INDIA BULLS HOME LOAN : COMPLETE GUIDE

The 2nd largest private housing finance company in India, IndiaBulls Housing Finance Ltd. (IHFL), is based out of Gurgaon and known for the financial services it offers. Their top service, the IndiaBulls Home Loan is popular across India, and received widespread recognition for its competitive prices. Below, is an extensive guide of the IndiaBulls Home Loan that explains everything there is to know about it.

1.  IndiaBulls Housing Finance

Buying your dream home is made easy by IndiaBulls Housing Finance Ltd. (IHFL). Their product, the Indiabulls housing loan gives you the opportunity to realize your lifelong dream. From the moment you start thinking of purchasing a house/property to actually owning, IndiaBulls assists you at every step.

The IndiaBulls home loan customer care team are one of the best in-class and offer top notch customer services. Couple this with doorstep service, instant approval, quick document processing and loan disbursal, it is easy to see why this is one of the best housing loan providers in the country.

IHFL is a highly trusted financing institution in the real estate and housing sector. Tools like the Indiabulls home loan emi calculator, tax benefit calculator, and the loan eligibility calculator ensure you, the customer, is well informed and gets the best offer.

2.  IndiaBulls Home Loan – Features & Benefits

Before we dive in to an exhaustive list of loan options, interest rates and tenures, let us take a look at the key features and benefits of the Indiabulls home loan.

  • The IndiaBulls Home Loan process is simple and hassle-free
  • Check your loan eligibility online using the eligibility calculator
  • Quick processing and disbursal of loan amount without the hassle of tedious paperwork
  • IndiaBulls Home Loan is approved even if the property is yet to be chosen
  • The IndiaBulls Home Loan comes at attractive interest rates and a whole host of subsidies for women
  • Apply under the Pradhan Mantri Awas Yojana and get lower interest rates
  • You get to choose the tenure of your loan repayment (Max of 20 years)
  • Loan amount of up to 85% of property value (For properties costing under INR 20 Lakhs. 80% amount given for others)
  • The IndiaBulls Home Loan online portal helps you easily manage your loan account and make monthly payments
  • Best-in-class customer service team to handle all your queries and needs
  • Loans on offer for NRI Customers as well

3.  IndiaBulls Home Loan Interest Rates

IndiaBulls believes in providing a fair rate of interest that can be easily managed by their customers. The IndiaBulls housing finance rate of interest makes them a go-to choice when choosing a home loan. They offer .05% subsidy on interest rates for properties owned or co-owned by women.

i) IndiaBulls Housing Loan Interest Rate

The variable rates of interest on home loans are as follows:

LOAN AMOUNT VARIABLE RATE OF INTEREST
<= INR 75 Lacs 8.45 % – 9.80 %
>INR 75 Lacs <= INR 300 Lacs 8.70 % – 10.55 %
>INR 300 Lacs 8.85 %- 11.30 %

NOTE: You can also choose a fixed rate of interest of up to 2 years, following which the prevailing Variable Rate of Interest basis the Margin adjusted to Reference Rates at the time of loan agreement execution comes into effect.

The fixed rates of interest for a maximum tenure of 2 years are as follows:

LOAN AMOUNT RATE OF INTEREST
<= INR 75 Lacs 8.95 % – 10.00 %
>INR 75 Lacs <= INR 300 Lacs 9.00 % – 10.75 %
>INR 300 Lacs 9.10 %- 11.50 %

ii) IndiaBulls Plot Loan Interest Rate

Indiabulls offers effective loan solutions for those who wish to own a plot of land as an investment or to build their dream house on. The interest rates offered on Plot Loans are feasible and communicated directly to you from the IndiaBulls customer service team.

iii) IndiaBulls Loan against Property Interest Rate

Leverage the value of your residential property to fund your business. The IndiaBulls Loan against Property offers attractive mortgage loans to solve your financial needs.

LOAN AMOUNT VARIABLE RATE OF INTEREST
<= INR 5 CRORES 10.50 % – 13.00 %
>INR 5 CRORES 11.50 %- 13.50 %

NOTE: You can also choose a fixed rate of interest of up to 2 years, following which the prevailing Variable Rate of Interest basis the Margin adjusted to Reference Rates at the time of loan agreement execution comes into effect.

The fixed rates of interest for a maximum tenure of 2 years are as follows:

LOAN AMOUNT VARIABLE RATE OF INTEREST
<= INR 5 CRORES 11.00 % – 13.25 %
>INR 5 CRORES<=INR 10 CRORES 11.75 %- 13.50 %

4.  IndiaBulls Home Loan – Fees & Charges

  1. IndiaBulls Home Loan Processing fees
PROCESSING FEE LOAN AMOUNT
INR 10,000 <= INR 28 Lacs
0.5% of Loan amount 30 Lacs<=Loan Amount>28 Lacs
0.5% to 1% of Loan amount Loan amount > 30 Lacs
  • INR 250 for ECS/PDC
  • INR 650 for Database admin fee

IndiaBulls Home Loan Charges

  • Late payments charge is 24% per annum of the outstanding loan amount
  • INR 200 – Statement account charges or amortization schedule
  • INR 5000 – Documents retrieval charge
  • INR 2500 – Transaction handling charges

5.  IndiaBulls Home Loan Calculator

A very important criteria in deciding who you proceed your home loan with is your eligibility and EMI. Indiabulls provides effective tools on its website to help you assess both.

The IndiaBulls home loan EMI Calculator and IndiaBulls home loan eligibility calculator are two tools that can be used by anyone to make an informed choice before proceeding with an application.

A)   The Tools

  1. Indiabulls loan eligibility calculator

The loan eligibility calculator helps you determine the loan amount you are eligible to receive based on loan tenure and loan interest rate.

