Godrej Housing Finance Home Loan

4.5

Godrej Housing Finance Home Loan is highly flexible and is available at an incredibly low-interest rate. In addition to the existing Home Loan plans, Godrej Housing Finance offers special customisable Home Loan plans to suit your preferences. In addition, Godrej Housing Finance Home Loan comes with 2 unique features Flexible Payment Plan and EMI Break.

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Godrej Housing Finance Home Loan

  • Interest Rate

    8.55%

  • Loan Amount

    ₹5L - ₹2Cr

  • EMI Per Lakh

    ₹2,054

  • Processing Fees

    --
  • Pre-Payment Charges

    --

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.
S. No. Particulars Overview
 1 Bank Name Godrej Housing Finance Limited
 2 Loan Type Home Loan / Plot Loan / Balance Transfer / Loan Against Property
 3 EMI Option Status Available
 4 Starting Interest Rate 8.39 % per annum
 5 Maturity Period available Up to 30 years
 6 Loan Sanction Process Application Submission > Application Evaluation > Property Valuation > Loan Disbursal
 7 Minimum Eligible Credit Score 750 or above
 8 Age Range 21 years to 65 years
 9 Mode of Application Available both online and offline
 10 Available for Salaried / Salaried NRI / Professionals / Self-employed
 11 Processing Fee 1% to 3%

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:

S. No. Categories Document Types Particulars
1 Salaried KYC Documents: Documents for Proof of Identity and Address.
  • Aadhaar Card
  • Passport
  • Driving License
  • Voter’s Card
Income Documents: To prove income capacity
  • Salary Slip
  • Proof of employment
  • Bank Statement
  • Bonus or incentive details, if any.
Property Documents: To assess your ownership or buying approval
  • Stamped agreement of purchase
  • Payment details made to the builder
  • Title proof in case of home resale
  • Copy of maintenance bills
2 Salaried NRIs KYC Documents: Documents for Proof of Identity and Address.
  • Passport
  • Visa Copy
  • Work Permit
  • Foreign Passport
  • Overseas Citizen of India card
  • Person of Indian Origin Card
Income Documents: To prove income capacity
  • Income Tax Return Statement
  • Experience proof of 5 years
  • Overseas Credit Bureau Report
Property Documents: To assess your ownership or buying approval
  • Stamped agreement of purchase
  • Payment details made to the builder
  • Title proof in case of home resale
  • Copy of maintenance bills
3 Self-Employed Business/ entrepreneurs KYC Documents: Documents for Proof of Identity and Address.
  • Aadhaar Card
  • Passport
  • Driving License
  • Voter’s Card
Income Documents: To prove income capacity
  • Income Tax Return Statement
  • Experience proof of 5 years
  • Bank statement showing rents
Property Documents: To assess your ownership or buying approval
  • Stamped agreement of purchase
  • Payment details made to the builder
  • Title proof in case of home resale
  • Copy of maintenance bills
4 Self-Employed Practicing Professionals KYC Documents: Documents for Proof of Identity and Address.
  • Aadhaar Card
  • Passport
  • Driving License
  • Voter’s Card
Income Documents: To prove income capacity
  • Income Tax Return Statement
  • Experience proof of 5 years
  • Bank statement showing rents.
Property Documents: To assess your ownership or buying approval
  • Stamped agreement of purchase
  • Payment details made to the builder
  • Title proof in case of home resale
  • Copy of maintenance bills

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.

FAQs

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

Is GHF Home Loan a tax saving deduction?

You are eligible to apply for a tax return against the Godrej Finance home loan interest payment. As per Section 80C, Section 24 and Section 80EE of the Income Tax Act, you can claim up to INR1.5 Lakh on the loan amount, up to a maximum of INR2 Lakh against interest paid on the home loan and INR 50,000 for a loan taken of minimum INR 35 Lakh for a property valued at a minimum of INR 50 Lakh respectively.

What is the minimum salary for Godrej Housing Finance Home Loan?

Godrej Housing Finance Ltd. considers INR 45,000 monthly income to be a basic standard for both borrowers and their respective co-applicants.

Is it mandatory to have a co-applicant to avail Godrej Housing Finance Home Loan?

Home loan from GHF can be applied by a sole owner of a property or a co-owner of a property. In either case, it is mandatory to have a co-applicant to apply for a Godrej Housing Finance Home Loan. Sole owners can nominate any family member while a co-owner needs the signature of the other owner to apply for the loan.

What is the interest rate of home loan in Godrej Housing Finance ?

Godrej Housing Finance offers attractive home loan interest rates which competes with top financial institutions in India. The rate of interest ranges from 6.59% to 9.99% for salaried residents and NRIs. And for professionals and self employed businessmen, the rate of interest ranges from 6.94% to 9.99%.

What are the benefits GHF provides on Home Loan?

The major benefit offered by Godrej Housing Finance Ltd for its customers in home loans includes fair interest rates, low cost EMIs starting from INR638 per lakh, flexible payment plans like personalized EMI payment structure, quick fund disbursal, fast and easy loan sanction, longer repayment duration, etc.

What are the KYC documents I will have to submit to apply for a home loan from Godrej Housing Finance?

The acceptable Know Your Customer (KYC) documents required for applying for a home loan under the GHF, includes a copy of PAN Card, officially valid documents like Aadhaar card, driving license or a voter’s card and a document reflecting the financial status of the customer.

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