Edelweiss Home Loan
About Edelweiss Home Loan
Incorporated as a public limited company on May 30, 2008, Edelweiss Housing Finance Limited (EHFL) is an active player on the home loan market. It is a Housing Finance Company registered with the National Housing Bank. The Company has its headquarters in Mumbai. Also, they have more than 25 branches across India that enables them to extend tailored loan solutions to salaried and self-employed borrowers.
Edelweiss has a significant presence in the rural market and they cater to the financial requirements of all segments across the board. Whether you lack a proof of income or have a lower credit score or insufficient credit length, EHFL can help you locate the required loan for your needs with minimum hassles.
Edelweiss Home Loan
Loan turnaround period
8 - 15 days
Loan to value (LTV)
Get loan up to 90% of project cost
Who can apply?
Up to 4 applicants are allowed as co-applicants
915 Per Lakh
Why Opt for Edelweiss Home Loan?
Edelweiss Financial Services is currently one of the fastest growing NBFCs in the country. The growth is highly driven by its credit business.
Edelweiss Housing Finance Limited offers a variety of home loans such as loans for purchase/ construction of houses, repairs and renovations, purchase of plot, and so on. Edelweiss' strength is their ability to understand the pulse of their customers. They place great emphasis on the repayment capacity of the individual and customise their loan products accordingly.
One of the most significant advantages of Edelweiss Home Loan is that they offer loans to all segments lacking formal income documents. They assess the income of the applicant through field investigation and cash flow assessment.
Under this Income Assessment program, Edelweiss offers loans up to 35 lakhs.
Features and Benefits of Edelweiss Home Loan
The benefits and features of Edelweiss Home loans can be listed as:
- Easier loan application process.
- Efficient processing and quick approvals.
- Loans available for employed as well as self-employed individuals (despite lack of standard income documents).
- Tailor-made loan products.
- Highly transparent service
- Easy documentation despite lower eligibility requirements.
- Variety of home loan products with a wide range of repayment options.
- Other mortgage loan options like Loan Against Property, Top-Up Loan and HLBT are also available.
- Income Tax benefits for home loan borrowers under Sec 24 and Sec 80C of the Income Tax Act 1961
Edelweiss Home Loan - Processing Fees, and Other Charges
Processing Fees - Up to 2% of the sanctioned amount plus GST
1. Floating Rate Loans
- Individual Borrowers - NIL
- Non-individual borrowers - 2% of the outstanding amount plus GST
2. Fixed Rate Loans
- If Prepaid from own sources - NIL
- In case of takeover of loan - 2% of the outstanding amount plus GST
Conversion Fees - Borrowers can opt to convert from fixed-rate loans to floating and vice versa on payment of up to 1% of the outstanding loan amount plus GST.
Cheque Dishonour Charges or EMI Bounce Charges -Up to 500 plus GST per instance.
Documents Retrieval Charges - Up to 500 plus GST per instance.
CERSAI Fees -
- 100 plus GST for loans above 5 lakhs.
- 50 plus GST for loans up to 5 lakhs
Penal Interest - 24% per annum
Cheque Swap Charges - Up to 500 plus GST per swap
Cheque Pick up Charges -Up to 150 plus GST per pick up
Duplicate Statement Issuance Charges - Up to 500 plus GST
Stamp Duty - As per applicable laws of the state
Edelweiss Home Loan Interest Rates
The eligibility for Edelweiss Home Loans is subject to EHFL calculation, and so is the rate of Interest. They employ a customised credit underwriting model for assessing the cost for loan and ensure single window interface for their customers.
Thus the actual rate of interest depends on the individual credit assessment of the customer. It completely varies according to the sole discretion of Edelweiss Housing Finance Limited.
Types of Home Loans Offered by Edelweiss
Edelweiss offers various kinds of loans to salaried and self-employed individuals depending on their eligibility.
