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 |
|
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 |
|
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 |
|
Loan tenure |
Maximum 10 years |
Rate of Interest |
8.75% onwards |
Documents |
|
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 |
|
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 |
|
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 |
|
Income criteria annual income of the family, should not exceed - |
|
Subsidy Loan amount eligible for subsidy calculation |
|
Subsidy Rate and maximum amount |
|
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 |
|
Ideal for |
|
Loan amount |
|
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
|
|
Identity and Signature Proof |
One record from the following
|
|
Proof of Residential Address |
Submission of one document from this list should be enough to determine the proof of residence
|
|
Student Proof |
|
|
Banking History |
|
|
Documents for NRIs |
Apart from the passport and the PAN Card (if available), the NRI should submit the following reports as applicable
|
|
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.