About Repco Home Finance Ltd

Repco Home Finance Ltd (RHFL) is a reputed housing finance company based out of Chennai. RHFL commenced operations from April 2000 after registering with National Housing Bank as a housing finance company. Though having its headquarters in Chennai. RHFL has representative offices in about ten states. The company caters to the home loan needs of its customers through direct consumer contact in a transparent manner.

Today, the company has more than 130 branches working with the common objective of providing the highest quality of customer service. RHFL focuses on the under-penetrated market, especially those who do not have proper income statements to approach the big players in the housing loan industry segment.

About Repco Home Finance Ltd Home Loans

RHFL offers an exciting range of home loans to cater to the requirements of its customers residing all over India. The company provides specific home loan products to serve the interests of the rural population. Similarly, the company is one of the prominent lenders in PMAY, as well. The salient features of RHFL Home Loans are as follows.

  • Range of home loans of offer
  • Caters to all kinds of requirements like the purchase of houses, construction of homes, purchase of plot and development thereon, loans for repairs and renovations, and so on
  • Attractive interest rates that are extremely competitive with those in the NBFC segment
  • Relaxed eligibility norms that make it easy for all sections of the population to apply for Repco Home Loans
  • Transparent processing with no hidden charges
  • Comfortable documentation
  • No prepayment or foreclosure charges on home loans
  • One of the active lenders in PMAY

Repco Home Finance Ltd Home Loans - At a Glance

Loan Product Tenure Rate of interest Processing Fee Ideal for

Dream Home Loan

20 years

8.75% onwards

1%

Purchase/construction

Home Makeover Loan

Ten years

8.75% onwards

1%

Repairs and renovations

Plot Loans

Ten years

8.75%  onwards

1%

Plot purchase

NRI Housing Loan

Ten years

8.75%  onwards

1%

NRI housing

Fifty Plus Loan

15 years

8.75%  onwards

1%

Salaried persons with pension benefits

Super Loan

15 years

8.75%  onwards

1%

Construction purposes

Repco Rural

15 years

8.75%  onwards

1%

Weaker sections living in rural areas

Repco Premium

20 years

8.75%  onwards

1%

All housing purposes with customised pricing

Super Delight Plus

25 years

8.75%  onwards

1%

Persons having documented source of income

Super Premium Plus

20 years

8.75% 

1%

Persons having a non-documented source of income

Repco Home Finance - Non-Housing Loans

Loan Product Tenure Rate of interest Processing fee Ideal for

Prosperity Loan

10 years

8.75% onwards

1%

Loan against property

New Horizon Loan

10 years

8.75% onwards

1%

Non-residential/commercial property

Repco Home Finance - Commercial Real Estate Loans

Loan Product Tenure Rate of interest Processing fee Ideal for

Repco CRE

15 years

8.75% onwards

1%

Loans for constructing/purchasing 3rd dwelling

Repco Home Finance Ltd - How to apply

The ideal way to apply for Repco Home loans is to approach the nearest branch office of Repco or contact any of the DSAs located in your city.

Alternatively, customers can submit their contact details online to enable RHFL officials to give a call and complete the formalities.

MyMoneyMantra.com also allows customers to apply for home loans through its website.

  • Access Mymoneymantra.com and select Home Loans
  • Provide the information sought for and enter the OTP received on your mobile at the requisite location.
  • Compare different home loan products and select your loan provider as Repco Home Finance.
  • MyMoneyMantra customer relationship managers will help you understand the various products on offer and help you complete the documentation formalities.

Repco Home Finance Ltd Home Loan EMI Calculator

RHFL offers facilities to calculate your prospective home loan EMI online.

  • Access the official website of Repco Home Finance Ltd and proceed to EMI Calculator
  • Enter the details such as loan amount, ROI, and tenure in months.
  • Hit on the Calculate option to get your EMI.
  • Alternatively, you can use the slider option to select your parameters.

