The maximum loan tenure of Hero Housing Loan is 30 years for salaried professionals and 20 years for self-employed professionals.

Home loan are the funds borrowed from a financial institution on interest for purchasing a new property/plot/construction/upgrading a property. It is a long term loan with tenor up to 20 years depending on the age of the applicant. The loan is repaid with EMI every month. The property is taken as a security by the financing company for the loan being provided and original property documents are held with the financer. 

Balance transfer refers to transferring an existing home loan of one bank/NBFC/HFC to another bank/NBFC/HFC with or without further loan. 
 

A home loan can be easily applied for via online or by visiting the Hero Housing Finance branch of your city. You can visit our website and fill up the form given on the New Home Loan Page and a customer care executive will quickly contact you. 

Tax exemptions are given in the form of interest deductions and principal deductions under Section 24 and 80C respectively of the Income Tax Act, 1961. First time buyers are entitled to an additional interest deduction under Section 80 EE and joint home loan borrowers are entitled to a total deduction of Rs. 3.5 lakhs on the interest paid. Home loan borrowers for purchasing a second property can claim the entire interest amount.

Salaried persons with work experience of 2 years can get a home loan of up to Rs. 5 crore and self-employed individuals having a business continuity of 3 years can avail funding up to Rs.5 crore. Use the Housing Loan Eligibility Calculator to know the maximum loan amount based upon your monthly income, tenor, other EMIs and ROI.

The maximum home tenor for salaried borrowers is 20 years if age allows (30 in case monthly cheque salary is greater than 1, 00, 00) and 20 years for self-employed borrowers.

Age limit : salaried – 21 to 65 , self employed – 21 to 70
Work experience of salaried – minimum 2 years , self employed – minimum 3 years

 

Our main goal at Hero Housing Finance is to ensure that we are able to make financing simpler and understand your desire to own a new age home. Our goal is to help deliver the joy of being a proud home owner and cater to all kinds of profiles.

A co-applicant is a person who applies for a joint home loan with the borrower to help supplement the income of the borrower and help them become more eligible for the loan. A co-applicant can be a blood relative or an immediate family member.

Home loan prepayment or foreclosing a home loan early can be done by loan borrowers who want to avoid paying further EMIs and want to pay the remaining amount in full all at once. There are no charges of foreclosing a loan for individual borrowers. For detailed list of charges “CLICK HERE”

Following are the types of home loans that exist:

  • Home Loan: for Purchase of residential /commercial property
  • Self-Construction/Extension/Renovation
  • Balance Transfer
  • Plot Purchase Loan
  • Refinance

The minimum CIBIL score to apply for a home loan at HHFL should be 600.

A way to check home loan eligibility is by using an online home eligibility calculator. This calculator instantly calculates the amount you are eligible to borrow.

Functioning on a particular mathematical formula, the calculator helps evaluate the eligible loan amount. It takes into consideration net monthly income, loan tenor, existing EMIs, other monthly incomes and ROI.

extremely easy to use the Eligibility Calculator provided by us. All you have to do is enter the details such as monthly income , current EMIs (if any) , requested tenor and profession and the calculator will do its job.

You can use Hero Housing Finance’s home loan eligibility calculator to check for home loan eligibility which will consider factors like income, repayment capacity of individuals, age, financial position, credit score and other financial obligations. You can go to our Eligibility Calculator to check the amount you are eligible for.

  • Add a co-applicant
  • Repay your outstanding loans
  • Declare any additional income sources
  • Opt for a longer tenure

A credit score helps measure the ability of an individual to pay back a certain amount he/she might have borrowed. Paying off your debts in time helps you achieve a higher credit score. However, a borrower who has taken too many loans too is in danger of acquiring a lower credit score than a borrower who has not taken too many loans. The higher the credit score, the more the chances of you being eligible to a home loan.

A home loan EMI essentially consists of two parts:

  • The payment of the principal amount borrowed
  • The interest rate being charged on it.

