Indiabulls Loan Against Property - Frequently Asked Questions

When can you apply for a loan?
The moment you decide to buy a home, you can put in your application for a Home Loan with Indiabulls Housing Finance Ltd. You can apply for a Home Loan even before you have finalized the property. The loan amount would be sanctioned or approved, based on your repayment capability.
What are the loan tenure options?
IHFL offers Home loan up to 30 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.
How is the interest charged/ calculated?
Interest is calculated on monthly rest.
Who can be the co-applicants for the loan?

  • Your spouse
  • Any of your blood relative (immediate family members)
  • Also co-owner has to be necessarily co-applicant in the loan.

What are the securities/ collaterals you need to provide?
Immovable property owned by the applicants. The applicant's title to the property should be clear, marketable and free from any encumbrances. The security created on property shall be first and exclusive. Such security will be created by deposit of original title documents of the said property.
What are the stages involved while taking a loan?
Application submission - Submit a completely filled in application with all the necessary documents. Sanction - You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property. Disbursement is done on the basis of nature of transaction. For resale, disbursal instrument is made favoring the seller, For Balance transfer cases it will be favoring existing financer, for self construction cases it will be on the basis of stage of construction favoring the borrower. It will be in favoring of the builder for builder direct x construction favoring the borrower. It will be in favoring of the builder for builder direct allotment cases.
What are the various kind of loans extended?

  • Loan for home purchase
  • Loan for Residential plot and self construction
  • Loan for Home extension/Improvement
  • Balance Transfer from other banks
  • Loan for builders properties

Loan Against Property
What is a Monthly Reducing Balance?
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan. IHFL works on Monthly Rests basis.
What is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.
Can you get IT certificates in the name of both the applicant and co-applicant separately?
As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.
When is the IT certificate issued?
You can request for a provisional IT certificate that can be issued any time during the course of the year.
What kind of Tax Benefit does an individual get while applying for a Home Loan?
Many of us have taken home loans / mortgages to buy our house. One of the most important motivators for availing a housing loan is the income-tax benefit that it provides. If you have availed a home loan, you can claim tax benefits on both the principal and interest components of the home loan as per the Income Tax Act. These benefits are in the form of deductions available to assesses who have taken a loan to either buy a house or build one. You can reduce your tax liability by a maximum of Rs.6250 per month (Rs.75000 p.a.) (for self occupied property) Under section 80,repayment of principal of up to Rs.1 lac is deductible in full from your income which means you can save tax up to a maximum of Rs.30,000 p.a. on principal. Similarly under section 24 of the Income Tax Act, interest is deductible up to a maximum of Rs.1.5 lac. Thus, this leads to an additional saving of a maximum of Rs.45000 p.a.
What are the types of rate of interests offered?
Fixed and Floating.
What is EMI?
You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.
What is Pre Emi?
Pre EMI is the Interest paid on the Loan Amount availed in part and before the start of the actual EMI. This generally occures in Self Construction or Construction Stage Linked Disbursals. The EMI doesn't get started till the loan is disbursed in full and hence interst is charged on partially disbursed loan amount only which is Pre EMI.
Why does my digital signature appear as 'Signature Not Verified' in Adobe Acrobat Reader after eSigning a document?
This may happen if the trusted root certificate list in your Adobe Acrobat Reader is not up to date. For this, please install the latest version of Adobe Acrobat Reader by downloading it from https://get[dot]adobe[dot]com/uk/reader/. Now open Adobe Acrobat Reader. Open Preferences dialog box by clicking 'Preferences' menu item in 'Edit' menu. Select 'Trust Manager' from 'Categories' list displayed on the left hand side. You will see 'Automatic Adobe Approved Trusted Certificates Updates' section on the right hand side in the Preferences box. Check 'Load trusted root certificates from an Adobe server' check box and click 'Update Now' button. This will update your trusted root certificate list. Now, restart Adobe Acrobat Reader and open your digitally signed document. Your digital signature should now appear as valid.
When can you apply for a Loan Against Property?
LAP (Loan against property) can be applied for if you are in need of funds for your business or personal use and possess property
Why should one take a Loan Against Property?
A consistent upswing in the property prices makes it the ideal asset to capitalize for business expansion or personal needs. Since OD/CC loans claim monthly EMI, the liability carries on for an indefinite period; where as in LAP one pays regular EMI and reduces the burden in an organized manner.
What are the loan tenure options?
IBHFL offers LAP up to a maximum of 15 years, provided the term does not extend beyond 65 years of age or the retirement age, whichever is earlier.
How is the interest charged/calculated?
Interest is calculated on a monthly basis.
Who can be the co-applicants for the loan?

  • Your spouse
  • Any blood relative (immediate family members)
  • Also co-owner of the property has to necessarily be a co-applicant for the loan.

What is the security/ collateral one needs to provide?
Any immovable property owned by the applicant. The applicant's title to the property should be clear, marketable and free from any encumbrance. The security created on property shall be first and exclusive. Such security will be created by deposit of original title documents of the said property.
What is the advantage of LAP over PL/Unsecured Loans?
LAP is usually a property backed loan with a high quantum of loan, whereas unsecured/PL is mostly an unsecured loan with low quantum. Tenure offered in LAP vis a vis unsecured/PL is higher which reduces the EMI burden and repayment can be made in a longer term. Furthermore, the interest rate is generally lower in LAP loans than in PL loans.
What are the stages involved while taking a loan?

  • Application submission - Submit a completely filled in application with all the necessary documents.
  • Sanction - You get an approval for a specific loan amount based on your requirement, repayment capability and the value of the property.
  • Disbursement is done on the basis of nature of transaction. For Balance transfer cases it will be favoring existing financer, for self-consumption cases it will be favoring the borrower.

What is a Monthly Reducing Balance?
An Equated Monthly Installment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan. IBHFL works on the Monthly Rests basis.
What is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the break-up of every EMI towards repayment interest and outstanding principal of your loan.
What is an EMI?
You repay your loan in Equated Monthly Installments (EMIs) comprising of principal and interest. Repayment by EMI commences from the month after you take full disbursement.

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