Godrej Housing Finance Home Loan

Features and Benefits of Godrej Housing Finance Limited Home Loan

When applying for a loan, both the lender and borrower look into each other’s profile to weigh their authenticity (for the former) and creditworthiness (for the latter). Since there are numerous banks and financial institutions providing financial aid to the public, it becomes imperative for them to be a top-notch customer-centric service provider.

With all that kept in mind, Godrej Housing Finance Limited has an array of attractive services and features to offer to its customers. 

• Low installment rates starting from INR638 per lakh
• Attractive rate of interest starting from 8.39% per annum
• Addition of features with flexible interest payment planning options, like EMI breaks, parallel funding and self-designed EMI.
• A low-cost EMI with longer tenure for payback.
• Quick loan clearance.

Godrej Housing Finance Limited Overview

Godrej Housing Finance Limited is one of the trusted NBFCs in India, functioning under the subsidiary of Godrej Capital. A vertical offering only real estate financing, the company ensures all your home loan requirements are fulfilled. Apart from properties, it also offers plot loans for land purchase, easy balance transfer opportunities and loan against properties. 

• Godrej Housing Finance Home Loan interest rates start at 8.39%.
• Caters to both online and offline home loan applications.
• Ensures easy repayment processes via flexible mechanisms of ‘Flexible Payment Plan’ and ‘EMI Break’.
• The maximum repayment tenure offered is 30 years.

Eligibility Criteria for Godrej Housing Finance Limited Home Loan

To determine whether or not an individual is eligible for financial aid from Godrej Housing Finance Ltd, a series of Credit Evaluations are undertaken. Credit evaluation is a process of risk assessment to ascertain whether an applicant is creditworthy or not. The parameters considered are:

• Age of the applicant
• Educational and work-related qualifications
• Annual income
• Savings
• Bank Balance
• Credit History
• Any current EMIs or loans pending

These details are assessed, and based on the investigation, the institution decides on the loan amount to be provided, the interest rate to be charged and the repayment duration to be set. Moreover, rounds of property evaluations also take place by agents entrusted by the institution in which the age, legal documentation, building and geographical conditions are checked. 

Other than that, a user can also calculate their loan amount eligibility by using their online Loan Eligibility Calculator. Users will have to feed in the values against monthly income, existing EMI, rate of interest and loan tenure.

Godrej Housing Finance Limited Home Loan Fees and Charges

A processing fee is charged to customers availing Godrej Housing Loans. These processing charges need to be paid at the time of loan disbursal. The fee depends completely on the loan amount. One has to pay a processing fee of 2% of the loan amount for their housing financial aid. In case the customer is interested in a flexible loan, they have to pay 3% of the loan amount. 

Over and above the processing fee, there are certain charges that can potentially be incurred by the customer. These include:

• EMI Bounce Charge: INR 1000 to be paid for every missed EMI
• Late Payment: Also known as “penal charges”, 2% of the outstanding EMI to be paid
• Cheque or NACH swap: INR 500

Documents Required for Godrej Housing Finance Limited Home Loan

Documents are a part of establishing the identity and whereabouts of the customer. The documents generally accepted by an Indian financial institution include a valid passport, Aadhaar card, a valid driving license, a voter’s card, etc. These documents are supportive in nature and establish the truth in the customer's claim of who they claim to be. Other than that, a PAN card is an essential requirement for processing a home loan application from Godrej Housing Finance Ltd. 

The documents required for sanctioning a Godrej Housing Finance Limited Home Loan are as follows:

How EMI Calculation Works for Godrej Housing Finance Limited Home Loan

The Equated Monthly Installment or EMI can be easily calculated with the help of an EMI Calculator. An online calculator is an easy tool that can assess the number of monthly payments incurred to the borrower. This will assist the borrower in various aspects such as financial planning, allocating funds, modifying goals, etc. all in advance. The calculator intakes the following information: 

• Principal Loan Amount: The total amount which is initially borrowed.
• Interest rate: The annual rate of interest which will be charged on the principal loan amount borrowed. This will usually be between 8.39% to 10%.
• Loan Tenure: The total number of months or years agreed by the borrower for repayment of the principal loan amount along with interest.

This information will be used to calculate the EMI. The calculator will also show information such as the total interest to be paid and the total amount payable. Users also have the provision to calculate their eligible loan amount by providing their net monthly income, existing EMIs (if any), interest rate and duration.

Balance Transfer Godrej Housing Finance Limited Home Loan

In case any customer wants to switch their housing loan from another financial institution to Godrej Housing Finance Ltd, they may do so by using the Balance Transfer feature. This allows users to swap their loan agencies under a new and improved interest rate. Godrej Finance offers an interest rate of 6.59 % to 9.99 % per annum on up to INR 30 Lakh for a duration of about 30 years.