What is an EMI?
Equated Monthly Instalment (EMI) is the amount payable to the Lending institution every month till the Loan is paid back in full. The EMI consists of Principal and Interest components.

What is a Pre-EMI?
Pre-EMI consists of only the Interest on the disbursed loan amount and is payable monthly till commencement of EMI. In cases of partial disbursement the customer pays Pre-EMI until full disbursement.

When does the payment of EMI commence?
The customer starts paying the EMI from the month following the month in which the loan amount was fully disbursed.

What are the different interest rate options offered by Edelweiss?
The interest rate options are:
• Variable: The rate of interest changes with the change in market lending rate.
• Fixed: The rate of interest is fixed for the tenure of the loan.
• Fixed-Variable combination: The rate of interest is fixed for a certain tenure in loan, and then becomes variable.

What is a Monthly Reducing balance?
Every month the principal component of the EMI is reduced from the outstanding loan amount. The interest is charged on the outstanding loan amount.

What is an amortization schedule?
An amortization schedule is a tabular representation of monthly installments and reduction in outstanding loan amount during the tenure of the loan. This schedule also breaks the installment into principal and interest.


For what purpose can I avail a loan from Edelweiss' Housing Finance division?
Edelweiss provides loans for:
• Purchase of House / Flat / Commercial property from a builder
• Purchase of House / Flat / Commercial property in resale
• Transfer of Outstanding Loan from other financiers

What are the eligibility criteria for a Housing Loan?
To avail a Home Loan from Edelweiss, you must be: 
• A Resident Indian
• Above 21 years at the commencement of the loan
• Below 65 / retirement age at the time of maturity

How much loan amount am I eligible for?
Your loan eligibility will be determined by Edelweiss on the basis of factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history to ensure easy repayment for you in the future. The loan eligibility will be subject to the value of property selected by you. 

Can I enhance my eligibility?
Yes. To increase income you can do any of the following: 
• Include an immediate relative with an income as a co-applicant
• Include income from other sources (Rental, Business, etc.)

When can I apply for a loan?
You can apply for a loan even before the purchase of the property. A loan amount will be sanctioned to you based on the above eligibility criteria. The loan amount will be subject to the value of the property, when you select one. 

What is the maximum tenure of the Loan?
Maximum tenure of the loan is 25 years, subject to eligibility norms. 

Documents and Collaterals :

What documents does EHFL require to process my application?
Salaried Individuals Self-Employed Individuals
Latest salary slip or salary certificate Last 3 years' Income Tax returns duly certified by CA
Form No.16 or PF statement or appointment letter in case of Cash Salary Last 3 years' Balance Sheet and Profit and Loss A/c with Annexures and Schedules
• Any other documents, as may be required
• Passport size photograph
• Identification Proof
• Age Proof
• Bank statement / Pass book copy for last 3-6 months
Documents required may vary depending upon the customer's income, profession, age, assets and liabilities.

What security/collateral do I have to provide?
The security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.

Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to Edelweiss of life insurance policies, the surrender value of which is at least equal to the loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other investments that are acceptable to Edelweiss.

Miscellaneous :

How can I apply for a loan?
You can apply for a loan in the following ways: 
• Apply online
• Mail us at home@edelcap.com
• Call us at +91 22 4342 8393

What are the modes of payment of EMI?
The following modes of payment are available:
• Post Dated Cheques (PDC)
• Deduction at Source (DAS)
• Electronic Clearance System (ECS)

Can I repay my loan ahead of schedule?
Yes, you could prepay the loan depending on your comfort and part prepayment of the loan is allowed without any charges applicable. Prepayment above specified limits will attract charges as per the policy of Edelweiss.

Does Edelweiss fund/assist Life/Property insurance?
Yes. We will assist you in finding the insurance policy suited to your needs. We will also fund the insurance premium, subject to eligibility criteria. The premium amount will be part of the loan disbursed and will be amortized over the tenure of the loan.

What are the Tax benefits of Home loans?
The interest and principal repaid on your home loan have income tax benefits.
The Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium etc. up to a maximum of INR 1,00,000 will be eligible for deduction from gross income u/s 80C of Income Tax Act 1961.
The interest paid on a loan for self-occupied property can be set off against your income, up to INR 1,50,000.
The interest paid on a property given out for rent can be set off against the rental income received.
The interest paid on loan before completion of construction is allowed as a deduction from income at 20% per year for the next five years.

While the above information on the tax benefits applicable is accurate at the time of creation of this website, Edelweiss is not liable for consequences resulting from any decisions made on the basis of the same. You are requested to check with your tax advisor on the tax benefits applicable for your situation.
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