  1. Indiabulls housing loan emi calculator

This calculator helps you determine the amount of money you’ll have to pay on a monthly basis. It is calculated based on the home loan amount, home loan tenure, and home loan interest rate.

B)   The advantages of the IndiaBulls loan calculator

  • Find out your EMI account in seconds
  • All calculations of your EMI explained and displayed in an attractive manner
  • Find the best combination of tenure and interest rates for you
  • Completely free to use

6.  IndiaBulls Home Loan Eligibility

To qualify for an IndiaBulls Home Loan the following conditions have to be met:

  • He/she must be a resident of India. NRIs can apply for the NRI Home Loans
  • Loan amounts can be used to purchase property in India only
  • Applicants must be older than 21 years and not over 65 years at loan maturity
  • Produce documents to show that he/she has a steady source of income
  • Applicant must have a good credit history with zero red flags

i)  IndiaBulls Home Loan documents required

For salaried individuals

  • Filled up loan application form
  • 2 Passport Size Photos
  • Income Tax Return of last 2 years
  • Identity Proof – Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months’ payslips, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents – Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

For self-employed individuals

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof – Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents – Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

NOTE: These documents can be submitted online or by visiting your nearest IndiaBulls Home Loan branch.

  1. Indiabulls Home Loan Eligibility Calculator

Find out the loan amount you are eligible for by using the Indiabulls home loan eligibility calculator tool.

7.  IndiaBulls Home Loan – How to Apply

  1. Fill out the IndiaBulls Home Loan application form online by visiting this link – https://www.indiabullshomeloans.com/contact-us/apply-now-for-home-loan/
  2. Make sure you completely fill all relevant details and upload necessary documents
  • Before applying you can use the loan eligibility calculator and the EMI calculator to better inform yourself
  1. You can also apply for a loan by visiting the nearest IndiaBulls home loan branch
  2. IndiaBulls Home Loan Application form status can be tracked by logging into the online portal

8.  Track IndiaBulls Home Loan Status

  • You can easily track the status of your loan application via regular alerts sent to you via SMS or E-mail.
  • In addition, you can use the IndiaBulls Application Tracker tool by downloading the IndiaBulls Home Loan Mobile App
  • Your IndiaBulls home loan status check can also be done by visiting the nearest Indiabulls branch

9.  Applying for Pradhan Mantri Housing Loan

Envisioning ‘Housing for all’ by the year 2022, Prime Minister Shri Narendra Modi launched the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS). This scheme is for the benefit of the people who lie in the Economically Weaker Section, Low Income Group, Middle Income Group-I, and Middle Income Group-II of society. All beneficiaries under the scheme receive interest subsidies for the purchase/construction/improvement of a housing establishment.

Pradhan Mantri Awas Yojana Eligibility Criteria

  • People belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I) and Middle Income Group-II (MIG-II) are eligible for this scheme
  • Age of the applicant must be 70 years or less
  • Income range of the applicant must be below INR 3 lakhs per annum for economically weaker sections and between INR 3 – 6 lakhs per annum for lower income groups
  • Applicable for customers who are purchasing/constructing their first home. The beneficiary family should not own any other house in their name.
  • The carpet area should not exceed 30 sq. mt. for EWS (annual household income up to Rs. 3 lakh PA), 60 sq. mt. for LIG (annual household income between Rs. 3 lakh to Rs. 6 lakh PA), 120 sq. mt. for MIG-I (annual household income between Rs. 6 lakh to Rs. 12 lakh PA), and 150 sq. mt. for MIG-II (annual household income between Rs. 12 lakh to Rs. 18 lakh PA)
  • The construction/extension must be completed within 36 months
  • A woman has to be owner/co-owner of the property

Pradhan Mantri Awas Yojana Benefits

  • The Subsidy is credited directly to the borrower’s account and adjusted against the principal loan amount of the borrower
  • Outstanding principal of loan will get reduced, resulting in reduced Equated Monthly Installment (EMI).

As you can see the IndiaBulls Home Loan is flexible and provides attractive rates of interest. We hope this guide helps you make the right choice and you realize the dream of owning a house very soon.

10.INDIA BULLS HOME LOAN FAQ’S

What type of property can be purchased with the Indiabulls Home Loan?

  • Flats, apartment, independent house, bungalow, etc.
  • Property part of an owners association or co-operative society
  • Residential plots, For construction of a new house, For buying a plot and then constructing a house
  • Home Renovation/Extension

What are the applicable processing fees charged prior to loan disbursement?

  • INR 7500 (loan amount <= INR 28 Lacs)
  • 50% of Loan Amount (50 Lacs<=Loan Amount<28 Lacs)
  • 50% – 1.00% of Loan Amount (Loan Amount > 50 Lacs)
  • Who must I choose as co-applicant(s) 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

What is the maximum available repayment tenure?

The maximum repayment tenure is 30 years. This is limited by the applicant reaching the age of 65 by the end of loan maturity.

What are the various formats of home loans extended by Indiabulls?

These are the various loan options extended by Indiabulls home loans:

  • 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
  1. How to login to the IndiaBulls Home Loan App?

Remembering passwords for multiple accounts can be quite difficult. IndiaBulls has made it easy for you to login to your home loan account with a fingerprint unlock feature. All you need is a smartphone with a fingerprint scanner and you are set.

  • Download the IndiaBulls Home Loan App from the Google Playstore or IOS appstore
  • Set up your user ID and Password on the app
  • Log in to your account and upload your fingerprint using your smartphone’s fingerprint scanner
  • Use your fingerprint to login the next time you need to check your IndiaBulls home loan account