FAQ

FAQ

Frequently Asked Questions (Home loans)

1. 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.

2. What are the loan tenure options?

IHFL offers Home loan up to 20 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.

3. How is the interest charged/ calculated?

Interest is calculated on monthly rest.

4. 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.

5. What are the securities/ collaterals you need to provide?

Immovable property owned / being purchased by the applicants. The applicant’s title to the property should be clear, marketable and free from any encumbrances. The security created on such property shall be first and exclusive. Such security will be created by deposit of original title documents of the said property.

6. 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 – 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 favor of the builder for builder direct allotment cases.

7. What are the various kind of loans extended?

  • 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
  • Loan Against Property

8. What is a Monthly Reducing Balance?

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.

IHFL works on Monthly Rests basis.

9. What is an amortization schedule?

An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.

10. Can you get IT certificates in the name of both the applicant and co-applicant separately?

As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.

11. When is the IT certificate issued?

ou can request for a provisional IT certificate that can be issued any time during the course of the year.

12. What kind of Tax Benefit does an individual get while applying for a Home Loan?

Many of us have taken home loans / mortgages to buy our house. One of the most important motivators for availing a housing loan is the income-tax benefit that it provides.

If you have availed 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 available to assesses who have taken a loan to either buy a house or build one. You can reduce your tax liability by a maximum of Rs.6250 per month (Rs.75000 p.a.) (for self occupied property) Under section 80,repayment of principal of up to Rs.1 lac is deductible in full from your income which means you can save tax up to a maximum of Rs.30,000 p.a. on principal. Similarly under section 24 of the Income Tax Act, interest is deductible up to a maximum of Rs.1.5 lac. Thus, this leads to an additional saving of a maximum of Rs.45000 p.a.

13. How do I apply for the loan?

  • By calling on our toll free no. at 1800-200-7777.
  • Drop in an email at customerserviceloans@indiabulls.com
  • SMS ‘HOME’ at 56677
  • Visit our nearest Home Loan Branch

14. What are the types of rate of interests offered?

Floating rate of Interest.

15. What is an EMI?

You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.

16. What is pre-EMI?

Pre EMI is the Interest paid on the Loan Amount availed in part and before the start of the actual EMI. This generally occures in Self Construction or Construction Stage Linked Disbursals. The EMI doesn’t get started till the loan is disbursed in full and hence interst is charged on partially disbursed loan amount only which is Pre EMI.

Frequently Asked Questions (Loan Against Property)

1. When can you apply for a loan?

When ever you have any personal engagements and you decide to avail loan against pre owned property, you can put in your application. The loan amount would be sanctioned or approved, based on your repayment capability. It can be for following purposes:

Business Expansion, working capital requirement need, Marriage in family, Higher education some medical emergency or asset acquisition

2. What are the loan tenure options?

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

3. How is the interest charged/ calculated?

Interest is calculated on monthly rest.

4. 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.

5. 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 such property shall be first and exclusive. Such security will be created by deposit of original title documents of the said property.

6. How do I apply for the loan?

  • By calling on our toll free no. at 1800-200-7777.
  • Drop in an email at customerserviceloans@indiabulls.com
  • Visit our nearest branch

7. What are the types of rate of interests offered?

Floating rate of Interest.

8. What is an EMI?

You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.

9. What are the advantages of LAP vis a vis personal loan

    • Person enjoy the benefit of staying in his home
    • Can satisfy his need for immediate personal use like: Business, Marriage in family or any medical expenses
    • Rates are lower in Lap than personal loans
    • Person can generate funds by unlocking the property value
    • Also avaiable for Non residential properties

10. I am an NRI can i take LAP loan?

No, LAP is avaiable only to residents of India

Commercial Vehicle loan FAQs

1. What are the loan tenure options?

The tenure of the loan can range from a period of twelve months to sixty months depending on the product and your requirements.

2. What are the minimum & maximum loan amounts?

Loan amount can vary from a few thousands to crores depending upon the specific requirement. Funding can be upto the extent of 100 % of the chassis, body funding can be extended on special requirement & profile. Our excellent relationship with leading manufacturers and dealers allow us to offer you the best deals.

3. How is the interest charged/calculated?

Interest is charged on a flat rate based on the scheme applicable for the particular product.

4. Do I have to pay any additional charges?

Additional charges are applicable for specific products and are nominal in nature.

5. What documents do I need to submit to avail a Commercial Vehicle Loan?

To avail a Commercial Vehicle Loan you will have to submit the following documents.

      • Proof of Address e.g. Passport, Ration Card, Voters ID etc
      • Proof of Experience in the relevant area/field
      • Track Record of past loans if availed
      • Bank Statement
      • ITR in case of specific category of customers
      • Additional documents like the Financial statements for the last two years if applicable
      • Transportation Contracts to be submitted for higher quantum of funding.

6. How do I approach Indiabulls for a Commercial Vehicle Loan?

You can approach us in any of the following ways:

7. How much time will it take for my loan to be approved?

The loans are generally approved within 48 hours of submission of complete documents, however the time taken may vary depending upon the nature of the loan, quantum of funding and location.

8. Who can be the co-applicants for the loan?

You can have the following as your co-applicants depending upon your status:

      • Blood relatives in case of individuals.
      • Partners in case of Partnership firms
      • Directors in case of Private Ltd companies

9. Is a personal guarantor a must?

Based on your profile and credit strengths the requirement can be waived, however in other cases you may be required to provide a personal guarantor.

10. What security/collateral do I have to provide?

No additional collateral required other than the vehicle on which the funding is extended.

11. If I do not meet all the criteria for the loan, can I still avail of a loan?

Yes you can, your application will be considered based on the credit strength of your co-applicant Approval will be at the sole discretion of Indiabulls Financial Service ltd.

12. What are the stages involved in taking a loan?

The various stages involved are:

      • Application
      • Discussion on specific requirements
      • Evaluation and Approval
      • Documentation
      • Completion of formalities and disbursement.