Repco Home Finance

Repco Home Finance  Home Loan

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About Repco Home Finance Ltd Home Loan

There is a tremendous demand for housing in India. The primary Home Loan financing institutions like the banks find it a challenging task to cater to each person's requirement. Hence, you have many other financial institutions coming up solely with the aim of providing affordable Home Loans. Repco Home Finance Limited (RHFL) is one such institution. It was set up in April 2000 under the aegis of National Housing Bank (NHB). Having its registered office in Chennai, Repco Home Finance has 131 branches and 29 satellite offices across Southern and Central parts of India. RHFL is primarily a Home Loan financing institution having different Home Loan products to cater to the needs of the Indian as well as the non-resident Indian (NRI) population. RHFL provides customised credit support to suit every individual's needs in a transparent and ethical way.

Repco Home Finance Home Loan

Interest rate

9.15%

Loan tenure

20 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 909 Per Lakh

Why RHFL Home Loan?

You should opt for RHFL Home Loan because:

  • RHFL offers a variety of Home Loans such as loans for purchase or construction of houses, repairs and renovations, purchase of plot, and so on.
  • RHFL presents a suitable alternative for people who wish to buy homes but do not want to go to the private or public sector banks.
  • RHFL is a pure Home Loan financing institution. Hence, you can take the benefit of specialised services. RHFL has a customer-centric approach to Home Loans. Therefore, you can find tailor-made solutions to suit your specific requirements.
  • RHFL is known for its innovative loan products, transparency and speed of operations, low-cost operations.
  • It is a well-recognised brand in south India having an established track record and experienced senior management team.

Features and Benefits of RHFL Home Loan

Repco Home Finance Limited has built up a reputation for being one of the primary Home Loan financing institutions in South and Central India. If you are looking for a Home Loan, you can approach Repco Home Finance Limited for your requirements. The benefits and features of Repco Home Loans are as follows.

  • Attractive interest rates starting at 9.15% p.a.
  • Loan tenure of up to 20 years
  • Loan amount of up to 85% of the property's value (for construction of a residential house or flat) and 80% (for the purchase of a residential house or flat).
  • Facility to apply for Home Loans online
  • Quick and easy processing of Home Loans
  • Experience of more than 18 years in the Home Loan financing sector
  • A reputed name in Southern and Central India
  • Highly transparent processing
  • Specialised services on offer
  • Customised products to suit every requirement
  • Rural housing schemes
  • Facilities to NRI communities to avail loans and purchase property in India
  • Direct customer contact with an emphasis on quality customer service
  • Focus on relatively under-penetrated markets
  • An active player in the Pradhan Mantri Awas Yojana
  • Robust Risk Management systems
  • Low-cost operations
  • Income Tax benefits on repayment of principal and interest amounts

RHFL Home Loan Interest Rates

RHFL charges interest on floating rate basis starting from 9.15%. The final rate of interest depends on the product and the assessment of the individual customer based on their profile and property details.

Types of Home Loans Offered by RHFL

Repco Home Finance offers the following kinds of housing loans to salaried and self-employed individuals depending on their eligibility.

Repco - Rural Home Loans

  • Individuals in the weaker section category residing in rural areas are eligible for availing Home Loans under this product.
  • The primary condition is that you should acquire the house in a rural area
  • You can use this product to purchase, construct, repair, renovate, or upgrade a house.
  • In case of construction of a residential house or flat, the maximum loan-to-value (LTV) offered by the bank is 85% of the project cost.
  • If you wish to buy a new or second-hand residential house or flat, the maximum LTV offered by the bank is 80% of the property's value.
  • The maximum loan amount is 15 Lakhs
  • The maximum loan tenure is 15 years

Dream Home Loan

  • This product enables resident individuals to purchase or construct their dream home anywhere in India.
  • Repco maintains an LTV ratio of 85% if you avail the loan for construction of a residential house or flat
  • If you wish to buy a residential house or flat, the LTV ratio is 80%
  • There is no minimum as well as maximum loan amount.
  • It is need-based finance.
  • The maximum loan tenure under this product is 20 years