A specific mathematical calculation as follows is used to calculate EMI: [P x R x (1+R)^N]/[(1+R)^N-1] where: 'P’ represents the principal amount , 'N’ is the number of monthly instalments and ‘R’ is the interest rate per month. You can also easily use our home loan eligibility calculator for the same purpose.

An interest rate that varies with the change in the market condition can be termed as a floating interest rate. Floating interest rates are cheaper than fixed interest rates.

Pre-EMI can be described as the payment of only the interest that is applicable on the loan that has been taken. A pre-EMI is ideal for borrowers are not able to pay the full EMI at a given point of time and can pay the Pre-EMI.

Mortgage underwriting is a process used by the lender to access risk and ensures that the borrower meets the minimum requirement of a home loan. The lender considers three C’s of underwriting which include capacity, collateral and credit.

Employment verification is important in order to ascertain whether or not the borrower is capable of paying back the home loan on a timely basis and with the required amount and to see where the borrower stands with his/her employer and office.

A minimum of 13 years of property chain is required for a home loan.

LTV ratio can be described as the proportion of a property value that a lender can finance with the help of a loan. This ratio helps lenders assess any kind of risk they might be facing when lending a home loan to a borrower.

Minimum salary for taking a home loan from hero housing finance is 15000 pm.

EMIs will get deducted on 8th of every month at HHFL.

Pre-payment of loan usually happens when one has a reserve or extra cash flow and can pre-pay any amount as a pre-payment, thus saving on the overall interest to be paid for the rest of the loan term.

Part-prepayment charges can essentially be described as the fees you pay when you make a part prepayment of the loan. Any amount one decides to pay more than the one EMI during the home loan tenor is a part prepayment. Refer to the link to see the charges.

ECS/NACH will automatically draw EMIs from your salary/savings/business account on a designated date of each month.

CIBIL Score outlines the credit history of home loan applicants which helps them get their home loan application approved quickly.

A co-applicant is a person who applies for a joint home loan with the borrower to help supplement the income of the borrower and help them become more eligible for the loan. A co-applicant can be a blood relative or an immediate family member.

It is not mandatory to have co-applicants. Only immediate family members or blood relatives can become a co-applicant like a spouse or a parent.Yes,there can be multiple co-applicants.

When a person is a co-signer for a joint home loan, then the chances of it affecting his/her credit score is there as the co-signer is equally responsible for the debt of the borrower.

• Each co-owner, who is also a co-applicant in the loan, can claim a deduction Rs 2, 00,000 for interest under Sec 24 on the home loan in their Income Tax Return. 
• Each co-owner can claim a deduction of maximum Rs 1, 50,000 towards repayment of principal under Sec 80C.
 

The co-signer is responsible for the payment of the EMIs in case the borrower is not able to do so for any reason.

Home loan borrowers can claim a deduction on the interest repayment of a maximum value up to Rs. 2, 00,000. Under Sec 80C, borrowers can claim a deduction on the principal repayment up to a maximum value of up to Rs. 1, 50,000. First time home buyers can claim an additional deduction on interest repayment up to Rs.1, 50,000 under Sec 80EEEA.

Property buyers who purchase a second property are eligible to a benefit on the interest repayment under Section 24 up to a maximum amount of Rs. 2 lakhs.

In case of a joint home loan, both the borrowers can claim deductions on the interest of up to Rs. 2 lakhs each under Section 24B. Borrowers taking joint home loan can claim deduction on the principal repayment of up to Rs. 1.5 lakhs under Section 80C. Borrowers can claim the interest deduction under Sec 80EE up to Rs. 50,000. Section 80EEA allows tax benefits to joint home loan borrowers of up to Rs. 1.5 lakhs.

A. Yes, HHFL provides a home loan under specific circumstances when the borrower does not have an income proof.

A home improvement loan is a loan taken by a person to who is looking to upgrade their property. The borrower must be aware not to alter the structure or the carpet area of the property.

A. Yes, HHFL provides a home loan under specific circumstances when the borrower does not have an ITR (Income Tax Return) filed.

