Repco Home Finance Interest Rates
Interest Rate

Starting @ %

Check Best Offers
Processing Fee

Upto

Loan Tenure

- years

Lowest EMI Per Lakh

₹  for years

Prepayment Charges

Nil charges for floating rates loans

check your eligibility

rupee-icn
rupee-icn
rupee-icn
+91

About Repco Home Finance Home Loan

Repco Home Finance Limited (RHFL) is one of the popular housing loan financers which was started way back in the year April 2000. REPCO has its headquarters in Chennai, Tamil Nadu and it is registered with the National Housing Bank (NHB). It is presently operating with more than 106 branches and 36 satellite centers which are spread across the complete South and Central Indian states.

RHFL aims to provide the utmost support to its customers in order to fulfill their requirements. It is committed to the comfort of the customer and offers Home Loans at very affordable rates with low equated monthly instalments (EMIs) and longer tenure for repayment. There are different housing loan schemes that are offered by RHFL which makes it unique from the other financing agencies. This financial institution has a robust customer support initiative which makes the borrowers simple to choose between the different housing loan schemes and the procedure for the application and processing is quick and hassle-free.

Features and Benefits of Repco Home Finance Home Loan

Repco Home Finance Limited offers its customers with Home Loans at very affordable and attractive interest rates with lowered EMIs and longer repayment tenures. When it comes to Home Loans, Repco is the most preferred choice for many customers due to the following features and benefits:

  • The Home Loan application process is very simple and quick
  • The finance agency also has robust customer support with a traditional approach that works on the latest technological advancements.
  • Repco Home Finance Limited understands the requirements of its customers and hence designs a customized Home Loan scheme which would help the borrowers to fulfill their dream without having a financial crunch.
  • The complete application process involves very limited documentation and it is hassle-free and also has a quick turn-around time.
  • It also helps in tax savings and benefits as per the tenets that are laid under the Income Tax Act of
  • There are 10 different exhaustive loan schemes that are designed as per the prospective customer's requirement without making them sign any specific comprehensive package.
  • When it comes to the South of India, Repco Home Finance Limited is very popular with upwards of 2,000 Crores which is disbursed as housing loans by the year 2014-15.
  • Repco has a widespread network of branches which are all over India
  • There is no cap on the maximum loan that can be availed under Repco Home Loan
  • The interest rates that are offered by Repco for Home Loans are very competitive
  • The repayment period for RHFL Home Loan may vary between 5 to 20 years (for self-employed/non-professionals) and 25 years (for salaried).

Repco Home Finance Home Loan Rate of Interest

RHFL is a well-known lending agency which helps its customers to fulfill their dreams to build or buy a house by providing finance. One of the vital features of Repco is that it offers very attractive and affordable interest rates which are customer friendly and eases the borrowers from a financial crunch. The rate of interest for Home Loans from Repco starts at 9.25% per annum.  The interest rate is floating. The final interest rate depends on the applicable scheme and assessment of the borrower based on their profile and property details.

Factors that Affect Repco Home Finance Home Loan Rate of Interest

  • The amount of Home Loan: The principal amount of the Home Loan that is borrowed is a major factor that affects the interest rate of the loan. The more is the amount of loan, the lesser is the interest rate applicable for the same.
  • Existing customers of the bank: The Repco provides the lowest Home Loan interest rate which is specific for the current customers of the bank so that they can maintain a cordial relationship.
  • Salary or the income level:The monthly income or the salary earned helps in identifying the interest rate on Home Loans. The Repco interest rate changes on the basis of the monthly salary or the income of an individual. 
  • Type of Home Loan applied:The type of the Home Loan also affects the interest rates of the same. The Repco has different rates of interest for different housing loan schemes.

Repco Home Finance Home Loan - Processing Fee and Other Charges

In addition to Home Loan interest rates, RHFL also has some other charges which include:

Processing fee

  • 1% of the loan amount
  • Upfront fee
    • Up to 6 Lakhs: Actual Processing Fee + applicable GST
    • Above   6  Lakhs  and  up to  30 Lakhs: 6,000 + applicable GST
    • Above 30 Lakhs and up to 100 Lakhs: 8,000 + applicable GST
    • Above 100 Lakhs: 10,000 + applicable GST

Prepayment charges

  • For  All Housing loans: NIL
  • For  all Fixed Rate of Interest Home Equity/ Commercial/ Prosperity Loan: Pre-payment from own sources (without closing the accounts): NIL
  • Foreclosure charges:
    • For loans which have completed half or more of their sanctioned tenure: NIL
    • For loans that haven't completed half of their sanctioned tenure: 2% on the outstanding balance as on the date of closure

Administrative fee

0.5% of the loan amount

CIBIL charges 

100 per individual

CERSAI  charges 

  • For  loans  sanctioned  before 07.03.2016: 1,000 per property at the time of loan closure
  • For loans sanctioned on or after 07.03.2016: 150 per property after sanction and release of loan

Valuation  report charges 

  • 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

Copy of IT Certificate

  • Once: Free
  • For subsequent requests: 100 per copy

Cheque/ ECS/ NACH bouncing charges

  • 250 + GST or charges as debited by the bank, whichever is higher

Recovery charges

  • 200 per visit    or actual, whichever is higher (subject to a maximum of 2,000 per financial year)

Statement of account

  • Once in each financial year: Free
  • For subsequent requests: 100 per copy

Conversion of the rate of interest 

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

SARFAESI proceedings

Actuals

Encumbrance certificate charges

Actuals

Types of Housing Loans from Repco Home Finance

One of the USPs of Repco Home Finance is its large number of specialised and customised Home Loan schemes that fulfill its customers' requirements.