Home makeover Loan

  • As the name suggests this is a home improvement loan product
  • Resident Indians can apply for this loan for repairs, renovation, extension, or improvement to their existing residential property.
  • The LTV is up to 50% of the value of the building
  • The maximum loan tenure under this product is 10 years

Plot Loans

  • This loan product enables you to purchase plots for construction of your dream home
  • The maximum LTV is 75% of the market value of the plot
  • The maximum loan tenure is 10 years
  • The borrower has to provide a written undertaking that the construction of the house on the plot will commence within a maximum period of 24 months from the date of availing the loan.

NRI Housing Loans

  • The NRIs can benefit from this loan product
  • NRIs can take loans for constructing or purchasing a house in India
  • Maximum LTV is 85% of the cost of the project if you opt for construction of residential home or flat.
  • If you purchase a new or second-hand apartment or house, the maximum LTV is 80% of the cost of the property.
  • The maximum loan tenure is 10 years

Fifty Plus Loan

  • Salaried individuals over the age of 50 years having their loan repayments and disbursements structured around their retirement benefits or pension income can apply for Home Loans under this unique customised product.
  • They can get a maximum of 85% of the cost of construction of a residential house or flat.
  • If they wish to opt for a direct purchase of the house or apartment, the maximum loan amount is 80% of the cost of the house.
  • The maximum loan tenure under this category is 15 years or until the borrower attains 70 years of age whichever is less.
  • The repayment schedule is such that the borrower repays the loan in its entirety before reaching the age of 70 years.

Super Loan

  • This customised product is available for resident individuals to construct a house (including additions and extensions to the existing property) on land owned by the borrower's parents.
  • You can use this loan for extensions and additions to the existing property
  • The maximum loan quantum is 85% of the construction cost of the residential house
  • If they wish to opt for a direct purchase of the house or apartment, the maximum loan amount is 80% of the cost of the house.
  • The maximum loan tenure is 15 years

Pradhan Mantri Awas Yojana

  • PMAY is a credit-linked subsidy scheme (CLSS) aimed at providing housing facilities to persons not owning a house anywhere in India.
  • The objective is to ensure that every Indian has a shelter by the year 2022
  • There are four categories of applicants depending on their income, Economically Weaker Section (EWS), Lower Income Group (LIG). Middle Income Group I and II (MIG-1 and MIG- II).
  • Repco Home Finance Ltd is one of the prominent Home Loan financing companies to provide loans under this scheme.
  • There is a maximum subsidy of 2.67 Lakhs in this scheme
  • Repayment tenure is 20 years

RHFL Home Loan Eligibility

  • Salaried employees, self-employed professionals and non-professionals are eligible to apply for RHFL Home Loan.
  • Non-Resident Indians are also eligible to apply for Home Loan from RHFL
  • You should have a regular source of income
  • The margin is in the range of 15% to 20% depending on the purpose of the loan
  • The loan tenure depends on the product
  • Your CIBIL score plays a vital role in sanctioning of your Home Loan. An excellent CIBIL score can make things easy for you. Repco Home Finance Ltd is a Home Loan financing institution. The principal security is the mortgage of the house. Hence, banks and HFCs are a bit lenient with the CIBIL scores. A CIBIL score of 600 should be enough for you to get a Home Loan from RHFL.

Enhance your Home Loan eligibility

Various factors determine your Home Loan eligibility, such as:

  • Your income is the primary eligibility factor. Higher your income, higher is your Home Loan eligibility.
  • Your age is a crucial factor
  • The value of the house is also a deciding factor
  • Your credit score and repayment record are vital aspects that affect your Home Loan eligibility

You can enhance your eligibility by:

  • Closing some of your existing loans thereby reducing your FOIR
  • Your age plays a significant role in determining your eligibility. Usually, HFCs provide Home Loans having tenures between 15 years and 20 years. The maximum age limit at maturity is often 60 years. Hence, the earlier you take a Home Loan, the longer is your tenure. It increases your eligibility. Applying for a Home Loan early in life gets the benefit of an extended repayment tenure
  • Bringing in an eligible co-applicant having a good income. RHFL Home Finance considers the income of the eligible co-applicant for determining your overall eligibility.