Repco Home Finance Types of Home Loans

Repco Dream Home Loan

Purpose

Purchase and construction of the property that includes second-hand house/apartment

Ideal for

Resident Indians belonging to all categories

Loan amount

Depends on the value/cost of the property and repaying capacity of the applicant

LTV ratio

  • Purchase of house/flat 80% of the property value
  • Construction of house/apartment 85% of the value of the property

Loan tenure

Maximum of 20 years

Rate of Interest

8.75% onwards

Documents

KYC documents, financial papers, and property records

Repco Home Makeover Loan

Purpose

Repairs and renovations to existing house/flat and extension or improvement to a residential property

Ideal for

Resident Indians can apply for this home loan product

Loan amount

Depends on the estimate of repairs and renovation subject to maintenance of LTV ratio

LTV ratio

Maximum loan 50% of the value of the building

Loan tenure

Maximum of ten years

Rate of Interest

8.75% onwards

Documents

KYC documents, income proof, and property-related papers

Repco Plot Loan

Purpose

Loans for purchase of residential plots intending to construct houses at a later stage

Ideal for

Resident Indians who look to invest in residential plots and construct their dream house subsequently

Loan amount

Depends on the repayment capacity subject to maintaining LTV ratio

LTV ratio

75% of the cost of the plot

Loan tenure

Maximum 10 years

Rate of Interest

8.75% onwards

Documents

  • All documents required for home loans
  • Undertaking from the borrower that the construction of the house will begin within 24 months from the date of disbursement of plot loan
Repco NRI Housing Loan

Purpose

Meet home loan requirements of non-resident Indians and PIOs

Ideal for

Non-resident Indians (NRIs) and (PIOs) Persons of Indian Origin to construct/purchase their dream home in India

Loan amount

Depends on the cost of the property and the repayment capacity of the individual

LTV ratio

  • Purchase of house/flat  - 80%
  • Construction of house  - 85%

Loan tenure

Maximum 10 years

Rate of Interest

8.75% onwards

Documents

  • All KYC documents, financial statements, and property papers
  • Addition documents required for NRIs
Repco Fifty Plus Home Loan

Purpose

Purchase or construction/development of a residential house or flat

Ideal for

Specific home loan product for salaried borrowers over the age of 50 years who are eligible for a pension after retirement

Loan amount

  • Depending on the value of the property
  • Margin is 20% for purchase of a residential house and 15% for construction

LTV ratio

80% to 85% of the property value

Loan tenure

Maximum of 15 years or until the borrower becomes 70 years old, whichever is earlier

Rate of Interest

8.75% onwards

Documents

Same as applies to Repco Home Loans

Repco Super Loan

Purpose

Construct your house on the land owned by your parents

Ideal for

Young borrowers who do not have a property in their names can avail finance to construct a house on land owned by their parents

Loan amount

Depending on requirement subject to repaying capacity and LTV ratio

LTV ratio

85% for construction purposes

Loan tenure

Maximum of 15 years

Rate of Interest

8.75% onwards

Documents

KYC documents, income papers, and property documents

Repco Rural Loan

Purpose

Purchase of house or constructing your home in rural areas

Ideal for

  • People belonging to the economically weaker segment can avail loans for purchase or construction of house in rural areas.
  • This loan is also available for undertaking repairs and renovations to existing homes

Loan amount

Depending on the situation provided it satisfies maintenance of LTV ratio

LTV ratio

80% to 85% of the property value depending on the purpose of the loan

Loan tenure

Maximum of 15 years

Rate of Interest

8.75% onwards

Documents

Documents pertaining to home loans

Repco Premium Loan

Purpose

Purchase or construction of home loans and carrying out repairs, renovations, extensions, or improvements to existing home

Ideal for

A unique product that offers home loans at customised pricing based on the risk profile of the customer

Loan amount

Depends on the value/cost of the property subject to repayment capacity of the applicant

LTV ratio

80% for purchase or property and 85% in the case of construction

Loan tenure

Maximum of 20 years

Rate of Interest

8.75% onwards

Documents

As applicable to home loans

Repco Super Delight Plus Loan

Purpose

Loans offered for all home loan requirements like the purchase of a house, constructing a home, repairs and renovation, and so on

Ideal For

Individuals having documented sources of income

Loan Amount

Depends on the property value and repayment capacity

LTV Ratio

80% for purchase of a house and 85% for construction purposes

Loan tenure

Maximum of 25 years

Rate of Interest

8.75% onwards

Documents

Same as that applicable to home loans

Repco Super Premium Plus Loan

Purpose

Loans offered for purchase or construction of a house and to meet expenses for repairs and renovations

Ideal For

A unique product that provides loans at customised pricing to borrowers who do not have documentary evidence of income generation

Loan Amount

Depends on the customer profile and the value of the property

LTV Ratio

80% to 85% of the property cost depending on the purpose

Loan tenure

Maximum of 20 years

Rate of Interest

8.75% onwards

Documents

Standard KYC documents, income proof statements, and property papers

Repco Home Finance also offers PMAY loans to eligible borrowers.

