Repco Home Finance Home Loan Eligibility

To buy a house is one of the most important and crucial decisions in the life of an individual. Repco Home Finance Ltd. (RHFL) believes in helping its customers successfully fulfill their dreams in the simplest and hassle-free manner. Repco Home Finance Limited was formed in the year 2000 and the company is registered with the National Housing Bank. The headquarters of Repco Home Finance is situated in Chennai, Tamil Nadu. Repco Home Finance has more than 36 satellite centers and 106 branches across the south and central states of India.

Repco Home Finance offers a number of loan products to suit the varied needs of its customers. The Home Loan products offered by Repco are unique and are sure to meet the requirements of the applicant. Repco Home Finance offers ten different types of Home Loans and is supported by passionate and dedicated customer care executive to provide the best service to the customer and guide them throughout the loan procedure. The Home Loan procedure at Repco Home Finance is quick, simple and easy as well.

To avail the Home Loan from Repco Home Finance, it is essential that an applicant is eligible for the same.

Following are the eligibility criteria to be met Repco Home Finance:

• The applicant must be of minimum 21 years and should not exceed 65/70 years at the time of Home Loan completion.
• Applicant should be an Indian citizen or can apply for NRI Housing Loan (if NRI)
• It is essential that the applicant should have a good payment track record and credit history as well.
• The steady and stable salary (for salaried)/ income (for self-employed) is must to be eligible for the Home Loan.

REPCO believes in working towards providing its customers the best loan products at affordable interest rates. Repco Home Finance Ltd offers the Home Loan at the floating rate of interest starting at 9.25%. The final interest rate is dependent on certain factors like the applicable loan scheme, borrower's income and creditworthiness, property details, and so on.

The eligibility for RHFL Home Loan depends on the following factors:

Age

The age is foremost criteria that should be met in order to apply for the loan at Repco Home Finance. The minimum age requirement to eligible for the Home Loan at Repco is 21 years. Lower the age of the applicant higher are the chances of getting the Home Loan application approved as the time to repay the Home Loan is more. The maximum Home Loan tenure offered by Repco Home Finance is 20 years. So it is better to apply earlier.

Salary

The net take home salary of the applicant gives an idea of the repayment capacity of the borrower. A net take home salary is a net income received after deducting PF, ESI, gratuity, and other deductions. The capacity to pay the equated monthly instalment (EMI) after meeting all the current expenses and obligations (if any) is determined on the basis of the net income received by the applicant. It is also advised to repay any short-term loans or unsecured loans with higher EMI to increase the Home Loan eligibility. You can also check the Home Loan eligibility online prior to applying for the Home Loan at Repco.

Nature of Employment

The nature of employment helps the financial institution to gauge the income stability of security as well. The income stability is determined based on the work experience and profession.

Value of Property

The Repco Home Finance does not finance the entire value of the property. The maximum Home Loan amount eligibility will be derived on the basis of the value of the property and the eventual Loan to Value (LTV) ratio. Repco provides maximum LTV of up to 85% for the construction and 80% for the purchase of residential house/flat. The borrowers have to fund the remaining margin amount on their own.

Availability of Co-applicant

It is recommended to add a co-applicant while applying for the Home Loan at Repco Housing Finance. This will help you to increase the Home Loan amount eligibility as the income of the co-borrower is also clubbed while estimating the repayment capacity. It is necessary that the co-borrower must have a stable income, limited obligations, and good CIBIL score.

CIBIL Score

The CIBIL score is determined by taking into consideration all the past loans and payment track record. The Repco Housing Finance will thoroughly study the CIBIL score and report while reviewing the Home Loan application. The lower your credit score the more are your chances of Home Loan application getting rejected at Repco. The minimum CIBIL score of 650 and above is must to be eligible for the Home Loan at Repco Housing Finance.

Following are the factors, which can affect your credit score:

• Late payments: The late and delayed payment of the existing or past loans will have a negative impact on the credit score. Thus, reducing your chances of getting a Home Loan from Repco.
• The high number of unsecured loans: Increase in a number of unsecured loans can affect your credit score and therefore, it is must to have a perfect balance of secured and unsecured loans for a good credit score.
• Usage of credit limit: The payment of credit card bills and usage of credit card also reflects the financial condition of the applicant. Exceeding a credit card limit depicts financial stress and credit indiscipline. Thereby, lowering your CIBIL score.
• Multiple loan applications: The applicant must not apply at multiple banks or financial institution for the Home Loan. If the Home Loan application is one rejected at Repco, the applicant must increase the credit score and apply later.

FOIR

FOIR (Fixed Obligation to Income Ratio) is also an important parameter that Repco to estimate the Repco housing loan eligibility. All the fixed obligations such as EMI, rent, etc. are considered while estimating a FOIR. The minimum FOIR of 0.65 is must to eligible for the Home Loan at Repco Home Finance.

