Now' button. This will update your trusted root certificate list. Now, restart Adobe Acrobat Reader and open your digitally signed document. Your digital signature should now appear as valid.

As an Aadhaar holder, you may at any time revoke consent given to IHFL for storing your e-KYC data or for sharing it with third parties by sending an email to grievance_ihfl@indiabulls.com. Upon such revocation, IHFL may delete the e-KYC data and cease any further sharing with third parties subject to legal regulations and obligations.

If you have any query or need assistance in connection with the e-KYC process or any other aspect, you may visit our nearest branch. Feel free to call our customer helpline 1800 572 7777 (toll-free) or write to us at homeloans@indiabulls.com.

A consistent upswing in prices makes property the ideal asset to capitalize for business expansion or personal needs.

IHFL offers LAP up to a maximum of 15 years, provided the term does not extend beyond 65 years of age or retirement age, whichever is earlier.

Interest is calculated on a monthly basis.

Co-applicants for LAP can be your spouse or blood relative (immediate family members). The co-applicant for the loan has to be the co-owner of the property.

LAP is a property-backed loan, and the amounts lent can be high. A personal loan is unsecured and for small amounts. The tenure of LAP is also higher, which reduces the EMI burden. Furthermore, the interest rate is generally lower in LAP than in personal loans.

The first stage involves submitting a filled in application with all the necessary documents. After that, you get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property. Thereafter, there is disbursement, which is done according to the nature of the transaction. In balance transfer cases, the disbursement will favour the existing financer. In the case of self-consumption, disbursement will favour the borrower.

An equated monthly instalment (EMI) has two components: interest and principal. When interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan. IHFL works on the monthly rests basis.

- Application submission - Submit a completely filled in application with all the necessary documents.
- Sanction - You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
- Disbursement is done on the basis of nature of transaction. For Balance transfer cases it will be favoring existing financer, for self-consumption cases it will be favoring the borrower.

An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan. IBHFL works on the Monthly Rests basis.

An amortization schedule is a table showing how much your loan amount is reduced through monthly instalments. It shows the break-up of every EMI into repayment of interest and outstanding principal of your loan.

You can apply for a loan using either of the following ways:
1.Using our One-Click loan approval functionality. Click here
2.Calling us through our Click to Call functionality. Click here
3.Emailing us at homeloans@indiabulls.com
4.Calling us at our helpline 1800 572 7777
5.Visiting your nearest branch. Click here

EMI short for equated monthly instalment. It’s the amount of interest and principal you repay each month. EMI repayment commences from the month after you take full disbursement.

You are required to submit the demand letter given by the builder along with the duly executed Disbursal Request Letter. If the disbursal request for the additional loan amount is more than the sanctioned loan amount, you are required to apply for additional loan and grant of such loan is subject to the Borrower’s eligibility criteria and other parameters, as per IBHFL policy

No, the additional disbursement request can be raised through the customer portal. Click https://loans.indiabulls.com/AdditionalDisbursal_Req.aspx?ChildId=c_1 or You can call our Customer Care Team on our Toll Free Number: 1800 572 7777 between Mon-Sat :9:00 am -6:00 pm (Except 2nd & 3rd Saturday of every month and public holidays)

Yes, you can make a part payment online through our Customer Portal via Net Banking/ Debit Card/UPI. You can either login to the customer portal or use our unique provision ‘Pay Directly’ on the Customer portal. https://loans.indiabulls.com/Login.aspx?ReturnUrl=%2f Any prepayment upto 25% of principal outstanding loan amount on the date of Prepayment will not attract any prepayment charges within next twelve months from date of such payment. In case the prepayment amount exceeds 25% of principal outstanding within twelve months from date of such prepayment, then the entire prepayment amount will attract prepayment charges as stipulated in the schedule in the IBHFL policy. Please refer https://www.indiabullshomeloans.com/home-loans/prepaymentcharges/ for detailed information on Prepayment charges.

The TAT for the Part Payment is 4 working days. However, the part payment will be reflected in your Loan Account post receipt of the credit in the account of Indiabulls Housing Finance Limited. The effect is given on the realisation date and interest benefit starts from realisation date itself.

Part Payment can be made, but as per the process till the loan gets fully disbursed the effect of Part payment can be availed on EMI only. Although after the loan is fully disbursed on customer’s request we can reduce the loan tenor and higher EMI can be paid for quick amortisation.

