Indiabulls Home Loan- A Detailed Overview!

Indiabulls Housing Finance Limited is among the most preferred lenders in India. It is the largest private housing finance company and has spread its operations across Real Estate, housing finance, wealth management and so on.

Availing a housing loan from Indiabulls can be an ideal choice as they offer an easy sanctioning process and guidance at every step. Moreover, Indiabulls Home Loan (IBHL) comes with attractive interest rates, starting with 8.80% p.a., and flexible repayment options.

Take a look at the complete guide!

Benefits of Availing Indiabulls Home Loan

The home loans offered by the Indiabulls is a digital process, which allows you to get a fast disbursement and hassle-free process.

• Get instant loan sanction within few clicks
• The loan comes under a competitive interest rate. There is an advantage for women, as Indiabulls offers concessional rates for women
• There are no hidden charges on home loan disbursals
• Quick approvals without any delays
• Easy documentation without tedious paperwork
• Flexible and multiple repayment options
• You can choose home loan tenure as per your needs

Tax Benefits

For both salaried and self-employed individuals the tax benefits are as follows:

1. Section 24 of the Income Tax Act

Under this section, you are allowed to claim a deduction up to Rs. 2,00,000 on the interest paid towards the home loan. If the properties rented out then, there is no limit on the amount of the deduction

2. Section 80C of the Income Tax Act

An individual can get a maximum of Rs. 1,50,000 on the repayment of the principal amount of the property loan during the financial year. Other than this, stamp duty, registration fee or other expenses are also considered.

Documentation

Following are the documents required to apply for Indiabulls home loan-

Obligatory documents for all applicants

• Application form with passport size photograph
• Proof of identity- PAN Card, aadhaar card, Passport, Driving License, Voter ID
• Proof of address- Registered rent agreement, Electricity bill, Passport
• Processing fee cheque with other property documents

Salaried Applicants

• Form 16 of last years, in case Form 16 not available then submit Form 26 or ITR for 2 years
• Offer letter and salary certificate of 1 year with authorized company stamp
• Bank statement of last 6 months
• bank statement of past 1 year
• Salary slip of last 3 months

Self-Employed Professional

• 2 years IT return
• Balance sheet of last 2 years
• Profit and loss of last 2 years
• Bank statement of last 6 months
• Qualification proof
• Gumasta license

Self-Employed Non-Professional

• 2 years IT return
• Balance sheet of 2 years
• Profit and loss of 2 years
• Qualification proof
• Bank statement of last 6 months
• Gumasta license

BSF Customer

• Application form with the service certificate (must be attested)
• Salary slips of last 3 months
• Form 16 of last 2 years
• Confirmation certificate and service certificate

Merchant Navy & NRI

• If on rent, then the rent agreement with utility bill of last 3 months
• Continuous discharge certificate
• Salary slip of last 6 months
• Last 3 years of contact copy
• Form 16 for 2 years with calculation
• Salary slip of last 6 months
• 1 year of bank statement for NRE & NRO account
• Passport

Other Documents

• Sanction letter & Account Statement of running loans and bank statements showcasing loan repayments.
• If the property is decided, then submit a photocopy of the documents
• In case of recent employment submit Form 16
• Bank statement for the payment made to the builder

1. Indiabulls Home Extension Loan

With Indiabulls Home Extension Loan, you can have a chance to make your home bigger as per your . The scheme offers attractive interest rates.

In addition, it ensures a hassle-free loan process.

Features

• Get a simple documentation process
• The flexible loan tenure options
• Zero prepayment options
• Maximum loan to value
• Loan available for new and existing customers
• Attractive interest rates and zero repayment charges
• Multiple loan repayment options
• Quick approval and disbursal
• Interest rates starting from 8.99% p.a. onwards

Documentation

Personal documents as mentioned above and property papers are required for the home extension loans-

• Proof of no hindrance on property
• An estimate on home extension by an architect or civil engineer
• Plot’s title deed

2. Home Loan for NRI

IBHL assists NRIs to buy a home in India with minimum paperwork, flexible repayment options and virtual guidance. A speedy loan application process ensures that NRIs doesn't have to wait for their future home. The institution has tailor-made home loans at affordable pricing.

Documents

• Duly filled application with one coloured passport size photograph
• Processing fee cheque
• Identity proof- PAN card with passport, visa and work permit
• Residence proof- Telephone bill, electricity bill, water bill & registered rent agreement

Salaried Employees

• Last 3 month salary slip with last 6 month bank statement
• Form P60/P45 and latest employment contract
• Consumer credit check report

Self-Employed Professionals

• Previous 2 year ITR
• Balance sheet with profit and loss with audit report
• Bank statements of all active accounts for the past six months
• Consumer credit check report

Other Documents

• Sanction letter or account statement of existing loans and bank statement showcasing loan repayments.
• Bank statement from where payment has been made to the builder
• If the property has already been selected, a photocopy of property title documents.

3. Home Loan Balance Transfer

In a home loan Balance Transfer scheme, your outstanding loan gets transferred to another bank. The principal is credited to your bank account and pays off the home loan. Now, you will pay a new EMI amount at a more competitive rate.

Features

• You can transfer your existing home loan to private and foreign bank
• Avail lower interest rates 8.80% p.a to 12.00% p.a
• Top-up your home loan amount
• Save more with lower EMIs
• Customised repayment options and no hidden charges
• Special interest rate for women applicant
• Quick approval and doorstep service

Loan Term

The maximum loan tenure home loan repayment at IBHF is 30 years and it is identified by certain parameters such as:

• Customer’s profile and age
• Age of the property at the time of loan maturity
• 30 years loan term

4. Rural Home Loan

This scheme aids the rural and semi-urban residents with an opportunity to fulfil their needs of owning a new home. IBHL experts help you at every step for documentation, calculating EMI and home loan tenure.

Some of the important features of this loan are;

• Instant loan sanction within few clicks
• Attractive interest rates and concessional rates for women
• There are no hidden charges on home loan disbursals
• Quick approvals without any delays
• Easy documentation without tedious paperwork
• Flexible and multiple repayment options

5. Home Renovation Loan

Expanding or enhancing your home is easy with Indiabulls. Without any hassles you can renovate your home as per your choice, needs and comfort. The process of home renovation and home improvement is quick and hassle free.

Documents

All the documents as mentioned above and below mentioned documents are required for home renovation loan.

• Any original deed of the property
• Proof of no encumbrance on the property

6. Pradhan Mantri Awas Bima Yojana

Pradhan Mantri Awas Bima Yojana is a credit linked subsidy that is introduced by the Government of India. The scheme ensures housing for all the Economically Weaker Sections, Low Income Group and Middle Income Group of the Urban society by 2022.

You can apply for this scheme from Indiabulls to extend the affordable housing loan benefits of Pradhan Mantri Awas Bima Yojana through Credit Linked Subsidy.

Criteria & Income Range

In case of renovation the home must be constructed within the period of maximum of 36 months from the date of disbursement of the first instalment.

If you fail to do so or pre-closure of loan without completion of construction the amount credit linked subsidy will be refunded back to the Nodal Agency.

Indiabulls Customer Care Number

Indiabulls company constantly essays to ensure that the interest of the customers is properly taken care of. They have an efficient customer care team that resolves the queries. You can get connected with the Indiabulls customer care team on the following number:

• 18002007777
• New Customer - homeloans[@]indiabulls[dot]com
• For Loan Against Property - homeloans[@]indiabulls[dot]com
• As an NRI Customer - nriloans_hl[@]indiabulls[dot]com