The minimum amount that Hero Housing Finance Ltd. offers on its home loan is Rs. 10 lakh. The loan amount that an individual will get depends on the market value of their property and loan repayment capacity.

Hero Housing Finance Ltd. offers home loans starting at 9.50%.

Customers can apply for Hero Housing Loan offline by visiting the nearest Hero Housing Finance branch.

LAP means Loan Against Property which is a secured loan availed against a commercial or residential property kept as collateral with the lender.

LAP is a loan that is a secured loan where a lender takes your property as collateral till the time the loan has been paid back in full. The funds from such a loan can be used for any personal purpose like for a wedding or a medical emergency or business purposes. A personal or business loan are both unsecured loans where the lenders are at higher risk, hence they come at an ROI higher than LAP.

LAP means Loan Against Property which is a secured loan availed against a commercial or residential property kept as collateral with the lender. 

A term loan is basically a short-term loan that is given to businesses to help them with their capital expenditure process.

Loan against Rent Receivables can be described as a loan that banks give out keeping with them the future rent of the property as security/collateral. Anyone who owns a property that has been let out for commercial purposes can avail this kind of loan.

Loan Against Property can be availed on any full constructed residential or commercial property.

The maximum loan tenure for Loan Against Property is 15 years.

Following are the eligibility criteria:

  • Salaried age limit: 21-60 years (65 if considering pension income)
  • Self-employed non-professionals (SENP) age limit: 21-70 years if second generation is in the same business, else 65 years 
  • Minimum Salary: 20000 per month for both Salaried and SENP.

For detailed schedule of charges for Loan Against Property, refer to the link

LAP can be prepaid without a problem. For individual borrowers , the charges are nil. For detailed schedule of charges click here

A LAP can be used for:
• Purchase/Acquisition/Renovation of property
• Personal Needs / Travel/ Business / Marriage etc
• Higher Education
• Balance Transfer of existing HE / LAP
• Business or Working Capital Requirement.
 

Yes one can. All the co-owners of a property will be considered as co-applicants of the loan in such a case.

One of the main criteria that your property needs to meet is for you to ensure that the title of the property is clear and is free of any litigation. The property should not have an existing mortgage or loan.

Yes there can be a co-applicant. Blood Relatives and immediate family members can become co-applicants.

Property insurance can be taken as a part of the loan.

To see the interest rates for Loan Against Property, check the rate grid.

Borrowers can do the prepayment of Loan Against Property by either increasing the percentage of the EMI amount paid every month or by paying one extra EMI in the same year.

A. Prepayment of Loan Against Property helps in saving on the monthly EMIs and the interest outgo. The tenor of repayment of loan also gets shortened.

To see LAP Foreclosure charges, refer to the charges sheet.

Choose the suitable product program and refer to the documents

Tax benefits on Loan Against Property are:

  • Sec 37(1): Borrowers can avail tax benefits on the interest paid for the Loan Against Property under Sec 37(1) of the Income Tax Act.
  • Sec 24: Borrowers can avail tax benefits on the interest paid on the loan against property if the funds being lent are used for funding a new home. The maximum benefit offered is of Rs. 2, 00,000.

Minimum CIBIL Score should be 600.

Carpet area is the floor space available for carpet layout.Carpet area can be calculated using the formula- Sum of all Area (Bedroom+livingroom+Balconies+Toilets) — the thickness of the inner walls.

Who can apply
Resident of India
Agriculturalists
Small Farmers
Between the age bracket of 21 to 70 yrs

To see LAP pre-payment charges, refer to the link

Salaried persons with work experience of 2 years can get a home loan of up to Rs. 5 crore and self-employed individuals having a business continuity of 3 years can avail funding up to Rs.5 crore.Use the Housing Loan Eligibility Calculator.

A home improvement loan is a loan taken by a person to who is looking to upgrade their property. The borrower must be aware not to alter the structure or the carpet area of the property.

