From the time you decide to invest in real estate to the time you decide the final property, any time in between is a good time to apply for loans. The loan amount is sanctioned in principle so that you can know the loan amount limit. This will help you plan your other expenses involved during setting up your dream home.

The good news is that you can avail a home loan for any ready property, under construction or if you are constructing your own house. The loan can also be applied before the commencement of the project.

We are happy to say yes again! Before you choose the house you want to buy, we give you an in-principle approval based on your income and capacity to repay. This makes the entire process of identifying and buying a house easier and more flexible.

The Co-owners of the property for which loan has been sought can be co-applicants. The co-applicants must be blood relatives. Usually, joint applications are from husband-wife, father-son or mother-son.

To maximize the sanctionable loan amount.. Adding a woman as co-applicant also helps in getting a better interest rate.

EMI (Equated Monthly Instalment) shall mean the amount payable every month by the Borrower to the Lender comprising of interest, principal and interest or as the case may be.

“Pre-Equated Monthly Interest Instalment" means the interest on part disbursements of loan, from the date of disbursement to the date, prior to the date of commencement of EMI.

In the event of an unfortunate incident, home loan insurance will help you or your family pay off the home loan. This ensures that the burden does not suddenly fall upon family members at a bad time.

Yes, you will have to ensure that your property is duly and properly insured for fire and other appropriate hazards during the pendency of the loan. You will also have to produce evidence thereof to SHFL, each year and/or whenever called upon to do so. SHFL should be the beneficiary of the insurance policy.

‘Own Contribution’ is the total cost of the property less SHFL’s home loan.

Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961.

Security of the loan would generally be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Repayment of the principal commences from the month following the month in which you avail full disbursement of your loan. Any amount over and above the interest which is paid by you goes towards principal repayment, thus helping you repay the loan faster. This is especially useful in case your disbursements are likely to be spread over a longer period of time.

The ’Agreement to Sale ’ in a property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc.

Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.

An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date on completion of the property.

You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed and you have paid your Own Contribution in full.

Once we receive your request for disbursement, we will disburse the loan in full or in instalments. In case of an under construction property, we will disburse your loan in instalments based on the progress of construction, as assessed by us and not necessarily according to the developer’s agreement. You are advised in your own interest to enter into an agreement with the developer wherein the payments are linked to the construction work and not pre-defined on a time-based schedule.

Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable foreclosure charges as per RBI Master Directions.

SHFL disburses loans for under construction properties in instalments based on the progress of construction. Every instalment disbursed is known as a 'part' or a 'subsequent' disbursement.