Home Loan - For Construction and Purchase of House
- This product is a regular home loan for purchase or construction of a new house or flat.
- It is also available for the purchase of second-hand houses and apartments.
- Both salaried employees and self-employed individuals are eligible to apply for this home loan product.
- Resident Indians above 21 years of age are eligible to apply for Edelweiss Home Loan.
- The maximum age at the maturity of the loan should be below 65 or the retirement age of the individual whichever is lower.
- The loan tenure ranges from 10 years to 20 years.
- Edelweiss offers home loans even in the absence of the standard income documents. The maximum credit in the assessed income category is 35 lakhs.
Home Loan - Repairs and Renovations (Home Improvement Loan)
- Eligible borrowers can apply for a home loan for repairs and renovation to their existing homes. The repairs can be internal as well as external.
- The eligibility criteria are similar to the regular home loan product. However, the applicant has to submit the estimate for repairs and renovation based on which Edelweiss will process the loan application.
Home Loan - Plot Purchase and Construction of House
You can purchase a residential plot of your liking and construct your dream house thereon. The eligibility criteria remain the same for this loan product.
Home Loan - Balance Transfer
- This product helps you to transfer your home loan balances from other banks and financial institutions to Edelweiss.
- The eligibility criteria are the same for all home loan products. However, you should ensure that your existing home loan is in the standard category with regular repayment and no history of default.
PMAY (Pradhan Mantri Awas Yojana)
- Edelweiss Housing Finance is one of the nominated financial institutions to provide home loans to eligible borrowers under the PMAY scheme.
- They exclusively cater to small ticket housing loans for rural borrowers under the scheme.
- There are four eligible categories, the Economically Weaker Section, Lower Income Group, Middle Income Group I and Group II.
- The maximum eligible subsidy is 2.67 lakhs under the scheme.
Edelweiss Home Loan Eligibility
The eligibility criteria for Edelweiss Home Loan are regular ones. Factors that affect your eligibility are as follows:
- Income and financials, particularly for self-employed borrowers.
- Age: Minimum age for loan eligibility is 21 years, and the maximum age at the maturity of the loan should not exceed the age of your retirement or 65 whichever is lower.
- The margin is in the range of 10% to 50%.
- Self-employed professionals should provide evidence of their professional qualifications.
- Continuity of income is a critical aspect if you are a self-employed non-professional.
- Your credit history plays an active role in determining your eligibility.
- Edelweiss assesses your loans after detailed field investigations and cash flow assessment in case you do not have the necessary financial documents. The lender restricts the maximum loan amount to 35 lakhs under such circumstances.
Enhance your home loan eligibility
The loan amount is dependent on the value of the property and the income/repayment capacity of the applicant. If your requirements are more than your eligibility level, you can bring in a co-applicant (usually the spouse). Edelweiss considers the income of the spouse and arrives at the joint eligibility. The additional advantage of having a co-applicant is that both of you can avail income tax benefits, provided both are joint owners of the property.
Let us now see who can be an eligible co-applicant.
Edelweiss Home Loan Co-applicant
Co-owners: All co-owners of the property automatically have to be co-applicants to the loan.
Parents: If the property is in the name of either of the parents, they necessarily have to be co-applicants. If the property is in your name, you can take them as co-applicants. However, you must check out the age restrictions.
Siblings: Male siblings residing together in the same house can act as co-applicants. If sisters are co-owners of the property, they can join as co-applicants; however, their participation is limited.
Unrelated persons: In the case of loans to non-individuals, unrelated persons can also become co-applicants.