A person who is at least 21 years of age and not more than their retirement age is eligible to take a home improvement loan. Companies can also apply for this loan though they should have had been operational for a particular period defined by the lender. Age limit for salaried individuals is 65.

One can easily take a Home Improvement Loan for a maximum of 20 years or till the age of retirement of that person, whichever is the lowest.

There is no difference in the Interest rates applicable on home improvement loans when compared to the interest rates of home loans.

Documents required for a home improvement loan include:
• Identity proof
• Address proof
• Proof of income
• Property documents
• Other documents (other loans, past 6 months bank statement). 
You can see a full list of the documents needed here

Borrowers who apply for a home improvement loan are eligible for deductions on the interest component of up to Rs. 30,000 p.a. under the Sec 24 of Income Tax Act.

Depending on the progress of the renovation/construction, the lender will disburse your loan in instalments. 

Following are the documents required for applying for a new home loan: 

  • KYC Documents
  • Address proof
  • ID proof
  • photograph
  • form 16/salary slips
  • proof of business continuity (for businessmen/self employed)

You can see a full list of the documents needed here.

The interest under Sec 24 can be claimed in equal parts in five financial years post completion or handing over of property within the overall annual limit of Rs. 2 lakh.

Yes, HHFL provides funds for under-construction property.

Yes, any customer who has purchased an under construction property can apply for balance transfer loan with ease.

Following are the documents required:

• KYC documents and income proof documents
• NOC (No objection certificate) from the builder
• Letter from the builder indicating latest construction progress
• Stamped and signed agreement with the builder
• Sale deed
• Khata certificate and khata extract
 

Refinancing is a loan towards reimbursement of payments already made for purchase or construction of residential property in recent months Refinancing a home loan will help you save on high interest rates. Apart from that, one can also avail low home loan interest rate from the new lender.

• Low rate of interest from new lender
• Lessening of the loan tenor
• To avail a home loan top up
 

Following are the documents required:

For salaried:

• Identity proof
• Address proof
• Documents related to the existing loan
• Last 3 month’s salary slips
• Last 6 months’ bank statements
• Passport size photograph

For self-employed
• Identity proof
• Residential address proof
• Documents related to the existing loan
• Last 3 years’ Income Tax Returns along with computation of income
• Last 6 months’ bank statements
• Last 3 years’ balance sheet and profit and loss account statements
 

Yes, one can refinance more than the pending amount of loan. Refer to the foreclosure charges and part-prepayment charges.
Part-prepayment is when you pay a lump sum amount of money which is not equivalent to the outstanding principal loan amount. Part-prepayment brings down the EMIs.

Below is the process of transferring a home loan:

Submit an application to the current lender listing the reasons for the transfer
Collect the consent letter or NOC from the current lender
Hand over all the documents needed to the new lender
The old lender will confirm that the old loan has been closed
Pay the fees necessary to the new lender and proceed

A home loan balance transfer is the process of the transfer of the outstanding amount of a loan from one lender to a new one to incur specific benefits.

Hero housing finance provides loan to customers buying property where the seller has an existing loan running on that property. The loan provided in such case is directly paid to the financer for closure of the existing loan.

Following are the benefits of having to transfer existing home loan: 
• Lower rate of interest with new lender
• Reduction of tenure of loan
• Option for a top-up loan
 

There is no maximum limit that can be transferred as your entire outside home loan balance gets transferred to the new lender without a hassle.

Yes, of the many benefits of the home loan transfer procedure, one is that you can opt for a top-up loan with the new lender as well.

The repayment time/tenor can be extended by a maximum of 20 years subject to the customer’s profile

In order to be able to transfer home loan balance for PMAY, one has to be eligible for PMAY, only then can it be done

Following are the documents required-


For Salaried:
• Identity proof
• Address proof
• Documents related to the existing loan
• Last 3 month’s salary slips
• Last 6 months’ bank statements
• Passport size photograph

For self employed:
• Identity proof
• Residential address proof
• Documents related to the existing loan
• Last 3 years’ Income Tax Returns along with computation of income
• Last 6 months’ bank statements
• Last 3 years’ balance sheet and profit and loss account statements
 

Yes, a person who has purchased an under construction property can also avail a balance transfer loan.