Repco PMAY Home Loans

Purpose

Home loan requirements of first-time homebuyers under the Pradhan Mantri Awas Yojana

Ideal For

Eligible beneficiaries under the scheme

Loan amount

Depending on the value of security and the eligibility of the applicant

Eligibility

  • First-time home buyers are only eligible for PMAY financial assistance
  • No member of the applicant's family should have a house in their names anywhere in India
  • The applicant's family should satisfy the following income criteria

Income criteria annual income of the family, should not exceed -

  • Economically Weaker Section - 3 Lakhs
  • Low-Income Group  - 6 Lakhs
  • Middle-Income Group I  12 Lakhs
  • Middle-Income Group II  18 Lakhs

Subsidy Loan amount eligible for subsidy calculation

  • EWS and LIG - 6 Lakhs
  • MIG I 9 lakhs and MIG II - 12 Lakhs

Subsidy Rate and maximum amount

  • EWS and LIG 6.5% - 2.67 Lakhs
  • MIG I 4.0% - 2.35 Lakhs
  • MIG II 3.50% - 2.30 Lakhs

Loan Tenure

20 years

Rate of Interest

8.75% onwards

Documents

As applicable to other home loans

Repco Home Finance Non Housing Loans - Details

Repco Prosperity Loan

Purpose

Mortgage loan against property for meeting business or personal emergencies

Ideal for

Individuals and companies can benefit by offering property and availing business or personal loans.

Loan amount

Depends on the value of the property

LTV ratio

70% of the property cost

Loan tenure

Maximum of 10 years

Rate of Interest

Starts from 8.75%, at the discretion of Repco Home Finance

Documents

The same documents that pertain to home loans apply to Repco Prosperity loan as well

Repco New Horizon Loan

Purpose

Non-housing purposes such as constructing marriage halls, shopping complexes, and office buildings

Ideal for

Commercial purposes

Loan amount

Depends on the requirement and the value of property

The margin of 30% for purchase of property and 15% for construction purposes

LTV ratio

Loan value should not exceed 70% of the value of the property

Loan tenure

The maximum tenure of ten years

Rate of Interest

8.75% onwards

Documents

KYC documents, income proof papers, and property records

Repco Housing Finance - Real Estate Loans Details

Repco CRE (Commercial Real Estate)

Purpose

  • Acquiring third dwelling
  • Finance to builders and developers to construct integrated house buildings accommodating commercial space along with residential homes

Ideal for

  • Commercial purposes builders and developers
  • Individuals can use this product to purchase a third dwelling in their names

Loan amount

  • Depends on the requirement and the value of property
  • The margin of 25% for purchase of property and 15% for construction purposes

LTV ratio

75% to 85% depending on the requirement

Loan tenure

The maximum tenure of 15 years

Rate of Interest

8.75% onwards

Documents

KYC documents, income proof papers, and property records

Repco Home Loan - Documents Required

Particulars Documents for Salaried, Professionals, and Businesspersons

Age Proof

One document amongst the following should suffice

  • School Leaving Certificate
  • Passport
  • Driving Licence
  • Voters ID
  • Birth Certificate, if it has your name on it
  • LIC Policy
  • PAN Card

Identity and Signature Proof

One record from the following

  • Bankers verification of signature (only for confirmation of the signature, and not as proof of identity)
  • Passport
  • Driving Licence
  • PAN Card
  • Employee ID Card

Proof of Residential Address

Submission of one document from this list should be enough to determine the proof of residence

  • Passport
  • Ration Card
  • Voters ID Card
  • Employer ID, if it has your residential address mentioned in it
  • Driving Licence
  • Latest landline telephone bill or post-paid mobile bill
  • Gas bill  

Student Proof

  • School or College ID proof
  • Last fees paid receipt

Banking History

  • Statement of bank savings or current account for one year
  • Statement of credit card for three months

Documents for NRIs

Apart from the passport and the PAN Card (if available), the NRI should submit the following reports as applicable

  • Employment Certificate or Contract
  • If the contract is in a language other than English, the applicant should submit an English translation of the same attested by the Indian Embassy or the Employer
  • Particulars of renewal of the employment contract
  • Latest Work permit
  • The ID card issued by the current employers
  • Latest Pay Certificate
  • Visa stamping on the passport
  • Statement of NRE A/c in India for the past six months
  • Power of attorney authorising a close Indian blood relative to represent the NRI on his/her behalf when dealing with Repco Home Finance (as per company drafted format)
  • In the case of persons employed with the Merchant Navy ? Continuous Discharge Certificate 

Income Proof

Salaried Individuals

Professionals and Businesspersons

Salary slip

Salary Certificate

Form 16 or

IT Returns - Minimum 3 years

Appointment Letter

IT Returns 3 years

Audited financials 3 years

Projected financial 2 years

Balance Sheet and P/L statements

Business profile

Repco Home Loan - Important Service Charges

Repco Home Loan charges 1% of the loan amount as processing fees. It comprises two portions, a non-refundable upfront fee to be collected at the time of applying for the loan. The balance amount is the processing fee to be paid after receiving the sanction but before the disbursal of the loan.

