Capital First Bank Home Loan

About Capital First Bank

Capital First Limited, listed in NSE and BSE, is a leading Indian financial institution, specializing in providing debt financing to MSMEs and Consumers in India. The company was largely in the business of wholesale Financing, asset management, and had JVs in Foreign Exchange and retail equity Broking. The Market Cap of Capital First has increased from Rs. 7.90 billion ($121 mn) on March 31, 2012 (FY ending prior to the buyout) to Rs. 76.28 bn on March 31, 2017. ($1.17 bn). Capital First has financed over 4.0 million customers in more than 220 locations across India.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Capital First Bank Home Loans

Being one of the largest bank in India, Capital First Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Capital First Bank Home Loans are tailor made catering to the needs of various customers.

Advantages of Capital First Bank Home Loans

• Low interest rate
• No hidden costs and administrative charges
• Low processing fees
• No security needed
• Less paperwork
• No prepayment penalties

Features of Capital First Bank Home Loans

Eligibility Criteria

To avail the personal loan from Capital First Bank, you need to have the following eligibility criteria.

• Sole Proprietors and Partnership Firms
• Micro Small and Medium Enterprises
• Salaried and Self-Employed Professionals
• You need to be at least 2 years in business (for Self-employed) or have 3 years work experience (for salaried individuals) in an industry with a positive net worth
• The age requirement is minimum 23 years of age at the time of taking the loan and maximum of 70 years of age or retirement at the time of maturity
• Clear banking and loan payment history
• Good credit rating score in credit bureau

Loan Amount 5 Lakh to 25 Lakh

Loan Tenure

Maximum of 20 years

Prepayment Charges: Nil

Processing Fees

Initial Processing Fees charged is either Rs. 2,500* up to Rs. 10 Lakhs and Rs. 5,000* for amounts greater than Rs. 10 Lakhs. *Please note applicable Service Taxes will apply in addition to chargeable PF amounts.

Interest Rates: 9.00% – 11.50%

Documents Required to Apply for Capital First Bank Home Loans

Important documents to be submitted while applying for personal loans with Capital First Bank

• Completed loan application
• Identity proof
• Address proof
• Income proof
• Proof of educational qualifications (where applicable)
• Age proof
• Employment details
• Bank statements
• Details about the property in case you have finalized it before hand
• Any other obligation documentation (SOA, Sanction Letters, etc.)
• Once the property is finalized and the asset is defined to the financier, you will be required to provide a distinct set of documents relating to the property selected. These documents will assist in providing information whether said property is sound upon which funding can be provided

Legal check:

A check is conducted on whether documents provided are within norms of the prevailing law of the land. It is of pivotal importance that the property being mortgaged be legally sound and documents provided be in line with enforceable legislation of the land.

Technical check:

Through specialized qualified third party vendors, a thorough check is done whether property approvals are complied with in the construction of the property. Regulatory norms with regard to NA Lands, CRZ Norms, B-Khata rules, etc depending on the location of property are checked along with the structural integrity, life and maintenance of structure erected. It is to be noted that a property complying with all these stated norms will be deemed fit to provide a justified mortgage for the entire tenor of the loan.

The checks vary depending upon the type of Property, i.e.:

Under Construction Property:

The approved plans, CC, IOD, NA and other construction related documents are checked and verified by the specialized third part representatives who then check whether said construction is being constructed in tandem with the aforementioned documents.

Ready Purchase / Resale Property:

The Occupancy Certificate (OC), BCC, among other documents are checked by the specialized third part representatives who then checks the structural integrity of the property.

EMI Payment Methods

Your Capital First Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Capital First Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Capital First Bank account you specify.

lectronic Clearing Service (ECS):

This mode can be used if you have a non-Capital First Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Capital First Bank account at your nearest Capital First Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Capital First Bank Home Loan?

You can either apply online or visit a nearby Capital First Bank branch for the application. You can also download the home loan application form from the Capital First Bank official website, complete the form and submit it the bank representative.

Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Capital First Bank Home Loans

This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.

Capital First Bank Home Loan FAQs

1. What are processing fees on Capital First Bank Home Loans?

0.50 % of the amount sanctioned with minimum of Rs.1000 and Maximum of Rs.20000

2. Is there penalty for prepaying the Capital First Bank Home Loan?

No penalty is levied for prepaying the Capital First Bank Home Loan?

3. Can I get Capital First Bank Home Loan without a Guarantor?

Guarantor is required in some cases

4. What is the maximum loan repayment period for Capital First Bank home loans?

The maximum repayment period is 30 years

5. How Can I apply for an Capital First Bank home loan?

You can either apply online or visit a nearest Capital First Bank branch and take the help of the bank’s representative.