Some of the types of REPCO Home Loans are as below:

  • Dream Home Loan:This is a conventional Home Loan which is availed to buy or construct a new residential property. The maximum quantum offered is a Loan-to-Value (LTV) of up to 85% of the cost of the property for construction purpose and 80% for the purchase of a residential house or flat. The loan can be repaid within 20 years of tenure.
  • New Horizon Loan: This Home Loan can be availed to purchase and/or construct a commercial or non-residential property, such as marriage hall, shopping complex, office building, and so on. Maximum LTV offered is up to 70% for purchase and up to 85% for construction purpose. The maximum repayment tenure for this loan is 10 years.
  • Super Loan:This loan helps the borrower to construct a property on the land owned by their parents. Maximum LTV offered is up to 85% for construction and 70% for purchase purpose. The maximum repayment tenure for this loan is 15 years.
  • Home Makeover Loan:This Home Loan can be availed for making some changes to the existing house like repairs, renovation, or extension. The maximum LTV offered is 50% of the property's value and maximum tenure is 10 years.
  • Fifty Plus Loan:This Home Loan is exclusively meant for the salaried individuals who are above the age of 50 years. In this type of loan the borrower needs to have a regular income stream through a pension or other retirement earnings. The maximum LTV under this loan is 85% for construction and 80% for purchase of residential house or flat. The maximum tenure is 15 years or the borrower turning 70 years (whichever is earlier).
  • NRI Housing Loan:This housing loan is for Non-Resident Indians (NRI) to help them purchase or construct a house in India. The maximum LTV under this loan is 85% for construction and 80% for purchase of residential house or flat.
  • Plot Loans:the Home Loans that are intended to buy a plot or land where eventually a house can be built is called as plot Home Loan. The maximum tenure is up to 10 years.
  • Repco Rural: This Home Loan is specifically made for people belonging to the category of the weaker section who dream to purchase/ build/ repair/ renovate/ upgrade their house. The maximum loan offered under the scheme is up to 85% for construction and 80% for purchase of a residential house or flat in rural areas, subject to a maximum of 15 Lakhs. The maximum tenure is up to 15 years.
  • CRE Loans: It is a loan for purchase or construction of integrated house buildings wherein some commercial space like shops or office is combined with the residential building. The loan can also be offered to an individual borrower for construction or purchase of the third dwelling unit onwards. The maximum LTV offered is up to 85% for construction and 75% for purchase. The tenure is up to a maximum of 15 years.
  • Prosperity Loan:This is simply a loan against the mortgage of a property to fulfill any financial needs of the borrower. The maximum quantum is up to 70% of the value of the property and the maximum tenure is up to 10 years.

Eligibility Criteria for Repco Home Finance Home Loan

Applicants should satisfy the below-mentioned criteria in order to be for a Home Loan from Repco:

  • The applicant can be an Indian citizen or NRI
  • The applicant should be a salaried individual, self-employed professional or self-employed non-professional having a regular source of income.
  • The Home Loan applicant must have a good and trustworthy credit score and credit history with no red flags in order to be eligible for the Home Loan.
  • The age limit for availing this Home Loan ranges between 21 years at the time of application of the loan and 65/70 years at the time of maturity.

How to Apply for Repco Home Finance Home Loan?

It is easy to get a Repco Home Finance Home Loan online through MyMoneyMantra. You just need to apply an online application form under Home Loan section by filling up and submitting the required information. Once you have applied for the Home Loan, your application will be processed online and our Home Loan specialists will get in touch with you for further proceedings. They will assist you with all the information and the details that need to be completed.

FAQs - Repco Home Finance Home Loan

What type of securities or collateral is permissible with Repco?

The type of security or collateral that is allowed is a guarantee from one or two people, or deposit of shares or life insurance policies.

What is the processing fee applicable on Repco Home Finance Home Loan?

The processing fee applicable is as follows:

  • Total processing fee: 1% of the loan amount
  • Upfront fee
  • Up to 6 Lakhs: Actual Processing Fee + applicable GST
  • Above   6  Lakhs  and  up to  30 Lakhs: 6,000 + applicable GST
  • Above 30 Lakhs and up to 100 Lakhs: 8,000 + applicable GST
  • 100 Lakhs: 10,000 + applicable GST

What are the prepayment charges applicable for Repco Home Finance Home Loan?

The prepayment charges are as follows:

  • For  All Housing loans: NIL
  • For  all Fixed Rate of Interest Home Equity/ Commercial/ Prosperity Loan: Pre-payment from own sources (without closing the accounts): NIL
  • Foreclosure charges:
  • For loans which have completed half or more of their sanctioned tenure: NIL
  • For loans that haven't completed half of their sanctioned tenure: 2% on the outstanding balance as on the date of closure

How much money will I be saving as per the annual taxes?

As per the Income Tax Act of 1961, you can save up to 1,50,000 per annum on the repayment of the  principal and up to 2,00,000 per annum on interest repayment of Home Loan.

For which purposes can I avail a Home Loan from RHFL?

RHFL Home Loan can be availed for constructing or purchasing a residential house in the self-owned plot, purchasing a ready-built residential house or flat, purchasing a plot and then constructing a house thereon, repairs and renovation of an existing house, purchasing or constructing a commercial building, and takeover of an existing housing loan from other HFCs and banks.

OTP is sent to your mobile number

Enter OTP

Resend OTP

×

Get Personal Loan up to 40 Lakh Chat
& get instant approval