Loan Amount Upfront Fee portion

Up to 6 Lakhs

Actual processing fee 1% of the loan amount is payable upfront

Loan > 6 Lakhs and <= 30 Lakhs

6,000

Loan > 30 Lakhs and <= 1 Crore

8,000

Loans > 1 Crore

10,000

Besides, borrowers have to pay administrative charges amounting to 0.50% of the loan amount before the release of the loan amount.

Repco Home Loan - Frequently Asked Questions

How much loan can one avail from Repco Home Finance?

The maximum loan amount from Repco Home Finance depends on various factors.

  • Value of the property offered as security
  • The estimate of construction, repairs, or renovations
  • The income of the borrower and the co-applicants
  • The existing loan obligations of both the borrower and the co-applicants
  • The age of the borrower that decides the loan tenure

In any case, the loan amount should not exceed 80% to 85% of the value of the property after its construction.

How does Repco Home Finance determine its individual interest rate?

Repco Home Finance Home loan interest rates start from 9.25%. That does not entail that all borrowers get loans at this rate. The rate of interest depends on different factors.

  • The loan amount
  • The credit rating of the borrower
  • The loan tenure
  • The occupation of the borrower

What conditions does Repco Home Loan stipulate in the case of plot loans?

Repco Home Finance offers plot loans for the purchase of residential plots. These loans carry the same concessional rate of interest as Repco Home Loans. The objective behind the purchase of these plots is to develop it and construct a residential house subsequently. Hence, the borrower has to undertake that he/she will complete the construction of the house on the plot within two years. Otherwise, Repco Home Finance can charge interest at the commercial rates from the date of disbursement.

What are the property-related documents that the applicant has to provide?

The property documents depend on the purpose of the loan.

  • In case the property is already in the name of the applicant - Sale Deed
  • In case the property is to be acquired after the disbursement of the loan -Agreement for Sale
  • In the event of loan for construction of a house Construction agreement detailing the stages of construction
  • Construction, repairs, and renovations - Estimate of development to be certified by a structural engineer
  • Copy of the approved plan and the permission to commence construction of the house
  • Possession or Occupancy certificate in the case of readily built house
  • NOC from the builder or the society for creating a mortgage in favour of Repco Home Finance
  • In the case of purchase of plot - Certificate that the land is not agricultural or industrial
  • Land record extracts
  • Sale deeds for the last 30 years to prove the ownership chain
  • No encumbrance certificate issued by the Sub Registrar's office
  • The latest property tax receipt

Should co-applicants provide all documents as listed?

Yes, both applicants and co-applicants have to provide the necessary KYC documents and income papers (if available).

Who can be a co-applicant to the Repco Home Loan?

All co-owners of the property (irrespective of whether they earn income or not) should be co-applicants to the loan. Besides, the applicant can choose to add the names of other members of the family as co-applicants to enhance the overall eligibility. Such members can include spouse, parents and children (both depending on their age)

What is the purpose of submitting the POA in the case of non-resident Indians?

The NRI might not be in India at the time of applying for the home loan. He/she might not be in India to execute the loan documents or take disbursement and create the security.

The NRI can authorise a close relative to represent him/her in their dealings with Repco Home Finance. A power of attorney grants such authority to the holder of the POA. The POA should be as per the format drafted by the company.

Should the POA be registered in India?

The POA should be notarised at the time of execution in the applicant's country. On its receipt in India, the holder should sign at the appropriate place and get it notarised and registered with the Sub Registrar office within two months.

Should I submit the original documents to Repco Home Finance when applying for the home loan?

No, the applicant can submit self-attested photocopies of all the documents when applying for the home loan.

Should I register the equitable mortgage document?

It depends on the State Laws. Many of the states in India have made it mandatory to register the Memorandum of Deposit of Title Deeds at the respective Sub Registrar's Office.    

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