Edelweiss Housing Finance Home Loan

Table of Contents

• Features of Edelweiss Housing Finance Home Loan
• Edelweiss Housing Finance Home Loan Interest Rates
• Eligibility Criteria for Edelweiss Housing Finance Home Loan
• Edelweiss Housing Finance Home Loan Schemes
• Edelweiss Housing Finance Home Loan Types
• Edelweiss Housing Finance Home Loan for NRI
• How to Apply for Edelweiss Housing Finance Home Loan
• Document Checklist for Edelweiss Housing Finance Home Loan

Introduction

Edelweiss Housing Finance Private Limited offers a range of services when it comes to home loans. Edelweiss is among the sought after financial service providers because their loans are tailor made to meets the demands of their customers. Edelweiss Housing Finance Private Limited offers  housing loan to all classes of the society like the salaried, self – employed, urban, rural folk etc.

The Edelweiss Housing Finance Private Limited offers a range of home loan for various needs like buying a new or a used home, renovation or extension of an already existing house.

Edelweiss Housing Finance Private Limited offers a very low rate of interest towards home loans which is in turn much lower than what the NBFCs charge you. There are also no foreclosure charges for a floating home loan. The company pays a lot of emphasis on the borrower’s repayment capacity and customise the loan accordingly.

Features of Edelweiss Housing Finance Home Loan

• The application process is easy and the processing is efficient with quick approvals.
• Edelweiss offers loans for the salaried as well as the self – employed despite lack of necessary documents.
• Low eligibility requirements and easy documentation.
• Edelweiss offers a wide variety of home loans with a range of repayment options.
• Mortage loan options like loan against property, HLBT and Top Up Loan are also available.
• The prepayment charges are nil if a home loan is borrowed with a floating rate of interest. The prepayment charges will vary from one customer to another based on credit evaluations.
• The loan application process is easy and the bank makes sure that the approval is quick with an efficient processing.
• Housing loan from Edelweiss is available for employed as well as self – employed individuals even if the borrower does not have standard income documents.
• There are no hidden charges involved in the procession and everything is transparent.
• Edelweiss offers Income Tax benefits for its borrowers under Section 24 and Section 80 C of the Income Tax Act 1961.

Edelweiss Housing Finance Home Loan Interest Rates

Interest Rates are as of 2019:

Eligibility Criteria for Edelweiss Housing Finance Home Loan

The bank has some fixed eligibility criteria based on which it decides whether a particular customer is eligible for a home loan from Edelweiss Housing Finance Private Limited. The Edelweiss Housing Finance Private Limited will assess the eligibility criteria based on many factors like age, financials, vintage, asset creation, qualification, continuity of income, nature of business, saving history, and financial discipline of the borrower. Loans are assessed after the bank does a detailed investigation and scrutinise the business financials.

The factors that determine the eligibility are as follows:

The factors that can affect your home loan eligibility criteria from Edelweiss Housing Finance Private Limited are:

• Income and finances are particularly crucial for those who are self – employed.
• The minimum age requirement is 21 years of age. The maximum age requirement of the borrower is 65 years at the time of maturity of the loan or retirement, whichever is lower.
• The margin of the home loan ranges between 10 – 50 %
• Self – employed professionals should submit proof of their educational qualification.
• If you are self – employed or a non – working professional, you will have to show evidence of continuity of employment.
• The borrower’s credit history plays a major role in deciding your eligibility to avail a loan from Edelweiss Housing Finance Pvt. Ltd.

Edelweiss will do a proper field investigation before it grants you the home loan. They will do a cash flow assessment and assess your loan in case you cannot provide the required financial document. If the necessary financial papers are not in place then the lender will restrict the loan amount to Rs. 35 lakhs.

Edelweiss Housing Finance Home Loan Schemes

Edelweiss Housing Finance Private Limited’s home loan schemes are designed to meet the needs of their customers based on their repayment capability.

There could at times be special discounts for women borrowers for who the bank charges the lowest rate of 10.55.

Edelweiss Housing Finance Home Loan Types

Edelweiss offers home loans for salaried and self-employed individuals. This depends on whether the individual is eligible for the loan.