A loan top up is given by your bank over and above an already existing loan.

The maximum amount for a top up loan gets decided as per the income and the loan to value eligibility.

A maximum term of 15 years or till the age of retirement is the time one can avail a top up loan, whichever one is the lowest

Security interest on the property being financed is essentially what is considered as the security for the top up loan.

For Salaried:


• Identity proof
• Address proof
• Documents related to the property
• Last 3 month’s salary slips
• Last 6 months’ bank statements


For Self-employed:


• Identity proof
• Residential address proof
• Documents related to the property
• Last 3 years’ Income Tax Returns along with computation of income
• Last 6 months’ bank statements
• Last 3 years’ balance sheet and profit and loss account statements

• Resident of India
• Agriculturalists
• Small farmers
• Between the age bracket of 21 to 70 yrs
 

No, no income tax benefit are applicable for Land Loans. This benefit is available only for Home Loans.

The maximum time available for construction is within a period of 2 years from the date of disbursement of Land Loan.

Industrial property loan is essentially used for the purchase of factory land and shed. This sort of loan helps savings of rentals which can then be used to pay EMIs for purchasing the property.

This is loan is used for the purchase of a new/existing commercial land.

Self-employed professionals like doctors,lawyers,business owners and chartered accountants can avail this loan in order to build an office or a clinic.

Choose a suitable program and check the documents required: Refer to the link.

A home loan is for a newly constructed home while a plot loan is for a plot/land taken for the purpose of constructing a home.

A home construction loan is taken to help the borrower construct a home according to their choice on a pre-purchased land.

Maximum term is 20 years, or till the age of retirement for salaried and 20 years for self-employed, whichever comes first.

1 Cr (Max Upto 100% of Registry amount);
30 L for cash salaried profiles
1 Cr (Max Upto 100% of Registry amount)
 

To see the interest rate and charges, refer to the link.

Following are the methods via which you can do the repayment of the EMIs:

  •  Electronic Clearing Service (ECS) which will automatically connect to your bank and send the EMIs across on a designated date each month. 
  • Post Dated Cheques (PDCs) - Drawn on your salary/savings account this option however is only for locations where ECS/NACH facility is not available.
     

A home extension loan is taken to help extend or add living space to your home like an extra floor or room.

Anyone who wants to add an extra living space to their current home can apply for this loan.

20 years or till the age of retirement, whichever comes first.

No, they do not differ.

Yes, an applicant is eligible for tax benefits in a home extension loan.

Security interest on the property is considered the security of the loan.

The number of instalments depends on the progress of the construction of the extension.

Following are the documents required for an home extension loan
• Completed and signed application form
• ID Proof
• Residence proof
• KYC
• Income Proof
• Property related or extension related documents (title deed etc)
• Employment Contract / Appointment Letter in case current employment is less than 1 year old
• Last 6 months' Bank Statements showing repayment of any ongoing loans
You can find the rest of the details here:
 

Borrowers have to pay the loan application charges of Rs. 2500 if the loan borrowed is less than 30 lakh and Rs. 5000 if the loan borrowed is greater than 30 lakh. Processing fees on loan disbursal is 1% + GST. Payment and foreclosure charges are negligible if the payment is done through own source, else 2% + tax will be charged. For other charges, refer to the link of schedule charges policy

Choose the suitable product program and then check the documents required for a plot purchase. Refer to the link.

The eligibility criterion of a balance transfer is similar to that of a regular home loan which depends upon the credit health and the repayment capacity of the borrower.
Following are the documents required:

For Salaried:

• Identity proof
• Address proof
• Documents related to the existing loan
• Last 3 month’s salary slips
• Last 6 months’ bank statements
• Passport size photograph

For self-employed:
• Identity proof
• Residential address proof
• Documents related to the existing loan
• Last 3 years’ Income Tax Returns along with computation of income
• Last 6 months’ bank statements
• Last 3 years’ balance sheet and profit and loss account statements
 

LAP BT Top-up is when the borrower shifts from one lender to another lender because of lower interest rates with a charging of a minimal fee. The borrower can also seek an additional amount against the property.