If you have a fully disbursed loan, you can avail the effect on either the EMI or the tenor

In case of an individual loan, which means there is no entity/ company within the loan structure, there will be no charges. A person bearing an individual loan can pay upto 90% of the balance Principal Outstanding.

In case of a non- individual loan wherein there is an entity/company within the loan structure, there are no charges upto payment of 25% paid within 1 year of the balance Principal Outstanding. Anything that is paid above 25% of the balance Principal Outstanding in one year is chargeable.

Change in ROI to avail a lower rate of interest, which is further offered as per Indiabulls Housing Finance Ltd.’s Switch Policy is subject to the eligibility and the Borrower(s) risk classification. For change in ROI, you are required to pay the applicable fees as per IBHFL’s policy.

The applicable fee is dependent on defined parameters as per the Switch policy which varies basis loan dynamics. We request you to kindly call customer care on our Toll Free Number: 1800 572 7777 between 9:00 am to 6:00 pm MonSat (Except 2nd & 3rd Saturdays of every month and public holidays )

? Till the loan gets fully disbursed the effect of rate of reduction can be only availed on tenor

? If you have a fully disbursed loan, you can avail the effect on either the EMI or the tenor

If the switch fees is paid on or before the EMI cycle date the effect shall be given in the following month’s cycle.

The ROI is fixed by ALCO committee from time to time taking into consideration primarily the cost of funds, cost of operations added with various risk components and minimum expected return on equity.

However, end application of ROI varies from client/class of clients to clients on the basis of risk assessment of the client for loan, quantity of loans, etc. Also, market conditions & liquidity position are taken into consideration.

As per our policy and also an industry practice, we offer switch policy to existing customers to avail a lower rate of interest benefit, if they wish and if their risk classification permits the same. Switch option is provided to reset the margin which was agreed at the time of loan agreement and counter the impact of increasing base rate and ease the high ROI at nominal fees.

The TAT for changing the rate of interest is 10 working days.

The TAT for NACH/ ECS registration is 21 working days.

Once the NACH is submitted to Indiabulls Housing Finance Ltd., it is further sent for registration to NPCI. There could be various reasons for rejection such as signature mismatch, bank account closed, invalid bank account number, payer name mismatch, alteration in mandate, amount mismatch, etc.;

For further details we request you to kindly call our customer care team on our Toll Free Number: 1800 572 7777 between 9:00 am to 6:00 pm Mon-Sat (Except 2nd & 3rd Saturdays of every month and public holidays)

Yes, the PEMI/EMI amount changes with every additional disbursement. The loan tenor remains unchanged; however the PEMI/EMI amount increases as per additional disbursal amount.

There are various technical reasons due to which the EMI may bounce. Major reasons include signature mismatches, wrong account number etc. We request you to kindly call the customer care team to check the exact reason for the EMI bouncing on our Toll Free Number: 1-800-572-7777 between 9:00 am to 6:00 pm Mon-Sat (Except 2nd & 3rd Saturdays of every month and public holidays)

If your loan was disbursed after 17th June, 2015 then you are eligible to avail the benefits under EWS and LIG. If your loan has been disbursed after 1st Jan, 2017 then you are eligible to avail benefits under MIG 1 and MIG 2.The eligibility criteria for all the schemes are mentioned in the table below:

The TAT for claim to be effected into your loan account may take 120 to 180 days from the date of the Service Request raised subject to deposit of declaration and completion of requisite formalities, as may be notified by IBHFL.

The claim amount once received from NHB gets adjusted against your principal as a part payment with the effect on loan tenor

The subsidy amount is based on various parameters set by NHB and decided by NHB.

• You may place a request for your foreclosure statement or List of Documents with our customer care team.
• We request you to kindly call our customer care team on the Toll Free Number: 1-800-572-7777 between 9:00 am to 6:00 pm Mon-Sat (Except 2nd & 3 rd Saturdays of every month and public holidays)

The TAT for foreclosure statement/ List of Documents is typically 21 working days.

The amount mentioned in the foreclosure statement is valid for three days from the date of issuance for e.g. if the Statement issued on 17th July, 2017 the amount needs to be paid till 20th July, 2017 else the per day interest needs to be added for the delayed number of days.

For e.g. if you pay on 22nd July, 2017 for a statement issued on 17th July, 2017 the amount payable would be the mentioned amount plus two days additional interest as per the Foreclosure Statement.

