Nido Home Finance (Edelweiss) Home Loan

Features & Benefits of Nido Home Finance Home Loan

This loan offers numerous features designed to make homeownership a reality for a broader range of individuals. Here are the main benefits.

• Specially Designed Loans: A major benefit is the customised loan offer. The loan amount, interest rate, and tenure are adjusted based on a deep understanding of each applicant’s true repayment ability. This personalised approach ensures the EMI is comfortable and manageable.
• Support for the Self-Employed: Nido Home Finance helps those lacking standard income documentation. The Assessed Income Programme is crucial for self-employed individuals. A loan offer is based on a thorough field investigation and real-world cash flow assessment, rather than just paperwork. This enables homeownership for those often rejected.
• Reduce Your EMI Burden: The Balance Transfer facility is a major advantage. It enables homeowners with an existing loan from another institution to transfer it to Nido Home Finance. This is often pursued to secure a lower interest rate, which can result in smaller monthly EMIs and considerable savings over the loan’s term. Additionally, a top-up loan may also be accessible.
• High Loan-to-Value (LTV) Ratio: Applicants can receive up to 90% of the property’s value as a loan. This feature reduces the initial down payment required, making it easier for individuals to arrange funds and purchase their dream home sooner.

Nido Home Finance Home Loan Highlights

A quick look at the key highlights shows what makes the Nido Home Finance Housing Loan a great choice.

Eligibility Criteria of Nido Home Finance Home Loan

Here are the eligibility criteria for the Nido Home Finance (Edelweiss Financial Services) home loan:

• Age: Applicants must be at least 21 years old at the time of loan application. The loan should mature by the age of 60 for salaried individuals or 65 for self-employed individuals.
• Citizenship: The applicant must be a resident of India. Specific loan schemes are also available for Non-Resident Indians (NRIs).

Income type

• Salaried: Must have a regular salary from a private company, PSU, or MNC. Documents such as the last three months’ salary slips and Form 16 are required.
• Self-employed individuals include business owners and professionals. They need to provide Income Tax Returns and business financials for the last 2-3 years.

Work experience

• Salaried: A minimum of 2 years of total work experience is required.
• Self-employed: The business must have been operational for at least 3 years.
• Minimum income: A net monthly income of at least ₹25,000 is required. This applies to both salaried and self-employed applicants.
• Credit score: A credit score of 650 or higher is generally required for the loan to be considered.
• Property proof: Applicants must provide evidence of their current residence, whether it is owned, rented, or a property owned by a parent or guardian.
• Additional evaluation factors: The final loan decision is also based on factors like age, income stability, savings habits, the nature of the business, and a field assessment of repayment ability.

Types of Nido Home Finance Home Loan

To meet the diverse needs of homebuyers, various types of home loans are available. Each one is designed for a specific purpose.

• Home Purchase Loan: This is the most common type of loan, used to purchase a new or resale house or flat.
• Home Construction Loan: This loan is designed for individuals who already own a plot of land and require financing to construct a house on it.
• Home Improvement Loan: For those looking to upgrade their existing home, this loan provides funds for repairs, renovations, or other structural improvements.
• Plot and Construction Loan: This is a combined loan that covers the cost of buying a plot of land and also the cost of building a house on that same plot.
• Loan Against Property (LAP): An individual can use their existing, fully-owned property as collateral to get a loan. These funds can then be used for various personal or business needs.
• Balance Transfer: This option allows individuals with an existing home loan from another bank to transfer the outstanding amount to Nido Home Finance, usually to secure a lower interest rate.

Documents Required for Nido Home Finance Home Loan

The following are the required documents for the Nido Home Finance Housing Loan:

Nido Home Finance Home Loan Processing Fees and Charges

Here is a simple table outlining the main fees for a Nido Home Finance Housing Loan.