LAP balance transfer with top up can be repaid in the form of EMI (Equated Monthly Instalments).

The maximum term can be up to 15 years.

The main collateral should consist of immovable commercial property which is being purchased.

To see the charges applicable on a commercial property purchase loan, refer to the link.

You can find a list of the documents needed here.

A loan for the purchase of a new or existing office or shop is called a commercial property loan.

Commercial Property loan can be taken by the following people:

Individuals who are salaried or self-employed or by corporate entities which are proprietorship/pvt./partnership companies.
 

Loan Against Property (LAP) can be availed against a fully constructed and freehold commercial properties.

You can avail a Commercial Property Loan for a maximum term of 15 years or till your age of retirement, whichever is lower.

Choose the suitable product program and check the documents required for a commercial property loan.

The maximum term of your loan can be upto 15 years.

    Acceptable collaterals are as follows:

  • Residential property
  • Residential plot

To see the list of charges on loan applicable on loan against residential property,refer to the link to schedule of charges

Choose the suitable product program and find the list of the documents required for loan against residential property.

Loan can be given for purchase of a fully constructed industrial property or industrial plot allotted by a development authority.

One can apply for up to 70% of the property value as LAP. The amount, however, will depend on the property type and other checks.

A secured business loan is essentially taken to help fund small businesses. It is secured by a personal guarantee or by pledging valuable assets as collateral. In case the borrower is unable to repay the sum, the lender can utilize the pledged asset or personal guarantee to recover their losses.

Residential, commercial, Industrial and Land properties are acceptable as collateral under this loan.

We strive to disburse the loan within 7 days of a sanction provided all the documentation is completed by the customer in time.

The loan will be repaid through the capitalization/prepayment stipulated. It can also be repaid through the principal component of EMI whenever EMI starts (after the moratorium period).

Yes, the loan can be prepaid. However, there is prepayment penalties stipulated. This also varies from bank to bank. Refer to the link for charges.

Commercial plot loan is a loan borrowed for purchasing a new or an already existing commercial plot.

Salaried and self-employed individuals like doctors, teachers, accountants and business owners can avail of a commercial property loan. Your organisation type should be a PSU, GOVT, PROPRIETORSHIP or Private limited.

15 years is the maximum loan tenure for a commercial property loan.

70 years or the when you reach the retirement age is the age limit for availing a commercial plot loan.

BTo check the documents required for a commercial plot loan,refer to the documents checklist.

• EWS (Economically weaker section of society): Households with an annual income of less than Rs. 3 lakhs are eligible to claim the benefits under PMAY scheme. 
• LIG (Light Income Group): Households with an annual income between 3-6 lakhs are eligible to claim benefits under PMAY scheme.
• MIG-I (Middle Income Group): Households with an annual income below Rs. 12 lakhs are eligible to claim benefits under PMAY scheme.
• MIG-II (Middle Income Group): Individuals with an annual income between Rs. 12-18 lakhs are eligible to claim benefits under PMAY scheme.
 

Process of applying for the scheme
• Start by visiting the PMAY official page at http://pmaymis.gov.in/
• When you go through the “Menu” section of the page, you will have to go to the “Citizen Assessment” option
• Continue by entering the Aadhaar card number and then enter your details in the application form that follows
• Save the form after selecting the “I am aware of” option
• Post this an application number will be generated for future reference and now you can just print the application for, and submit the forms at your nearest CSC office. 
 

One can easily check their name in the Pradhan Mantri Awas Yojana list by visiting the official website. The one has to click on Search Beneficiary and enter their Aadhaar number.

Yes, it is but only if they are able to fulfil every eligibility criteria.