The National Housing Bank (NHB) has issued guidelines vide circular dated 14th August, 2014 which were first clarified vide circular dated 3rd September, 2014 and also vide circular dated 22nd July 2016, which are the relevant circulars/guidelines with reference to foreclosure charges.

Please be informed that as per the said circulars, prepayment charges/foreclosure charges are not applicable on all such loan accounts of individual borrowers under the floating rate of interest and any such loan account in which company, proprietorship firm etc. is a borrower or co-borrower is excluded from the purview of said Circulars. If the loan account of individual Borrower is under the fixed and floating rate of interest, the prepayment charges shall be applicable where any partial or full prepayment has been made from other than the own source during the Fixed interest period of Loan.

Please refer https://www.indiabullshomeloans.com/home-loans/prepaymentcharges/ for detailed information on Prepayment charges.

The expression "own sources" for this purpose would imply any source other than borrowing from a Bank / HFC / NBFC and / or any Financial Institution.

We request you to kindly call our customer care team on the Toll Free Number: 1- 800-572-7777 between 9:00 am to 6:00 pm Mon-Sat (Except 2nd & 3rd Saturdays of every month and public holidays). Alternatively, the IT Certificate / Copy of Welcome Letter can be generated by login in the Customer Portal.

You can change your communication address by logging in on the Customer portal. Click on Address change; upload the scanned copy of the Address Proof. The TAT for the same is three working days; alternatively you can also send us a request from your registered email id with the self-attested scanned copy of your address proof.

We request you to kindly call our customer care on the Toll Free Number: 1800 572 7777 between 9:00 am to 6:00 pm Mon-Sat (Except 2nd & 3rd Saturdays of every month and public holidays). or

Alternatively, you can also login to the Customer Portal and update the Details. Below mentioned is the Portal link : https://loans.indiabulls.com/Login.aspx?ReturnUrl=%2f

We request you to kindly call our customer care on the Toll Free Number: 1800 572 7777 between 9:00 am to 6:00 pm Mon-Sat (Except 2nd & 3rd Saturdays of every month and public holiday) or

Alternatively, you can also login to the Customer Portal and update the Details. Below mentioned is the Portal link : https://loans.indiabulls.com/Login.aspx?ReturnUrl=%2f

The TAT for Address change is three working days.

Yes, You can pay your overdue EMI online.

You can pay the overdue amount on our Customer Portal through Net Banking/ Debit Card/UPI. However you can’t pay advance EMI. You can either login on the customer portal or use our unique provision ‘Pay Directly’ on the customer portal.

https://loans.indiabulls.com/Login.aspx?ReturnUrl=%2f

from Indiabulls Housing Finance Ltd.? Indiabulls Housing Finance Ltd. has operating offices in Dubai to assist NRIs in their home loan process. To avail the home loan, you can either:

1.Apply Online

2.Download the Application Form

3.Walk in to our offices in Dubai with the requisite documents. The link for checklist given below:

Checklist for Dubai based NRIs: https://www.indiabullshomeloans.com/home-loans-for-nris/#tab-3

Various parameters are taken into consideration for appraisal of the loan application and to determine the loan eligibility such as your income, repayment capacity, your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.

Indiabulls Housing Finance Ltd. accepts NACH (National Automated Clearing House) from your Non-Resident (External) Account / NonResident (Ordinary) Account in India. Cash payments will not be accepted

It is clarified that Indiabulls Housing Finance Limited neither promotes nor encourages the borrowers to purchase any particular builder?s/seller?s properties and it is only a financial institution in normal course of business

However, the applicant(s) may, at their sole discretion, choose/ opt for purchase of property from one of the pre-approved projects and thereafter, apply for loan with Indiabulls Housing Finance Limited. The list of pre–approved projects is available on the website under the header Approved Projects.

Link: https://www.indiabullshomeloans.com/ for your reference.

Yes, the income of both, the applicant and the co-applicant are considered for determining the eligibility of the loan. However the Coapplicant has to be your immediate family member i.e. Spouse, Parents or Children

Yes, only if they have valid OCI Card.

Yes, Indiabulls Housing Finance Ltd. shall reassess/ reappraise the loan and the repayment capacity of the applicant(s).

A photocopy of the OCI card

An OCI card is issued to a „Overseas Citizen Of India by the „Indian mission? (Embassy of India / High Commission of India/ Indian Consulate) in a foreign country. It extends to the cardholder certain facilities, as prescribed by the Ministry of External Affairs, and is valid indefinitely

No, the loan application can be submitted at our international offices. However, the disbursement of the loan will happen in India. The disbursement can be availed by you at local office or through your Power of Attorney holder in India only.

