Equated Monthly Instalment (EMI) is the amount payable to the Lending institution every month till the Loan is paid back in full. The EMI consists of Principal and Interest components.
Pre-EMI consists of only Interest on the disbursed loan amount and is payable monthly till commencement of EMI. In cases of partial disbursement customer pays Pre-EMI until full disbursement.
Customer starts paying the EMI from the month following the month in which the loan amount was fully disbursed.
The rate of interest is fixed for the tenure of the loan
Every month the principal component of the EMI is reduced from the Outstanding loan amount. The interest is charged on the outstanding loan amount.
An amortization schedule is a tabular representation of monthly instalments and reduction in outstanding loan amount during the tenure of the loan.
EHFL provides loans for:
Construction/Extention/Improvement of House
Purchase of House/Flat property from a builder
Purchase of House/Flat property in resale
Transfer of Outstanding loan from other financiers
Loan Against Property
To avail a Home Loan from EHFL, you must be
A Resident Indian
Above 21 years at the commencement of the loan
Below 65/ retirement age at the time of maturity
Your loan eligibility will be determined by EHFL on the basis of factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history to ensure easy repayment for you in the future. The loan eligibility will be subject to the value of property selected by you and will be at the sole discretion of EHFL
Yes. To increase income you can do any of the following, subject to EHFL’s discretion
Include an immediate relative with an income as a co-applicant
Include income from other sources (Rental, Business, etc.)
You can apply for a loan even before the purchase of the property. A loan amount will be sanctioned to you base on the above mentioned eligibility criteria. The loan amount will be subject to the value of the property, when you select one.
Maximum tenure of the loan is 20 years, subject to eligibility norms.
The security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.
Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to EHFL of life insurance policies, the surrender value of which is at least equal to the loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other investments that are acceptable to EHFL
You can apply for a loan in the following ways:
Email us at email@example.com
Call us at 1-800-1026371
The following modes of payment are available:
Electronic Clearance System (ECS)
Yes. There are charges applicable for full or part prepayment of Home loans.For more details, kindly refer to Fees & charges
Yes. We will assist you in finding the insurance policy suited to your needs.
We will also fund the insurance premium, subject to eligibility criteria.
The premium amount will be part of the loan disbursed and will be amortized over the tenure of the loan.
Both principal as well as interest of home loans attract tax benefits. With effect from 1st April 2005 (i.e. assessment year 2006-07) under section 24(b) and 80C of the Income Tax Act 1961.
Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium etc up to a maximum of Rs 1,50,000/- will be eligible for deduction from gross income u/s 80C of Income Tax Act1961.
For self occupied – Income will be treated as nil and interest payment upto Rs. 2,00,000/- will be treated as minus income which will be adjusted against other income under section 24(b) of the Income Tax Act 1961.
For rental property – It will be adjusted against rental income
Interest paid on loan before completion of construction will be allowed as deduction from income at 20% per year for the next five years.
Salaried individuals: Any individual who is in permanent service in any government undertaking or any private sector company in India
Self employed professionals
Professionals like doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers
Self employed non professionals
Individuals like traders, manufacturers, distributors, service providers etc
Non individual entities
Proprietorship firms, partnership firms, private limited companies and public limited companies
You can borrow up to 70% of the market value of your property subject to income eligibility
We have products under which we can offer you a loan: income based and surrogate income based. A thorough understanding of your business will help us determine your loan eligibility in case of surrogate income based
The minimum tenure of your loan against property from Edelweiss is 3 years and maximum tenure is 15 years. The term of loan will be restricted to the retirement age of 60 years in case of salaried customers and 65 years in case of self employed customers
Yes there needs to be a co-applicant to the loan. All co-owners of the property being mortgaged need to be co-applicants. For a sole property owner, one adult member in the immediate family needs to be a co-applicant. In case the property is owned by a partnership firm or a company, partners or directors / promoters need to be co-applicants
The rate of interest varies depending upon your loan amount, property type, income etc
Interest rates can be fixed, variable or part fixed and part variable. We offer variable rate loan against property which is subject to change depending on the economic conditions prevalent in the market during the tenure of the loan
Yes, there is an option of prepayment of entire loan amount (foreclosure) however Foreclosure charge will be levied as applicable
Foreclosure charges vary from 5% to 3% depending on the tenure of the loan.
Nil Restrictions. All part prepayments to the foreclosure of the loan will be charged with the applicable Part Prepayment/foreclosure rate
You can repay the loan by way of Electronic Clearing System (ECS)
Before final disbursement, you pay interest on the portion of the loan disbursed. This interest is called Pre-EMI. Pre-EMI interest is payable every month up to the date of commencement of EMI
An equated monthly instalment or EMI as it is called is the amount paid by the borrower to the lender (Edelweiss) at a specified date every calendar month for the loan taken. The EMI remains constant over the tenure of the loan. This consists of both principal and interest so that the loan is paid off in full in a specified number of years.
EHFL is regulated by the National Housing Bank (NHB) vide Certificate of Registration (CoR) No. 03.0081.10 dt. 18/03/2010. However, NHB does not accept any responsibility or guarantee about the present position as to the financial soundness of Company or correctness of any of the statements or representation made or opinion expressed by the Company.