1. Individuals who fall under the categories of EWS, LIG, MIG-1 and MIG-II are eligible to claim benefits under PMAY scheme.
2. Someone who does not own a pucca house (an all-weather dwelling unit) in his / her name in any part of India.
3. In the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house keeping in mind the income eligibility of the household under the PMAY Scheme.
 

A beneficiary family should not have availed of any central assistance under any housing scheme from the State or the Central Government of India.

Following are the income norms for different categories:

1) EWS (economically weaker section of society) households/individuals:  up to Rs. 3.00 lakh (annual income)
2) LIG (Light Income Group) households/individuals with Rs. 3.00 lakh to Rs. 6.00 lakh (per annum)
3) MIG (Middle Income Group) I households/individuals with Rs.6.00 lakh to Rs.12.00 lakh (per annum)
4) MIG (Middle Income Group) II households/individuals with Rs12.00 lakh to INR 18.00 lakh (per annum)
 

• Declaration Form (Stamp duty to be the same as Affidavit, as per State Laws)
• Aadhaar Number (For MIG I & MIG II category of all the applicants in the Beneficiary family)
• Permanent Account Number (PAN). If PAN is not assigned, Form 60 is required.
• End-Use Undertaking Certificate
• Income proof of the applicant
• PMAY Addendum
 

There is no limit to the loan amount or the property value. The four categories are eligible for a maximum subsidy which is as follows: 

EWS: Rs. 2, 67, 280
LIG: 2, 67,280
MIG-I: 2, 35,068
MIG-II: 2, 30,156

Both EWS and LIG category applicants are eligible to a subsidy on a loan amount of Rs. 6, 00,000 and MIG-I and MIG-II category applicants are eligible to a subsidy on a loan amount of Rs. 12, 00,000.
 

Interest subsidy for all the four categories is as follows:

MIG II: 3%
MIG I: 4%
EWS/LIG: 6.5%
 

No, one cannot qualify for the CLSS scheme under PMAY if the spouse already owns a pucca house.

Yes they can as long as they are not the owners of a pucca house.

20 years is the maximum tenure on which the PMAY subsidy scheme is applicable.

Other additional eligibility norms include a basic civic infrastructure which will include a toilet, water, plumbing, sewage, electricity and properly constructed roads.

The subsidy amount cannot be adjusted against the tenure and the impact of the subsidy would be adjusted only against principal impacting the EMI amount further.

Yes, but only for MIG I and MIG II category.

Yes, but only for kutcha or semi-pucca houses.

The presence of an adult female member is required in a property structure. In case of absence of an adult female member in a household, the property can be registered solely in the name of a male member.

Categories Definition of the Beneficiary Family
EWS Husband, Wife and unmarried children should be a part of the household/beneficiary family.
LIG Husband, Wife and unmarried children should be a part of the household/Beneficiary Family.
MIG-I Husband, wife and unmarried children should be a part of the household/beneficiary family. The beneficiary can be an adult member who is earning, irrespective of the marital status.
MIG-II Husband, wife and unmarried children should be a part of the household/beneficiary family. The beneficiary can be an adult member who is earning, irrespective of the marital status.

Yes, following are the capping values:

EWS/LIG - No, there is no capping on minimum/maximum property value or area as per the scheme 
MIG I & II - 160 mtrs & 200 mtrs
 

Under this sceme the AP government is aiming to develop about 10 Lakh houses for the rural poor. This AP Housing Scheme will have a total expenditure of Rs. 16,000 Crore.

Under this lottery, the MHADA housing scheme is offering 1,384 houses in various categories across Mumbai, Pune, Nagpur, Aurangabad etc. via MHADA lottery. Applicants need to apply by 10th December as lottery is on the 16th.

This scheme offers the HUDA Group Housing Scheme-2017 to welfare housing groups and cooperative group housing societies with a minimum of twenty members.

The BDA housing scheme is an affordable housing scheme that will allocate over 3250 flats in various locations of the city.