Let us now see who can be an eligible co-applicant.

RHFL Home Loan Co-applicant

You can include the name and details of a co-applicant to enhance your eligibility levels. Who can be a co-applicant in a Home Loan?

  • Spouse: An earning spouse is the ideal co-applicant. Many home financing institutions insist on the spouse joining as co-applicant irrespective of whether the spouse is an earning member or not.
  • Co-owners: As per the law, co-owners of the property are compulsorily co-applicants to the loan.
  • Parents-Son: RHFL has a product where the son can obtain a loan to construct property on land owned by his parents. The parents have to join as co-applicants under such circumstances.
  • Parents-Son: If the property is in the name of the son, he can bring in his parents as co-applicants to increase his overall loan eligibility. There should be no problem with that at all.
  • Parents-Daughter: Banks and financial institutions do not accept the combination of parents and married daughters because of obvious reasons. However, unmarried daughters can bring in their parents as co-applicants. It depends on a case to case basis.
  • Siblings: Male siblings can be co-applicants provided both of them reside in the same house. Generally, banks and financial institutions avoid taking siblings as co-applicants because of legal issues that could crop up later.

Documents Required for RHFL Home Loan

Personal Documents - KYC Documents

  • Identity Proof (any one of the following)
    • PAN Card
    • Aadhaar Card
    • Passport
    • Driving Licence
    • Voter's ID Card
    • ID Card of reputed employer
    • Government/ Defence ID Card
    • Central/ State Government/ PSU Dept. issued Pension Payment Orders
    • Photo ID Card issued by Post Offices
    • NREGA issued Job Card, duly signed by a State Government officer
  • Address Proof (any one of the following)
    • Passport
    • Voter's ID card
    • Ration Card
    • Recent Credit Card Statement
    • Income Tax/ Wealth Tax Assessment
    • Latest Electricity/ Telephone/ Gas Bill
    • Bank account statement/ Passbook
    • Letter issued by reputed employer
    • Letter issued by any recognised public authority with proper & verifiable record of issuance of such certificate.
    • Pension Payment Orders from Government Departments, mentioning current address
    • Copies of Registered License agreement/ Lease Agreement/ Sale Deed

Income Documents

  • Salaried Employee
    • Salary Slip for latest 3 months
    • Salary Certificate
    • Form 16 or IT Returns with income computation for the latest 3 years
  • Non-Salaried Person
    • IT Returns with computation of income for the latest 3 years of the Concern/Firm/Company and the individual
    • Audited financial statements of the company/firm/concern for the latest 3 years
    • Business profile
    • Details of credit availed from banks and other financial institutions
    • Partnership Deed (if applicable)
    • Memorandum of Association (if applicable)
    • All documents should be attested by auditor along with seal and membership number.
  • Guarantor Details
    • Guarantor consent form duly filled in all respects
    • ID Proof as described above
    • Address Proof documents as listed above
    • Income Proof documents as enumerated above