Home loan for purchase of a house or for construction

• This is a regular home loan from Edelweiss which can be used to purchase or construct a new home or to purchase a second home or an apartment.
• This loan can be availed by both the salaried and self- employed.
• The home loan can be availed by Indian residents who are over 21 years of age. The maximum age to apply for the home loan should be such that the age at the loan maturity should be less than 65 years or the retirement age, whichever is lower.
• The tenure of the loan will range from 10 to 20 years.
• The home loan is disbursed even in the case of insufficient documents to support a standard income. The maximum credit in the income category is only 35 lakhs.

Home loan for repair and renovations – Home improvement loan

• This loan can be borrowed for renovation and repair an existing home be it internet or external.
• The eligibility criteria for this type of home loan are similar to that of the regular home loan product. However, the bank will ask the applicant to submit the repair estimates or the estimation of the renovation, based on which Edelweiss Housing Finance Private Limited will process the application for the loan.

Home loan for purchase of plot or construction of a house

This loan from Edelweiss can be utilised to purchase a residential plot. The eligibility criteria for this home loan stays the same as that of a regular home loan.

Balance transfer of home loan

The balance transfer of home loan option available in Edelweiss lets you to transfer your home loan balance from another bank or a financial service to Edelweiss Housing Finance Private Limited.

The eligibility criteria are the same as that of any home loan product from Edelweiss. However you need to make sure that the existing home loan that you have comes under the standard category of home loan.There should be regular payments against the loan and no cases of default.

List of documents needed for Balance transfer of home loan for salaried individuals:

• Passport size photograph
• Salary Certificate or latest salary slip.
• PF statement or Form 16 or appointment letter for salaried individuals
• Identity Proof
• Age Proof
• Bank Statement for 3 to 6 months

List of documents needed for Balance transfer of home loan for self – employed individuals:

• Last 2 years of income tax returns duly signed by a Charted Accountant.
• profit and loss A / C with schedules and annexures and Balance sheet for the last 2 years and
• Passport size photograph
• Identity Proof
• Age Proof
• Bank Statement for 3 to 6 month

Co – applicant for Home Loans

Any co – owner of a properly will be considered as a co – applicant for home loan. A co – applicant can be parents, siblings or any other person who is not a blood relation.

If a property is registered under the name of one of the parent, the parent will automatically become the co – applicant for the loan. If the site or property is in your name you can choose one of your parents as a co- applicant.

In the case of siblings, a male residing in the same house can be considered as a co – applicant. Whereas, if a sister is a co – owner of the property she will be considered as a co – applicant.

Edelweiss Housing Finance Home Loan for NRI

NRIs are Non – Residential Indians who stay abroad for business, educational or financial purposes. Edelweiss offers home loans even to this category of loan seekers. Since representatives of Edelweiss are present in many countries, the non-residential Indians need not face any trouble to get a loan from Edelweiss. The home loan procession can be done abroad without having to travel to the bank in India personally.

The interest rates and the terms and conditions of the home loan from Edelweiss will be decided by the bank in a case by case basis. There are many factors that are considered to determine the loan eligibility and the interest rate applicable to the loan. For further quotes you can directly get in touch with the bank to understand the loan eligibility details.

How to Apply for Edelweiss Housing Finance Home Loan

You can apply for the Edelweiss home loan either online or by visiting the nearby branch. The home loan application form can be easily downloaded from the Edelweiss website. Complete the form and then submit the completed form to the bank representative.

If you fill the online form, make sure to fill in your identity details, address, income and other information asked for correctly. The firm will send a representative to verify your details. An executive from the firm will prepare a report which will determine your property value and the repayment capacity after which Edelweiss will finance 70 to 80% of the value of the property.

EMI (Equated Monthly Instalment) is the amount to be payed to the lending financial service until the loan amount is payed back fully. The Edelweiss home loan calculator can be used to calculate the EMI figure that you will have to pay each month. Every month the principal amount of is reduced from the total outstanding loan amount and the interest is charged based on the outstanding amount.

Document Checklist for Edelweiss Housing Finance Home Loan

The checklist of documents necessary to apply for a home loan from Edelweiss Housing Finance Private Limited is tabulated below:

For salaried customers

For self – employed customers

In case you face any difficulties or want additional support, you can always reach the Edelweiss Housing Finance Private Limited customer care number or email them on their home loan email id. The contact details are available on their official website.

You can also get in touch with the bank that would send a consultant who can guide on the entire process and help you with the EMI and loan tenure amount. The home loan application process is easy and gets completed in few clicks. Make sure that you understand your eligibility and the home loan amount EMI payments that you will have to make towards the loan.