Documents required for Edelweiss Home Loan
Latest Salary Slip or Salary Certificate
IT Returns for the last two years duly certified by CA
PF Statement, Form No. 16 or Appointment Letter in case of Cash Salary
Financial Statements for the previous two years such as Profit & Loss Statement and Balance Sheet along with Annexures and Schedules
Passport Size Photograph
Identification Proof Documents like Passport, Aadhar Card, Driving Licence, Voter's ID, etc
Age Proof Document like Passport, PAN Card, Driving Licence, Std. X Marks-sheet, School leaving certificate, etc
Bank Statement or Copy of Pass Book for the last 3 to 6 months
How to Calculate Edelweiss Home Loan EMI
You can calculate your Edelweiss Home Loan EMI using the EMI calculator at MyMoneyMantra. Provide information like loan amount, rate of interest, and loan tenure to get the amortisation schedule.
Other Products by Edelweiss
Loan Against Property (LAP)
- This product allows you to borrow up to 70% of the market value on the residential property for your personal use like marriage, medical expenses, higher education, vacation, and so on.
- The Edelweiss LAP is also available for business expansion, meeting working capital needs, and purchase of another asset.
- Secured property loans by Edelweiss are available to self-employed professionals, proprietorship firms, partnership firms, private limited companies having a good track record in business.
The maximum loan tenure is 15 years.
How much home loan can I get on my property (LTV) from Edelweiss?
Depending on the product you choose, Edelweiss gives home loans for 50% to 90% value of the property. The tenure also depends on the product category (such as Loan Against Property, purchase of plot, and so on).
EDELWEISS HOME LOAN LATEST NEWS
Edelweiss General Insurance launches health policy
Edelweiss General Insurance, the subsidiary of Edelweiss Financial Services, has launched a comprehensive health insurance policy with a maximum cover of 1 crore. The company envisages to extend customized coverage for 5 to 8 members of the family, according to the floaters and plan.
Edelweiss Fin Services show strong Q1 performance
Edelweiss Financial Services has reported strong earnings for the first quarter of Financial Year 2019. Net profit rose 30% year-on-year due to strong credit growth and increased scale of wealth management business. Despite weak performance in the capital market business and its loss-making insurance business, net profit growth was slightly better at 38% YoY.
Edelweiss loan book growth driven by retail assets
Edelweiss' credit business is a key revenue and profit driver for the first quarter of FY 2019 and contributed 78% of consolidated profit. The loan book grew 50% YoY to 45,206 crore, consisting of the corporate (59% of the loan book) and retail segments (41%) as at June-end. Retail loan book increased 80% YoY.
Edelweiss consolidated Jun-2018 sales at 2,435.47 crore
Edelweiss Financial Services has reported a consolidated total income from operations of 2,435.47 crore and a net profit of 264.40 crore for the quarter ended Jun-2018. For the quarter ended Jun 2017 the consolidated total income from operations was 1,887.87 crore and net profit was 196.32 crore.
Edelweiss Fin Services boasts of high growth potential
Edelweiss Financial Services has become one of the fastest growing Non-Banking Financial Companies (NBFCs) in the country after it reported robust earnings for the March quarter. The strong position of Edelweiss is evident via its outstanding stocks performance over the past five years. The stock has grown 10 times in the past five years and generated 57 percent compounded annual return.
Frequently Asked Questions
What are the benefits of having a Home Loan Account with Edelweiss?
Edelweiss has a unique method of appraising home loans. They are the best financing options for the informal sector because Edelweiss concentrates more on the field investigations and cash flow assessment to arrive at the loan eligibility of the individual.
How does Edelweiss determine my home loan eligibility?
Many factors determine your home loan eligibility. They are as follows.
- Your income
- Co-applicant's income
- Repayment history
- CIBIL Score
- Value of property
- Purpose of loan
Edelweiss processes loan applications even in the absence of the formal income documents. They rely on field inspection and cash flow assessment to determine the eligibility.
Can I move my existing home loan to Edelweiss?
Yes, it is possible to transfer your existing home loan to Edelweiss. Availing an HLBT has many benefits.
- Attractive and best interest rates that can help you save money
- Simple procedure
- Customised repayment options
Can I apply for Edelweiss home loan online?
You can apply for your home loan online.
