Indiabulls Housing Finance

Indiabulls is a popular name when it comes to choosing a housing finance company. In the legacy of more than a decade, the company has established itself as a trustworthy company that renders different schemes and policies, that helps people meet their financial needs. What makes Indiabulls different from other banking and financial institutions, is that it offers the highest LTV or Loans to Value ratio in the Indian market. It means that if you are taking a loan of Rs. 30 lacs, the Indiabulls offers loan amount up to 90% of the market value of the property. For loan amount above 30 lac up to 75 lacs, it offers LTV to a maximum of 80% of the property value. It also includes the land cost.

Key features of Indiabulls Housing Finance Loan-

  • The most important feature of Indiabulls housing finance is that it offers the highest LTV ratio in the market as compared to other banking and financial institutions.
  • Attractive interest rates are yet another feature that differentiates Indiabulls from others.
  • The prospective borrowers can apply for the housing loan individually or may have a co-applicant. The co-applicant can be spouse, parents, siblings or son or daughter.
  • It offers floating interest rates. It doesn’t apply on the loan disbursal amount. Any change in the interest rate will impact only the interest part of the EMI.
  • Indiabulls housing finance offers e-home loans making the loan application hassle-free.

Benefits of Home Loan from Indiabulls:

  • E-home loan facility makes it easy for borrowers to apply for a loan
  • Quick loan processing and approval
  • Flexible repayment
  • Indiabulls offers long and short tenure loans
  • Highest LTV rate

Brief overview of Indiabulls Housing Finance-

Rate of Interest It starts from 8.80%
Loan amount The minimum home loan amount offered by Indiabulls is Rs. 35 lacs
Loan Tenure Up to 30 years
Cheque Bounce Penalty Rs. 500 per instance
Cheque swap charges Rs. 500 per instance
Prepayment Charges Nil
Processing fee Up to .05%

What is the different purpose for which housing loan from Indiabulls can be used?

The borrowers who are looking for housing loan from Indiabulls can use this amount for different purposes, they are enlisted below:

  • Purchasing a new home, flat or independent houses.
  • Construction of a new house on the land owned by the borrower
  • Purchasing a new plot for construction.
  • Home extension or renovation.

Documentation for housing loan from Indiabulls:

The loan application and approval process of Indiabulls is simple but it requires the browser to submit the documents that can substantiate his/her credibility to repay the loan. Indiabulls offers housing loans for both the India residents and NRIs residing in Dubai, the UK and the US. Listed below is the complete set of documents that one needs to submit to get a housing loan.

Mandatory documents that one needs to submit:

  • Passport size photograph of the applicant
  • Filled and signed application form
  • Address proof like Adhaar card, Driving License, PAN card, Passport, Voter ID, Utility bills of last three months- this can be electricity bill or telephone bills.
  • Processing fee cheque
  • NOC from the builder or the housing society(original copy)

Tabular Representation for different categories of loan applicant:

Salaried Individuals Self-employed Individuals BSF Merchant Navy professionals and NRIs
In addition to the above mentioned documents the salaried individuals need to submit:

Form 16 of last 2 years

If they don’t get Form 16, they can submit Form 26AS or ITR of last 2 years.

Salary certificate

Last six month bank statement.

In case of variable salary, the salary slip of last 6 months is required.

In addition to the above mentioned documents, the self-employed individuals need to submit:

Last 2 years ITR

P/L of last 2 years

Balance sheet of last 2 years

Business registration certificate under Shops and Establishments Act or Factories Act or Gumasta License

Education certificates

Along with the application form, the BSF personnel needs to submit service certificate.

Last 3 months salary slips

Form 16 of last 2 years

To get the benefit, the BSF personnel needs to submit the service certificate

If they are on rent then they need to submit rent agreement with utility bills of last three months.

Salary slips of last 6 months

Continuous Discharge Certificate

Passport

Contract copy of last 3 years

Form 16 of last 2 years

Bank statement of 1 year for NRE or NRO account.

 

The NRIs need to submit Form P60/P45

Recent Employment contract along with Consumer Credit Check report.

 

Different types of Home loan products offered by Indiabulls:

Indiabulls Housing Finance Loan– This loan scheme is for the salaried, self-employed, BSF, merchant navy and NRIs. You can use this loan for buying a home or building your own home. The loan comes with attractive interest rates and tax benefits which makes it one of the most popular choices amongst those who are looking for a home loan.

Rural Home Loans- Indiabulls offers home loan to the residents of rural and semi-urban areas. They can use this loan scheme to buy a home in rural areas. The rural home loans from Indiabulls comes at an affordable and attractive interest rate.

Plot loans from Indiabulls- well, if you don’t wish to buy an apartment and are willing to construct your own house, then Indiabulls has plot loans for such needs. This lucrative interest rate makes it easy for individuals to build the home of their dream by availing plot loans.

Home Extension Loans- This is yet another popular loan schemes offered by Indiabulls. Home extension loan lets you use the loan amount to construct a new home, or if you are planning to add another floor to your house.

Home Improvement Loans– Your house is a reflection of your lifestyle and if you want to catch the eyes then it is important that your house should look different. To fulfil this dream of yours apply for the Home Improvement Loans from Indiabulls that helps you renovate your house, from painting to repairing to maintenance, you can use the Indiabulls home improvement loans for the same. It can also be used for home renovation.

Tax Benefits-

Availing housing loan from Indiabulls will not only fulfil your dream of buying a home or building your dream house but at the same time, it also gives you tax benefits. The Income-tax authorities offer certain benefits to the people who take home loan from specified financial institutions and Indiabulls is one of them.

Here is how you get benefitted from housing loan:

  1.    Section 24- As per this section of the Income Tax Act, an interest that the borrower pays on the capital borrowed for construction, repair or acquisition of property gets a rebate. The maximum amount which is eligible for deduction is Rs. 2,00,000 if the property is self-occupied. In case of the rented out property there is no limit of the amount of deduction.
  2.    Section 80C– As per this section of the Income Tax Act, the maximum deduction amount is Rs.1.5 lacs. This amount is under rebate on income or repayment of principal amount of home loan during the financial year.

Why choose Indiabulls Housing Finance from Loanyantra?

If you are searching for a good housing finance company then Indiabulls is a good choice. Loanyantra offers you a good platform to scout through a number of banking and financial services that provide a home loan. Our customer service will guide you through the entire process of loan application and approval. You can compare the interest rates and other benefits offered by banks in one go and finalize the one which can be in your best interest.

Why should you consider Loanyantra as a trustworthy platform?

    • One-stop solution- Loanyantra offers one stop solution where you can access all the information in one click.
    • Unbiased Reports– Loanyantra is a third-party platform where the information is not sponsored by any particular bank or financial. All the information on our website is unbiased and we present you critically analysed reports which will be in the best interest of the borrower.
    • SPOC- Loanyantra offers you a dedicated officer that will help you with the loan application. They will work in coordination with you until the loan gets processed.
    • Quick and time-saving- Time is money and Loanyantra completely comprehends this. We offer quick services and help you complete the paperwork so that you get your loan approved in time.

If you are searching for the right loan provider and are confused who to finalize, then Loanyantra will help you choose the right bank or financial institutions. To explore more about our services and how can we help you contact us today.

 

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