Property Documents

  • For Purchase of an existing house/apartment
    • Sale Agreement
    • Draft Sale Deed (Approved by Repco Panel Advocate)
    • EC for the last 25 years in original
    • Approved Plan and Permit
    • Latest Property Tax Receipts
    • Prior Title Documents (Parent Deed) for the last 25 years
    • IT Clearance or Appropriate Authority Clearance (whichever applicable)
  • For purchase of a new apartment
    • Sale Agreement for Undivided Share of Land
    • Construction Agreement between customer and the builder
    • Registered Sale Deed for the undivided share of land
    • EC for the last 25 years in Original reflecting sale in favour of the customer
    • Approved Plan and permit
    • Other parent documents pertaining to the property for the last 25 years
    • IT Clearance or Appropriate Clearance or Patta (whichever is applicable)
  • For self-construction or extension or repair
    • Sale deed in favour of the customer
    • EC for the last 25 years in original
    • Approved Plan and Permit
    • Property documents for the last 25 years including Parent Deeds
    • Estimation of construction certified by Chartered Engineer or approved architect
    • Patta
    • Latest Property Tax Receipt
    • In case the property is purchased from statutory authorities, trust, housing boards and so on,
      • Allotment Letter issued by the authority
      • Allocation Letter
      • Receipt of Payments made to the authority
      • Permission to mortgage
      • No Dues Certificate, if applicable

Other Products by RHFL

Other than the usual Home Loan products, RHFL offers Loan Against Property to individuals and business entities for meeting their personal and business emergencies. There are also products that enable business entities to construct commercial complexes for the business. Let us look at some of these products from Repco Home Finance Ltd.

Prosperity Loan

  • This loan is offered against mortgage of any immovable property
  • This loan can be used for any personal expense like marriage, education, vacation, medical, and so on.
  • The applicant can get a maximum loan amount of up to 70% of the mortgaged property's value
  • The maximum loan tenure is 10 years

New Horizon Loan

  • This loan can be taken for the purchase/ construction of non-residential or commercial property like shopping complex, marriage halls, office buildings, and so on.
  • The maximum quantum of loan for the purchase is 70% of the project's cost and 85% of the cost of the project for construction.
  • The maximum loan tenure is 10 years

Commercial Real Estate (CRE) Loan

  • This loan can be taken for the purchase/ construction of integrated house buildings in a commercial space like office/shop spaces combined with a residential building along with a substantial floor space which is allotted for residential premises.
  • The loan can also be availed for the purchase/ construction of a third dwelling unit by an individual borrower.
  • The maximum quantum of loan for the purchase is 75% of the project's cost and 85% of the cost of the project for construction.
  • The maximum loan tenure is 15 years

How to Calculate RHFL Home Loan EMI?

Calculating the prospective EMI of your Home Loan is easy. All you have to do is to visit the official website of MyMoneyMantra and enter the following information using the EMI Calculator:

  • Loan amount
  • Rate of interest
  • Loan tenure

You get the loan amortisation schedule for your reference.

RHFL Home Loan - Processing Fees and Other Charges

Particulars of Charges Charges

Processing fee

1% of the loan amount

 

The below-mentioned non-refundable upfront fee to be collected at the time of application and the balance payment is to be paid after sanction but before the release of the loan.

 

Up to 6 Lakhs

Upfront fee: 1% of the loan amount + GST as applicable

Above 6 Lakhs up to 30 Lakhs

Upfront fee: 6,000 + GST as applicable

 

Above 30 Lakhs up to 1 Crore

Upfront fee: 8,000 + GST as applicable

Above 1 Crore

Upfront fee: 10,000 + GST as applicable

Administrative fee

0.5% of the loan amount

CIBIL charges for verification of borrower's credit history

100 per individual

CERSAI charges for registration, modification, & Release of charge

  • 1,000 per property: For loans sanctioned before 07.03.2016
  • 150 per property: For loans sanctioned after 07.03.2016

Charges for valuation report

  • Up to 25 Lakhs: 1,000
  • Above 25 Lakhs to 50 Lakhs: 1,500
  • Above 50 Lakhs to 1 Crore: 2,000
  • Above 1 Crore: 3,000

Charges for Cheque/ECS/NACH bunce

250 + GST or charges as levied by the bank (whichever is higher)

Income Tax Certificate copy

  • First copy: Free
  • Every subsequent request: 100 per copy

Prepayment/ foreclosure charges

  • All Floating Interest Rate Home Loans: NIL
  • For all Fixed Interest Rate Home  equity/ Commercial/ Prosperity Loan:
    • Pre-payment charges from own sources:  NIL 
    • Pre-closure/ Foreclosure charges: NIL for loans having completed half or more of the given tenure; 2% of the outstanding principal for loans that haven't completed half of the given tenure.

