English हिन्दी मराठी ગુજરાતી தமிழ் বাংলা മലയാളം ଓଡିଆ ಕನ್ನಡ తెలుగు

Individual Housing Loan

Apna Ghar Yojana (Individual Housing Loan)

  • You can purchase new property from builder (under construction or completed residential units from builders)
  • Purchase of the old property
  • Construction of house

1.Loan Term

Maximum 30 years
*It cannot extend beyond your retirement age years. (60 years for salaried individuals and 70 years for self-employed individuals)

 

2. Loan Amount

Loan Amount Maximum Amount*
Up to and including Rs. 30 lacs Loan total exposure not exceeding 90% of the market value of the property as assessed by GICHFL.
Rs. 30.01 lacs to Rs. 75 lacs Loan total exposure not exceeding 80% of the market value of the property as assessed by GICHFL.
Above Rs. 75 lacs Loan total exposure not exceeding 75% of the market value of the property as assessed by GICHFL.

 

3. Interest Rate Charges

Variable Rate
8.80%
*Credit History linked with CIBIL Score, Profile, Loan amount, tenure and property type.

 

4. Repayment Mode

You can pay your home loan EMIs through:

  • Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank.
  • Post Dated Cheques (PDCs) – Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available)

5. Insurance

  • Free property Insurance.
  • Free Accidental Death Insurance.
  • Life insurance(Optional against one time premium) arranged through Kotak Life Insurance, Birla Sun Life Insurance.

6. Tax Benefits

The income tax authorities offer certain benefits and exemptions to individuals who have taken a home loan from specified financial institutions.

Section 24 of the Income Tax Act
Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. Rs 2,00,000 is the maximum amount eligible for deduction in the case of self-occupied property and for rented out property there is no limit of amount of deduction.

Section 80C of the Income Tax Act
You can get a maximum Rs.1,50,000 deduction from the Income, on repayment of principal amount of the home loan during a financial year. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assesse is also considered under this amount.

EMI Calculator:

Home Loan EMI calculator is a basic calculator that helps you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate.

Please note that the Home Loan EMI calculator has been created to give you an approximate understanding and should not be considered as absolute.

EMI Loan Calculator

Eligibility Calculator:

The house loan eligibility calculator acts as a guide for you to understand an approximate amount that you can avail for your Home Loans.

Eligibility Loan Calculator

KYC Documents

ID & Address Proof (Any One Required)

  • PAN card (Mandatory, if income is considered for loan eligibility calculation)
  • Valid Passport
  • Voter ID card
  • Driving license
  • Aadhar Card

Residence Proof (Any One Required)

  • Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.
  • Ration card
  • Letter from employer
  • Bank statement /copy of Pass book reflecting address
  • Valid Rent Agreement

Income Documents

Salaried Individuals

  • Salary slips for the last 12 months or salary certificate*
  • Copy of bank statements for the past 6 months (salary account)

Self-Employed Professional

  • Certificate of qualification for professionals : CA, Doctors or Architects
  • Copy of last three years’ income tax returns, along with computation of income
  • Copy of last three years’ P/L account with all schedules and audited balance sheet, wherever applicable.
  • VAT or Service Tax or GST returns or TDS Certificate
  • Bank statement for the last 12 months (Savings account, current account and O/D account)

Business Class

  • Copy of your last three years’ income tax returns, along with computation of income
  • Copy of last three years’ P/L account with all schedules and audited balance sheet, wherever applicable
  • VAT or Service Tax returns or GST or TDS Certificate
  • Bank statement for the last 12 months (Savings account, current account or an O/D account)

Property Documents

  • Allotment letter from builder
  • Agreement of Sale
  • Registration and stamp duty receipt
  • Index.php ii
  • NOC from builder
  • Own Contribution Receipt (OCR )
  • All builder linked documents (Applicable for cases which are not approved or previously not funded by GICHFL)
  • Development Agreement
  • Tripartite Agreement
  • Partnership Deed
  • Sale Deed
  • Title Search Report
  • NA order
  • Occupancy Certificate

Note: Original documents are required for verification purpose only.