Apart from the interest rate, RHFL also levies the following charges on Home Loans:

Following are the different types of housing loans offered by Repco Home Finance:

Dream Home Loan

• Purpose: To buy/ construct a new residential property
• Maximum quantum or Loan-to-Value (LTV): Up to 85% for construction and 80% for the purchase of a residential house/ flat.
• Repayment tenure: Up to 20 years

Super Loan

• Purpose: To construct a property on the land owned by the applicant's parents
• Maximum LTV: Up to 85% for construction and 70% for purchase
• Repayment tenure: Up to 15 years

New Horizon Loan 

• Purpose: To purchase and/or construct a non-residential/ commercial property, like marriage hall, office building, shopping complex, and so on.
• Maximum LTV: Up to 70% for purchase and 85% for construction
• Repayment tenure: Up to 10 years

NRI Housing Loan

• Purpose: To help Non-Resident Indians (NRIs) purchase or construct a home in India
• Maximum LTV: Up to 85% for construction and 80% for purchase of residential house/ flat.
• Repayment tenure: Up to 10 years

Fifty Plus Loan

• Purpose: To help salaried individuals above 50 years of age to purchase/construct a house.
• Maximum LTV: Up to 85% for construction and 80% for purchase of residential house/ flat.
• Repayment tenure: Up to 15 years or the borrower turning 70 years (whichever is earlier).

Home Makeover Loan

• Purpose: To repair, renovate, or extend an existing house
• Maximum LTV: Up to 50% of the property's value
• Repayment tenure: Up to 10 years

Plot Loans

• Purpose: To purchase a plot/land for house construction
• Maximum LTV: Up to 75% f the cost of the plot
• Repayment tenure: Up to 10 years

Repco Rural

• Purpose: Provide Home Loan to the weaker section of the society to purchase/ construct/ repair/ renovate/ upgrade their house.
• Maximum LTV: Up to 85% for construction and 80% for purchase of a residential house/ flat in rural areas.
• Repayment tenure: Up to 15 years

Prosperity Loan

• Purpose: It is a loan offered against property to fulfill any of your financial needs
• Maximum LTV: Up to 70% of the value of the property
• Repayment tenure: Up to 10 years

CRE Loans

• Purpose: To purchase/ construct an integrated house building wherein some commercial space (such as shops or office) is combined with the residential building. You can also avail this loan for construction/ purchase of the third dwelling unit onwards.
• Maximum LTV: Up to 85% for construction and 75% for purchase
• Repayment tenure: Up to 15 years

There are ample benefits when you apply for the Home Loan at Repco Home Finance. Its customer-friendly approach and the hassle-free process are some of the reasons to choose Repco Home Finance over others.

The following are various features and benefits of RHFL Home Loan:

• The Home Loan process is easy and simplified at Repco Home Finance
• You can apply for the Home Loan online
• The experience of over 15 years in this sector, gives Repco an edge over others. Repco understands its customer thoroughly and strives to provide the best loan products by constantly upgrading and introducing newer loan products.
• Repco Home Finance provides a comprehensive loan package to its customers and patrons
• Repco offers the most competitive interest rates in the market
• Repco believes in having the right combination of the traditional approach and modern technologies to serve its customer with the best product offerings.
• The loan can be repaid easily in up to 20 years of tenure
• There is no fixed upper limit on Home Loan quantum

The documents that are needed for applying for Repco Home Finance Home Loans along with the Home Loan application are:

Personal Documents

For applicants & co-applicant(s)

• 2 passport size photographs of applicants, co-applicants, and the guarantors (if any)
• Copies of the following documents (any one of each category)
• Age proof: Passport/ Employer Certificate/ School Certificate
• Address proof: Passport/ Election ID Card/ Ration Card/ Employer ID/ Aadhaar Card
• Last months' bank account statement of applicant and co-applicant
• Papers should be submitted in original and photocopy (if any) shall be self-attested

Income Documents

For applicants & co-applicant(s)

Salaried

• Latest salary slips for 3 months
• Salary certificate
• Form 16/ITR with income computation for the last 3 years

Non-salaried

• ITR with computation of income for the last 3 years of the individual and Company/ Concern/ Firm.
• Last 3 years' audited financial statements of the Company/ Concern/ Firm
• Write up about the business
• Details of any credit facilities availed by the applicant and Company/ Concern/ Firm from any bank/ financial institution.
• Partnership deed, if applicable
• Copies of all the income papers should be duly attested by the applicant's auditor along with seal & membership number.

GUARANTOR DETAILS

Duly filled & signed Guarantor form, 1 recent photograph/ identity card copy/ Form 16/ salary certificate/ pay slip/ IT ACK copy.

Documents for Purchase of an Existing House or Apartment

• Sale agreement
• Approved plan & permit
• Draft Sale deed (approved by Repco's panel lawyer)
• C. for last 25 years (in original)
• Recent property tax receipts
• Prior Title documents (or Parent deeds) for the last 25 years
• IT clearance/ Appropriate Authority clearance, whichever is applicable Patta

Documents for Purchase of a New Apartment

• Sale agreement and registered sale deed required for an undivided share of land
• Construction agreement happened between the customer & the builder
• C. for the last 25 years (in original) reflecting the sale in favour of the customer
• Approved plan & permit
• Prior Title documents (or Parent deeds) for the last 25 years
• IT clearance/ Appropriate authority clearance, whichever is applicable patta

Documents for Self Construction/ Extension/ Repairs

• Sale deed in customer's favour
• C. for the last 25 years (in original)
• Approved & and permit
• Prior Title documents (or Parent deeds) for the last 25 years
• Estimation of construction, attested by Chartered Engineer/ approved by architect Patta
• Recent property tax receipt
• Improvement trusts, housing boards, etc., if the property is bought from statutory authority
• Allotment letter that is issued by the authority
• Allocation letter
• Receipts of the payment made to the authority
• Permission to mortgage
• No encumbrance or no dues certificate, if applicable

Add a co-applicant while applying for the Home Loan from Repco Home Finance as the income of co-applicant is also clubbed while estimating Home Loan eligibility amount.