 

Recovery charges

200 per visit or actual (Maximum 2,000 per financial year)

Statement of account

  • First copy: Free
  • Every subsequent request: 100 per copy

SARFAESI proceedings

Actuals

Charges for encumbrance certificate

Actuals

Interest rate conversion charges

  • If the outstanding loan amount is 50 Lakhs and below: 2,000
  • If the outstanding loan amount is above 50 Lakhs: 5,000

RHFL Home Finance Home Loan Customer Care

  • Want to make a Home Loan inquiry? Pick up your mobile and dial 044-42106650 or 044-42106652

Alternatively, contact 9444394918

You have a toll-free number as well - 1800-425-6070

  • Email Repco Home Finance Ltd. at co@repcohome.com
  • Corporate Office

Repco Home Finance Ltd

Alexander Square

Third Floor Old No 34/35, New No 2

Sardar Patel Road,

Guindy

Chennai - 600032

RHFL Home Finance Home Loan Latest News

Repco Home Finance Ltd expects a growth of 15-18% in 2019

Repco Home Finance Limited is expecting to grow between 15% and 18% in 2019 even as its cost of funds has jumped by 50 bps. The company grew by 12% in 2018. It has managed to raise its cost of funds by increasing the interest rates.

Frequently Asked Questions

What benefits do I get if I opt for an RHFL Home Loan?

Repco Home Finance Ltd. is a Home Loan financing institution set up under the control of the National Housing Bank (NHB). The primary function of RHFL is to finance homes. Hence, you get the best services when you opt for RHFL for your Home Loan. In addition to the most attractive interest rates, you have the benefit of customised loan products and personalised services. 

What are the different Home Loan products available with RHFL?

Repco Home Finance Limited has a variety of products on offer. They are as follows:

  1. Loans for purchase of new and second-hand houses or flats
  2. Loans for constructing a house on your land
  3. Purchase a flat or an apartment under construction
  4. Construct home on property belonging to your parents
  5. Carry out repairs, renovations, extension, and improvement of the existing house
  6. Purchase plot for constructing a home subsequently
  7. Rural folk have their unique product as well
  8. NRIs can avail finance to purchase or build houses in their home country

Also, RHFL has products such as 'Commercial Real Estate, Loan against Property, and so on.

Which loans qualify as loans to Commercial Real Estate?

Repco Home Finance Limited has specific schemes for builders and developers to purchase or construct apartments for sale to individuals. These are Commercial Real Estate (CRE) Loans. Similarly, individuals going for a Home Loan to acquire a third property in their name qualifies as a loan to commercial real estate.

Is the Loan Against Property a Personal Loan?

Loan Against Property is a type of Secured Personal Loan. You can use the loan to meet personal and business emergencies. An individual can avail the Loan Against Property to meet personal expenses such as education, marriage, medical costs, and so on.

What are the factors that determine your Home Loan eligibility at RHFL?

Many factors determine your Home Loan eligibility. They are as follows:

  1. Your income and repaying capacity is the prime factor
  2. Your age is important. Lower the age; longer is the loan tenure.
  3. Your Fixed Obligations to Income Ratio (FOIR) decides your loan amount. A lower ratio is preferable as it leaves you with more disposable income to take care of your Home Loan instalments.
  4. The value of the property is vital
  5. The availability of a co-applicant is also a crucial aspect
  6. The loan tenure can determine your eligibility. Opting for a longer tenure makes you eligible for a higher amount.

How do you apply for an RHFL Home Loan?

