Hero Housing Finance Home Loan

4.5

Hero Housing Finance Home Loan provides loans at flexible interest rates with lower processing costs. Hero Housing is one of the only lenders with loan products for low-salary individuals with a monthly salary as low as Rs.10,000. Eligible applicants can get loans worth up to 90% of the property value. Aided by a quick verification system, Hero Housing approves home loan applications within 48 hours. In addition, they have a 24x7 online customer support team available to solve any queries or concerns.

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Hero Housing Finance Home Loan

Interest Rate

15%

Loan Amount

₹1L - ₹3Cr

EMI Per Lakh

₹2,379

Processing Fees

Initial Processing Fees- Up to Rs 5,000 Processing Fees including initial processing fee Up to 1% for cheque salaried Up to 3% for others
... more

Pre-Payment Charges

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Hero Housing Home Loan Overview

It has always been an individual’s dream to buy a house they can call theirs. That said, buying houses is no child’s play. Not only does it require proper experience in the real estate business, but more importantly, it also requires you to spend a significant amount of money. Now, saving up till you have enough money in your bank account to purchase a house is not an ideal choice. It will take you ages before you can even think of looking for properties you would want to buy. 

For this you should apply for Hero Housing Finance home loan. Hero Housing  Finance is one such service that understands the urgency of your dreams and makes sure it becomes easy for you to achieve them. With some of the best home loan interest rates on a wide variety of properties, with Hero Housing financial services, you have nothing to worry about. If you are planning to buy a new home, you should apply for a home loan from Hero Housing without any delay.

They provide some of the lowest interest rates, along with quick processing and minimal documentation, making them one of the best services in the market right now to partner with. You are also allowed to track the status of your application once the procedure is complete.

Eligibility Criteria and Factors Affecting Hero Housing Finance Home Loan Eligibility

Hero Housing Finance has made the process of application rather simple. For the Hero Housing Finance home loan eligibility you have to show your

  • Type of Employment: This basically determines whether you are self-employed or have a salaried job
  • Age: To be eligible, a salaried person has to be less than 65 years or retired, whichever comes first. And for self-employed professionals, it is before 70 years.

Based on this, your income profile and organization affiliation, you will be suggested a few of the loan programs you can avail yourself from them. This makes the process a lot easier since you do not have to figure out for yourself what kind of loan is best suited for your purpose. These are some basic Hero Housing Finance home loan requirements.

Hero Housing Home Loan Fees and Charges

These are the charges you might incur during the time of disbursement or tenure of the loan:

TYPE OF FEE/ CHARGES HOME LOAN NON-HOUSING LOAN
Initial Processing Fees (Non-refundable)  up to Rs. 5000 + Taxes up to Rs. 5000 + Taxes 
Processing Fees (Inclusive of Initial Processing Fees) Cheque Salaried: up to 1% + Taxes Others: up to 3% + Taxes  Cheque Salaried: up to 1% + Taxes Others: up to 3% + Taxes
Home Loan Plus Program Fee
LTV Loan Amount
INR 50-75 Lakhs INR more than 75 Lakhs
up to 65% 1.15% 1.70%
65-70% 1.35% 1.70%
70-75% 1.40% 1.70%
75-80% 1.65% NA
80-85% 1.70% NA
>85% 1.80% NA
Not Applicable
Current CERSAI Charges Rs. 500 + Applicable Taxes Rs. 500 + Applicable Tax
Statutory Charges (Stamp Duty / MOE/ MODT) As per the local laws of the stated where the loan originated As per the local laws of the stated where the loan originated
Disbursement Cheque Cancellation Rs.500 + Applicable Tax Rs.500 + Applicable Tax
Cheque/NACH dishonour Charges/ Non-payment of EMI through NACH Rs. 1000 + Applicable tax Rs. 1000 + Applicable tax
Cheque / Cash Collection charges Rs. 500 + Taxes Rs. 500 + Taxes
Penal Interest 2% per month on overdue 2% per month on overdue
Switch to Lower Rate up to 2% of principal outstanding + Taxes up to 2% of principal outstanding + Taxes