Send an email at email@example.com
Call Edelweiss at 022-42722272/74.
You can also apply for Edelweiss home loan through MyMoneyMantra.
Are there any ways to improve my home loan eligibility
You can improve your loan eligibility in the following manner.
- Bring in an eligible co-applicant having sufficient income.
- Be regular in the repayment of all loan obligations so that you build an excellent CIBIL score.
- Close previous loans to reduce the FOIR.
- Include income from other sources such as rental and business.
What are the different interest rate options offered by Edelweiss?
The rate of interest is fixed for the tenure of the loan. It depends on the creditworthiness of the borrower.
When does the payment of the EMI commence?
The customer has to pay the EMI from the month following the month in which the loan amount was fully disbursed.
Do I have to provide additional collateral to Edelweiss?
The security for the home loan is the mortgage of the asset that you create out of Edelweiss finance. Edelweiss accepts Equitable Mortgage whereby you deposit the title deeds of the property as security for the loan. In case the property is under construction, Edelweiss might ask for additional security. These securities include assignment of Life Insurance Policies, guarantees from sound third parties, pledge of shares, and so on.
Do I have to register the equitable mortgage?
It depends on the city where you reside and the place where you create the Equitable Mortgage. Some states in India do not require registration of the Equitable Mortgage.
Does the CIBIL score have any impact on the Edelweiss Home Loan?
Your CIBIL score is an essential factor for determining your home loan eligibility. Edelweiss gives importance to CIBIL scores. However, they approve home loans to borrowers having CIBIL score of 600 and above provided the CIBIL report does not show serious irregularities.
Do I have to take home loan insurance compulsorily?
No, it is not compulsory. However, it is advisable to get insurance coverage when you apply for the Home Loan. You can take insurance for your home and home loan as well. It is better if you make it easy for your near and dear ones in case of an untoward incident.
Does Edelweiss implement the Pradhan Mantri Awas Yojana?
Yes, Edelweiss Housing Finance Ltd is one of the nominated NBFCs that provide loans under the PMAY scheme.
Does Edelweiss offer loans to non-individuals?
Yes, Edelweiss offers loans to partnership firms and companies subject to specific terms and conditions. These entities can avail Loan Against Property in the name of the firms for business purposes.
Why apply for Edelweiss Home Loan on MyMoneyMantra?
Edelweiss Housing Finance offers the facility to apply for your home loan online. However, you need guidance in choosing the right home loan product. MyMoneyMantra can help you in this regard. We have home loan experts who can help you compare different loan products from various banks. We also provide you with an instant EMI Calculator to help you calculate your prospective EMI. You can also check your CIBIL score at our site. The best aspect of all these services is that they are free.
How to apply for Edelweiss Home Loan on MyMoneyMantra?
Applying for Edelweiss Home Loan on MyMoneyMantra is simple.
Visit our official website and proceed to the Home Loans Section. Indicate your gender and choose the city of your residence. Identify the purpose of your loan as each product has a distinct procedure to follow. Select the city where you intend to purchase or construct your property. Enter the approximate market value of the property. Provide details about your employment or occupation. Enter your annual income and the required loan amount. Provide your personal details like name, email ID and phone number. Accept the terms and conditions. We will send you an OTP to confirm your identity. Enter the OTP to get access to the home loan application portal.
You can now choose the loan provider as Edelweiss Home Loans.
We help you with the preparation of the initial documents. Keep your KYC documents, income proof, and property documents ready for verification. Edelweiss has a marketing team to verify these details. They would also insist on inspecting the property and have a personal interaction with you. It is part of their Due-Diligence process.
On completion of the verification, Edelweiss would proceed with the processing of your home loan. On approval, you will get an offer letter from them. It will contain the terms and conditions of the sanction. Go through the contents carefully before accepting the same. Return one copy of the loan sanction letter after acknowledging the same. Edelweiss will disburse the loan according to the terms of the sanction.
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