HOME LOAN FAQs
1. Who can apply for a home loan?
Any individual can apply for a loan, given that the age of the individual is 21 years when the loan period begins and 65 years when the loan period ends. The individual should be someone earning a regular income, either salaried or self-employed.
2. When can you apply for a loan?
The moment you decide to buy a home, you can put in your application for a Home Loan with Indiabulls Housing Finance Ltd. You can apply for a Home Loan even before you have finalized the property. The loan amount would be sanctioned or approved, based on your repayment capability.
3. What are the loan tenure options?
IHFL offers Home loan up to 30 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.
4. How is the interest charged/ calculated?
Interest is calculated on monthly rest.
5. What are the types of Rate of Interest offered by Indiabulls?
ndiabulls offers two types of interest rates. Fixed and Floating. A fixed rate of interest is when the rate is fixed for the whole tenure of the loan. A Fixed interest rate helps you to not exceed your interest expenses.
A Floating rate of interest, also known as the variable interest rate is the rate which fluctuates according to the market index. In complete contrast to the fixed rate of interest the floating interest rate may vary during the loan tenure.
6. Who can be the co-applicants for the loan?
• Your spouse
• Any of your blood relative (immediate family members)
• Also co-owner has to be necessarily co-applicant in the loan.
7. If I am an NRI, can I apply for a home loan at Indiabulls?
Yes. We provide loans to NRI’s from Dubai and UK only.
8. What are the documents required for an NRI Applicant?
Here is the list of documents for an NRI applicant. (Link of the documents page)
9. What are the stages involved while taking a loan?
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 resale, disbursal instrument is made favoring the seller, For Balance transfer cases it will be favoring existing financer, for self construction cases it will be on the basis of stage of construction favoring the borrower. It will be in favoring of the builder for builder direct x construction favoring the borrower. It will be in favoring of the builder for builder direct allotment cases.
10. What are the securities/ collaterals you need to provide?
Immovable property owned by the applicants. The applicant's title to the property should be clear, marketable and free from any encumbrances. The security created on property shall be first and exclusive. Such security will be created by deposit of original title documents of the said property.
11. What is an e-Home Loan? What are its features?
An e-Home loan is a range of online home loan application feature. We at Indiabulls believe in making the lives of our customers as less stressful as possible. An online home line is just the solution we need. With our e-Home loan features, you can now apply for home loans through a Facebook application called IB Easy. Without logging out of Facebook you can access/track your home loan, view fees/charges, interest rate changes, share feedback, manage your home loan account and so much more.
The interactive chatbot ‘IB Chat’ fills you’re the loan application on your behalf while you chat with Indiabulls on Facebook.
With the e-sign feature, you can digitally sign all your documents with the help of your Aadhar card number. This app lets you sign multiple documents in one go.
The Digilocker feature saves you from security threats and other such issues with saving documents on your system. With Digilocker you can download the documents from the cloud server itself for your loan application.
Another useful feature named Pay Directly uses ‘Unified Payment Interface’ application that has been integrated with the Indiabulls website. There is no need to login into your e-home loan account. You can directly pay your EMIs through multiple bank accounts and services with the help of the ‘Unified Payment Interface’ in the system.
12. Are there tax benefits on the loan availed?
Yes. You can avail tax benefits for your home loan under the Income Tax Act of 1961. Under Section 24 of the Income Tax Act, Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of the property is entitled to a deduction Rs 2, 00,000. This is the maximum amount eligible for deduction in the case of self-occupied property. For rented out property there is no limit of the amount of deduction.
Under Section 80C of the Income Tax Act, an applicant can get a maximum Rs.1, 50,000 deduction from the Income, on repayment of principal during a financial year. Other expenses such as Stamp duty, registration fee paid for the purpose of transfer of such house property to the assessee is also considered under this amount.