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Edelweiss Home Loan Details

Loan amountRs. 5 Lakhs to 5 Crores
Rate of interest10.50% onwards
TenureUp to 25 years
Lowest EMI possibleRs. 944 Per Lakh
Processing fee0.50%
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

You can also Apply for 20 Lakh Home Loan

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 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.

CATEGORYLOAN TENURERATES OF INTEREST
Salaried5 to 25 years10.50% - 10.90%
Self-Employed5 to 25 years10.50% - 10.90%

Thus the actual rate of interest on home loan 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 Rs. 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 plot loan.

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 Rs. 2.67 lakhs under the scheme.

Edelweiss Home Loan Processing Fees and Other Charges

Processing Fees - Up to 0.50% of the sanctioned amount plus GST

Prepayment Charges

Floating Rate Loans

  • Individual Borrowers - NIL
  • Non-individual borrowers - 2% of the outstanding amount plus GST

Fixed Rate Loans

  • If Prepaid from own sources - NIL
  • In case of takeover of loan - 2% of the outstanding amount plus GST

Other charges  
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  Rs. 500 plus GST per instance

Documents Retrieval Charges  - Up to  Rs. 500 plus GST per instance

CERSAI Fees

  • Rs. 100 plus GST for loans above 5 lakhs.
  • Rs. 50 plus GST for loans up to 5 lakhs

Penal Interest - 24% per annum

Cheque Swap Charges - Up to  Rs. 500 plus GST per swap

Cheque Pick up Charges - Up to  Rs. 150 plus GST per pick up

Duplicate Statement Issuance Charges - Up to  Rs. 500 plus GST

Stamp Duty - As per applicable laws of the state

Additional Info: Also check AnyRoR Gujarat Land Record

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 home loan 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 Rs. 35 lakhs under such circumstances.

Documents required for Edelweiss Home Loan

Salaried IndividualsSelf-Employed Persons
Latest Salary Slip or Salary CertificateIT Returns for the last two years duly certified by CA
PF Statement, Form No. 16 or Appointment Letter in case of Cash SalaryFinancial 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

Additional Info: Also check Documents Required For Home Loan

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.

Additional Info: Also check SBI Home Loan EMI Calculator

Edelweiss Home Loan Customer Care

  • You can contact Edelweiss Housing Finance at 022-42722272 and 022-42722274
  • You can drop in an email at homeservice@edelweissfin.com

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Edelweiss Home Loan FAQs

✅ What are the benefits of having a Home Loan Account with Edelweiss?

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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?

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Many factors determine your home loan eligibility. They are as follows.

  1. Your income
  2. Age
  3. Occupation
  4. Co-applicant's income
  5. Repayment history
  6. CIBIL Score
  7. Value of property
  8. 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?

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Yes, it is possible to transfer your existing home loan to Edelweiss. Availing an HLBT has many benefits.

  1. Attractive and best interest rates that can help you save money
  2. Simple procedure
  3. Customised repayment options

✅ Can I apply for Edelweiss home loan online?

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You can apply for your home loan online.

Send an email at homeservice@edelweissfin.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?

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You can improve your loan eligibility in the following manner.

  1. Bring in an eligible co-applicant having sufficient income.
  2. Be regular in the repayment of all loan obligations so that you build an excellent CIBIL score.
  3. Close previous loans to reduce the FOIR.
  4. Include income from other sources such as rental and business.

✅ What are the different interest rate options offered by Edelweiss?

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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?

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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?

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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?

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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 ?

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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?

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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?

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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?

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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.