Edelweiss Home Loan

Edelweiss Home Loan

About Edelweiss

Incorporated in the year of 2008, Edelweiss Broking Ltd. is an Indian Financial services company based in Mumbai, India. The company is registered with National Stock Exchange of India, Bombay Stock Exchange and MCX Stock Exchange.

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 either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Edelweiss Home Loans

Edelweiss offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Edelweiss Home Loans are tailor made catering to the needs of various customers.

Advantages of Edelweiss Home Loans

• Low interest rates
• Low processing fees
• Less paperwork
• No prepayment penalties
• No hidden costs and administrative charges
• Balance home loan transfer

Features of Edelweiss Home Loan

Objective:

Edelweiss home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

The maximum loan amount is Rs.35 lakhs

Loan Tenure:

Repayment period of 10 to 20 years.

Prepayment Charges:

• NIL for all Floating Rate Home Loans
• Varies from client to client and depends on factors like market Interest Rates, Credit Evaluations etc.

Processing Fees:

As applicable and specified in the Terms & Conditions

Interest Rate:

The Rate of Interest will vary depending individual credit assessment of the customer and will be at the sole discretion of Edelweiss Housing Finance Limited

Eligibility Criteria:

To avail the home loan from Edelweiss, you need to have the following eligibility criteria.

• You should be more than 21 years of age
• Steady income with minimum 2 years of experience

Documents Required to Apply for Edelweiss Home Loans

Important documents to be submitted while applying for home loans with Edelweiss

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Edelweiss home loan can be repaid in following three ways.

Standing Instruction (SI):

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

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Edelweiss 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-Edelweiss account at your nearest Edelweiss 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 Edelweiss Home Loan?

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

Home Loan and Credit Score

A good credit score is really the starting point to get the best offers on home loans from all lenders, with a score above 750+ you will be able to get flexible repayment tenor, reduced interest rates and save on monthly EMIs.

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

Edelweiss Home Loan FAQs

1. What are processing fees on Edelweiss Home Loans?

Edelweiss provides home loans for a maximum of Rs.35 lakhs

2. Is there penalty for prepaying the Edelweiss Home Loan?

• NIL for all Floating Rate Home Loans
• As applicable from time to time, specified in the Loan agreement for Loan Against Property & Fixed Rate Home Loans.
• Or as per Terms & Conditions specified by NHB from time to time.
• Varies from client to client and depends on factors like market Interest Rates, Credit Evaluations etc.

3. What is the maximum loan repayment period for Edelweiss home loans?

Repayment period of 10 to 20 years.

4. How Can I apply for a Edelweiss home loan?

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

5. Does Edelweiss Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Edelweiss Bank.

6. Can I get tax benefits from Edelweiss Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.