Check Repco Home Finance Home Loan Eligibility by sharing loan amount, tenure and income in a Home Loan Eligibility calculator. You can also calculate EMI and assess loan affordability online. Further you have flexibility to compare interest rates offered by different banks & NBFCs and apply for the best matched home loan instantly from convenience of your home. Indians as well as NRIs can apply for Repco Home Loan online with minimal documentation requirement.
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:
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:
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.
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.
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.
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.
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.
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:
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:
|Part prepayment charges||NIL|
|CIBIL charges||100 per individual|
|Administrative fee||0.5% of the loan amount|
|CERSAI charges||1,000 per property for loans sanctioned before 07.03.2016 and 150 per property after that.|
|Charges for valuation report|
|Copy of IT Certificate||Free for once and 100 per copy for subsequent requests|
|Charges for ECS/ NACH/ Cheque bounce||Minimum 250 + GST|
|Charges for loan recovery||200 per visit or actual, whichever is higher. Maximum 2,000 for each financial year.|
|Statement of account||Free for once in each financial year and 100 per copy for subsequent requests|
|Conversion of the rate of interest|
|SARFAESI proceedings and Encumbrance Certificate charges||Actuals|
Following are the different types of housing loans offered by Repco Home Finance:
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 documents that are needed for applying for Repco Home Finance Home Loans along with the Home Loan application are:
For applicants & co-applicant(s)
For applicants & co-applicant(s)
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
Documents for Purchase of a New Apartment
Documents for Self Construction/ Extension/ Repairs
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.
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You need to submit the KYC documents, income proof, and title deeds of the property to be purchased.
Normally, the spouse of the applicant can be the co-applicant for RHFL housing loan.
The repayment period for RHFL Home Loan may vary between 5 to 20 years (for self-employed/non-professionals) and 25 years (for salaried).
There is no cap on the maximum Home Loan amount that can be availed from Repco Home Finance. It depends on the borrower's repaying capacity and property's value.
Normally it takes 4 to 7 working days from the date of receiving all the documents at Repco Home Finance for the disbursement process.
There are two types of interest rates, i.e., fixed and floating.