Edelweiss
Home Loan

You can also Apply for 20 Lakh Home Loan

The benefits and features of Edelweiss Home loans can be listed as:

• Easier loan application process.
• Efficient processing and quick approvals.
• Loans available for employed as well as self-employed individuals (despite lack of standard income documents).
• Tailor-made loan products.
• Highly transparent service
• Easy documentation despite lower eligibility requirements.
• Variety of home loan products with a wide range of repayment options.
• Other mortgage loan options like Loan Against Property, Top-Up Loan and HLBT are also available.
• Income Tax benefits for home loan borrowers under Sec 24 and Sec 80C of the Income Tax Act 1961

The eligibility for Edelweiss Home Loans is subject to EHFL calculation, and so is the rate of Interest. They employ a customised credit underwriting model for assessing the cost for loan and ensure single window interface for their customers.

Edelweiss offers various kinds of loans to salaried and self-employed individuals depending on their eligibility.

Home Loan - For Construction and Purchase of House

• This product is a regular home loan for purchase or construction of a new house or flat.
• It is also available for the purchase of second-hand houses and apartments.
• Both salaried employees and self-employed individuals are eligible to apply for this home loan product.
• Resident Indians above 21 years of age are eligible to apply for Edelweiss Home Loan.
• The maximum age at the maturity of the loan should be below 65 or the retirement age of the individual whichever is lower.
• The loan tenure ranges from 10 years to 20 years.
• Edelweiss offers home loans even in the absence of the standard income documents. The maximum credit in the assessed income category is Rs. 35 lakhs.

Home Loan - Repairs and Renovations (Home Improvement Loan)

• Eligible borrowers can apply for a home loan for repairs and renovation to their existing homes. The repairs can be internal as well as external.
• The eligibility criteria are similar to the regular home loan product. However, the applicant has to submit the estimate for repairs and renovation based on which Edelweiss will process the loan application.

Home Loan - Plot Purchase and Construction of House

You can purchase a residential plot of your liking and construct your dream house thereon. The eligibility criteria remain the same for plot loan.

Home Loan - Balance Transfer

• This product helps you to transfer your home loan balances from other banks and financial institutions to Edelweiss.
• The eligibility criteria are the same for all home loan products. However, you should ensure that your existing home loan is in the standard category with regular repayment and no history of default.

PMAY (Pradhan Mantri Awas Yojana)

• Edelweiss Housing Finance is one of the nominated financial institutions to provide home loans to eligible borrowers under the PMAY scheme.
• They exclusively cater to small ticket housing loans for rural borrowers under the scheme.
• There are four eligible categories, the Economically Weaker Section, Lower Income Group, Middle Income Group I and Group II.
• The maximum eligible subsidy is Rs. 2.67 lakhs under the scheme.

Processing Fees - Up to 0.50% of the sanctioned amount plus GST

Prepayment Charges

Floating Rate Loans

• Individual Borrowers - NIL
• Non-individual borrowers - 2% of the outstanding amount plus GST

Fixed Rate Loans

• If Prepaid from own sources - NIL
• In case of takeover of loan - 2% of the outstanding amount plus GST

Other charges  
Conversion Fees - Borrowers can opt to convert from fixed-rate loans to floating and vice versa on payment of up to 1% of the outstanding loan amount plus GST.

Cheque Dishonour Charges or EMI Bounce Charges  - Up to  Rs. 500 plus GST per instance

Documents Retrieval Charges  - Up to  Rs. 500 plus GST per instance

CERSAI Fees

• Rs. 100 plus GST for loans above 5 lakhs.
• Rs. 50 plus GST for loans up to 5 lakhs

Penal Interest - 24% per annum

Cheque Swap Charges - Up to  Rs. 500 plus GST per swap

Cheque Pick up Charges - Up to  Rs. 150 plus GST per pick up

Duplicate Statement Issuance Charges - Up to  Rs. 500 plus GST

Stamp Duty - As per applicable laws of the state

Additional Info: Also check AnyRoR Gujarat Land Record

The eligibility criteria for Edelweiss Home Loan are regular ones. Factors that affect your eligibility are as follows:

• Income and financials, particularly for self-employed borrowers.
• Age: Minimum age for loan eligibility is 21 years, and the maximum age at the maturity of the loan should not exceed the age of your retirement or 65 whichever is lower.
• The margin is in the range of 10% to 50%.
• Self-employed professionals should provide evidence of their professional qualifications.
• Continuity of income is a critical aspect if you are a self-employed non-professional.
• Your credit history plays an active role in determining your home loan eligibility.
• Edelweiss assesses your loans after detailed field investigations and cash flow assessment in case you do not have the necessary financial documents. The lender restricts the maximum loan amount to Rs. 35 lakhs under such circumstances.

You can Calculate your Edelweiss Home Loan EMI using the EMI calculator at MyMoneyMantra. Provide information like loan amount, rate of interest, and loan tenure to get the amortisation schedule.

Additional Info: Also check SBI Home Loan EMI Calculator

• You can contact Edelweiss Housing Finance at 022-42722272 and 022-42722274
• You can drop in an email at homeservice@edelweissfin.com