No, your physical presence is not required to avail the loan, provided you have executed a power of attorney delegating the authority in favour of attorney holder to comply with requisite formalities, on your behalf, for availing loan from Indiabulls Housing Finance Limited.

You are required to create charge/ lien/ mortgage in favour of Indiabulls Housing Finance Limited on the property purchased by you with the financial assistance of Indiabulls Housing Finance Limited.. You need to ensure that the title to the property is clear, marketable and free from encumbrance. The property should not have any existing mortgage, loan or litigation which affects the title of the property.

'Agreement to Sell' is a legal document executed on stamp paper that is a record in writing on the understanding between the buyer and seller, and contains all the details of property such as area, possession date, price etc.

In India, there are many states that require the Agreement to Sell to be registered by Law. It is suggested that the Agreement to Sell should be registered within 4 months of the date of Agreement at the office of the concerned Sub-Registrar under the Indian Registration Act, 1908.

Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search, you need to consider properties which are free of encumbrances of any sort.

Margin money is the total cost of the property, less the loan taken from Indiabulls Housing Finance Limited i.e. the applicant(s) is/are required to pay certain portion of the sale consideration of the property from his/her/ their own sources/ funds directly to the Seller/ Builder initially, to enable Indiabulls Housing Finance Limited to disburse the loan amount. The margin money needs to be paid by the applicant(s) through the bank or out of funds in their NonResident External (NRE) /Foreign Currency Non-Resident (FCNR) / Non-Resident Ordinary (NRO) account in India.

These payments cannot be made either by traveller?s cheque or by foreign currency notes or by any other mode other than those specifically mentioned above.

A home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date is termed as 'under construction property'.

Yes, these kinds of loans are termed as Balance transfer loans wherein you can apply for a loan with us for repaying existing Home Loan availed by you from another Bank/ Housing Finance Company.

To avail disbursal of loan, the applicant(s) is/are required to ensure that the legal and technical of the security/ property being purchased by the applicant(s) is positive and the applicant(s) are required to comply with sanction conditions, if any, stipulated in the Sanction Letter.

The loan gets disbursed once you have submitted the requisite income, property documents and request for disbursal of loan. The margin money should have been paid towards the purchase of the property.

The disbursement would be in Indian Rupees and made at the Indiabulls Housing Finance Ltd. branch in India.

The interest component is called Pre-EMI interest.

The Pre-EMI interest is payable till the last date of disbursement or the Property under-construction being ready for possession, or such other date as may be specified by Indiabulls Housing Finance Limited in writing, from which date the Interest accrued from time to time shall be payable as part of Equated Monthly Instalment{EMI}.

EMI under Partly Disbursed is an option to help Borrower(s) save on the Pre-EMI Interest amount. For the properties that are under construction, the Borrower(s) can choose to pay their EMI on the disbursed amount or EMI on sanctioned loan amount, at the Borrower?s own discretion, till the property is ready for possession.

Anything that is paid over and above the interest goes towards the principal repayment.

Yes, you can foreclose the loan by making the outstanding payments towards the loan, subject to the applicable prepayment charges.

The remittances from abroad can be done through the bank.

As per the guidelines of the Reserve Bank of India, an Overseas Citizen Of India holding a foreign passport can avail the loan from Indiabulls Housing Finance Ltd.

The contribution towards the principal starts from the month following the month in which the last disbursement of the loan has been availed or the Property under-construction being ready for possession, or such other date as may be specified by Indiabulls Housing Finance Limited in writing, from which date the Interest accrued from time to time shall be payable as part of EMI.

For under construction properties, you may opt for payment of EMI on the disbursed loan amount or sanctioned loan amount, at your discretion, wherein you can commence the EMI which shall change which each disbursement, if EMI is paid on disbursed loan amount, till the property is ready for possession.

Under section 2(w) of Foreign Exchange Management Act, 1999, “person resident outside India” has been defined as “person who is not resident in India”:

Under section 2(v) of Foreign Exchange Management Act, 1999, a person shall be deemed to be a person not resident in India in the following cases:

a) When the person stays in India for less than or upto 182 days during the preceding financial year.

b) When a person who has gone out of India or who stays outside India , in either case :

    - For or on taking up employment outside India, or

    - For carrying on outside India a business or vocation outside

    - For carrying on outside India a business or vocation outside India

    or

    - For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;