Hero Housing Loan Schemes

You can find a myriad of options when it comes to home loan schemes with hero Housing. Each of these schemes caters to different purposes. Some of the more common ones include:

Plot + Construction loan/Home loan/ Balance transfer
For financing an under-construction or ready-to-move property
Allowed extent of loan
  • For 90% of the property value, the loan amount is capped at Rs. 30 lakh.
  • For near about 80% of the property value, the loan amount is capped at Rs. 30.01 Lakhs to Rs. 70 Lakhs.
  • For only 75% of the property value, you can avail of a loan of more than Rs. 75 Lakhs.
Improvement/Construction/Expansion Loan
  • Helps finance the renovation or expansion of an existing residential unit.
  • You can get maximum loan tenure of up to 20 years.

Documents Required To Apply For Hero Housing Finance Home Loan

These are some documents required for Hero Housing Finance home loan:

Proof of Identity, Residence, Age (any combination that fulfils all the criteria) Aadhaar card, PAN card, Valid passport, Voter ID card, Driving license.
Proof of Income Form 16 for the past 2 years, Salary slip from the last 3 months, Bank statements showing salary credits from the past 6 months, If present employment is less than 1 year old, appointment letter with salary breakup
Property related documents Copy of the buyer agreement/sale deed/allotment letter, Payment receipts made to the seller/developer/builder,
Any current loans Bank statement showing EMI payments of the last 6 months or Statement of Account (SOA) of loans,
Application documents Application form, Passport size photos of all applicants/co-applicants, Processing fee cheque in the name of Hero Housing Finance Ltd.

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FAQs

From refinancing to reducing your interest, we have the answers right here.

Is a Home Loan A Tax-Saving Deduction?

To answer it in simple words, yes, home loans are a part of Section 80C of the Income Tax Act. This section mainly specified that an individual will be susceptible to tax deductions against the amount being repaid of the principal component of their loan. However, under Section 80C, only an amount up to Rs. 1.5 Lakh can be claimed as tax deductions.

What is The Minimum Salary For A Home Loan?

To apply for a home loan, you have to have a net monthly income of above Rs. 25,000. With an income of Rs. 25000-40000, you are eligible for a loan as long as your fixed expenses do not exceed 50% of it.

Can I Take Two Home Loans At A Time?

Even though you are allowed to take more than one home loan at a time, it mainly depends on your net income, credit score and probability of repayment. If you are not saving more than 25% after paying off the loan, it is advised you do not.

When Does The Loan Repayment Period Start?

You will have to repay the loan in monthly instalments on both your principal and interest. You will have to start this payment after a month of receiving the full disbursement.

Does Hero Housing Finance Provide Home Loan at the best rate?

While you can find a home loan with interest rates lower than that of Hero Housing Finance, the money you can loan are much lesser. So, basically, you pay more interest for more money.

What is the interest rate of Home Loan in Hero Housing finance?

Hero Housing loan takes an interest rate of 9.75% per annum, and the minimum amount that can be loaned is 10 lakhs rupees.

What are the benefits Hero Housing Finance Provides on Home Loan?

Unlike most other banks, Hero Housing Finance allows you to avail of a loan without having to show your income proof and ITR. This can be quite a beneficial factor for people who are expected to raise during the tenure of the loan.

How to apply for a home loan in Hero Housing Finance online?

It is rather easy to apply for a loan with Hero Housing Finance. All you have to do is log in to their official portal and set the criteria you agree to. They will show you the best deal based on your choices. After submission of some documents, if you are eligible, they will pass the loan.

What is the maximum and minimum home loan amount I can get from Hero Housing Finance?

From this bank, you can get home loans of all types and ranges. The minimum amount is Rs. 10 Lakh, while the maximum amount can range from Rs.3 CR to Rs.5 CR depending on where you live.

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