You can apply for a Home Loan online at Repco Home Finance. Repco Home Finance has DSAs to help you apply for a Home Loan. However, the easiest way to apply for an RHFL Home Loan is to apply through MyMoneyMantra. You get a chance to understand the Home Loan application process before applying for a Home Loan. You know your eligibility, your prospective EMI, your credit score, and so on before you apply for the Home Loan. Hence, your preparation is up to the mark.

How can I improve my eligibility?

Improving your Home Loan eligibility is easy.

  1. Improve your net income by closing some of the smaller loans
  2. Maintain a good repayment record and improve your CIBIL score
  3. Bring in an eligible co-applicant. Repco Home Finance considers the income of the eligible co-applicant while arriving at the overall eligibility for your Home Loan.
  4. You can also explore options like applying for a Home Loan early in life as you get the advantage of a longer tenure.

Does your CIBIL score have any effect on your Home Loan?

Your CIBIL score reflects your credit history. An excellent score in the range of 725 and above should not be an issue at all. However, a lower CIBIL score in the range of 550 and below can pose problems. RHFL verifies your CIBIL scores and approves Home Loans to applicants having CIBIL scores more than 600.

Does Repco Home Finance implement the Pradhan Mantri Awas Yojana?

Yes, Repco Home Finance Ltd is one of the nominated institutions that provide loans under the PMAY scheme.

Is home insurance compulsory when you avail Home Loan at RHFL?

It is not compulsory to avail Home Loan insurance when you avail Home Loan at RHFL. However, in this age of uncertainty, it is better to opt for Home Loan insurance. It can save your family the trouble of repaying your Home Loan in the event of you not being in their midst anymore. It is also better to have home insurance to protect your investment from natural calamities like earthquakes and floods.

Why Apply for RHFL Home Finance Home Loan on MyMoneyMantra?

Applying for a Home Loan has never been easier before. You have the facility to apply for Home Loans online. On the other hand, you have online Home Loan service providers like MyMoneyMantra playing an active role in helping people out with the Home Loan application process.

You have to consider various factors before you apply for a Home Loan. The interest rates are one, and the repayment tenures are another. Similarly, you have to look at the various hidden charges that generally miss your attention when you apply for Home Loans online. MyMoneyMantra helps you in these aspects.

Applying for an RHFL Home Loan on MyMoneyMantra has its unique advantages, like:

  • Compare various Home Loan products on a single page
  • You have the facility to study the eligibility criteria and determine your eligibility before you apply for the RHFL Home Loan.
  • It is easy to calculate your prospective Home Loan EMI using the EMI Calculator on the MyMoneyMantra website.
  • Free doorstep documentation pick-up service

How to Apply for RHFL Home Finance Home Loan on MyMoneyMantra?

MyMoneyMantra endeavours to make the loan application process easy. You have to follow the instructions on the computer screen. It will not take more than a minute to check your eligibility and apply for the RHFL Home Loan online.

  • Visit the official site of MyMoneyMantra
  • Go to Home Loan section under Loans Tab
  • Specify your gender
  • Indicate the city where you currently reside and mention the purpose for seeking out for a loan
  • Enter the name of the town where you intend to purchase the property
  • Submit the approximate value of the property you intend to purchase
  • Submit your employment/ occupation, and income details
  • Enter your phone number and email address
  • Accept the terms and conditions and proceed
  • Enter the OTP you receive on your mobile number

You get information about various Home Loan products from different banks and HFCs. You can now choose Repco Home Finance as the loan provider.

  • Keep all the above-listed documents ready for verification.
  • MyMoneyMantra will assist you in applying for the Home Loan.
  • RHFL will contact you to procure further details and verify your documents.
  • A pre-sanction inspection of the property is necessary. RHFL officials will approach you to verify your residential, employment/business status, and income generation capacity. It is part of the due-diligence carried out by all banks and financial institutions.
  • On completion of the verification process, RHFl proceeds to process the loan application.
  • On the approval of the loan, Repco Home Finance provides the loan offer letter containing the terms and conditions of the sanction.

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