• Pradhan Mantri Awas Yojana (PMAY)
• Pradhan Mantri Gramin Awas Yojana
• Rajiv Awas Yojana
• DDA Housing Scheme
 

Following are the benefits of home loan NOC:
• Acts as a proof of complete home loan repayment.
• Ensures that the lender records the loan closure.
• Signifies updating your credit profile and increasing your CIBIL score.
• Certificate also helps you receive a loan in the future at ease.
 

The moratorium is optional. The customer has an option to apply for postponement of EMIs that fall due from 1st March to 31st May. If the application is not made for the moratorium, we will continue to present the EMI for clearance.

  • COVID-19 – Regulatory Package - HHFL Policy
  • The RBI has permitted lenders to allow a 3 month postponement to borrowers wrt EMI payments. This is not a waiver of EMIs and neither is it compulsory for the lender to approve it.

    Moratorium essentially means that the customer gets an EMI break for 3 months as an exception made due to the financial stress caused by the Corona Crisis. It is not a waiver of EMIs.

    To explain with the help of an example, incase you have taken a 20 year loan that started on 1st January 2020, and your lender approves a 3 month moratorium for you, then you will still be expected to pay 240 installments , but since you will not be paying the installments that were due in March, April and May 2020, your loan closure date will also get pushed by 3 months from 1st Dec 2039 to 1st March 2040. The few important things to note here is as follows:

     

    • This is not a blanket moratorium offered by RBI. They have left the decision on whether to grant the moratorium - to the lender from whom the loan has been taken based on severity of impact due to the current crisis.
    • The EMI postponement facility is applicable only for EMIs falling due from 1st March 2020 to 30th May 2020. This is not applicable for any other EMIs.
    • While a borrower that has been granted a moratorium and can postpone EMI repayment, the interest for the principal outstanding will continue to accrue during this 3 month period at the contracted rate. This additional interest due will result in an increase in the overall tenure of the loan. Therefore, our advise to you is not to seek the moratorium unless you will actually have a severe problem in repaying the EMIs. Overall IRR will still continue to remain the same.

    We would request you to call the call centre from your registered mobile number if you would like to apply for the moratorium or send us an email from your registered email id clearly mentioning your loan account number and for which months – April, May or both, the moratorium is required. We will share a link with you basis which we will record the exact nature of your moratorium request. Please note, In case you have already paid the March EMI, then you can get postponement of April and May EMI only.

    If you avail the EMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period which will be added to the principal amount each month during the period of moratorium. Such additional interest collected by extending the original tenor of the loan accordingly.

    After we get the request, we can approve the moratorium within 5-7 working days

    As per the RBI circular, the lenders are required to have a board approved policy basis which the decision to approve/ decline the moratorium will be taken. Hero also has put up a policy that has been approved by the board. Decision to approve/ decline the moratorium will be taken basis the same.

    This additional interest due (for the 3 months of non payment) will be capitalized and will result in an increase in the overall tenure of the loan. Therefore, our advise to you is not to seek the moratorium unless you will actually have a severe problem in repaying the EMIs.

    The additional interest will be charged at the same rate as your current home loan on the principal outstanding for the period of the moratorium. However, incase you had any overdue payments as on 1st March 2020, the penal interest on the overdue payments will continue to be charged to you even during the moratorium period.

    Yes, sir/ madam you can apply for it later. However, we request you to ensure that you apply for it atleast a week before the last day of the month so that we can ensure that there is adequate time to complete the process.

    If your moratorium has been approved, the ECS will not be presented by Hero during the moratorium period. However, this will also be dependent on the timing of application/ approval. Incase that is within a week or so of the presentation date, we may not be able to stop the ECS presentation for that month.

    No sir/ madam, you will not have to pay cheque bounce charges.

    The RBI has allowed lenders to only give a moratorium for EMIs due from March to May. Hence, since the march EMI has been cleared, you can apply for the EMI moratorium only for April and May.

    However, I would like to inform you that incase of taking the moratorium,  the interest for the principal outstanding will continue to accrue during this 2 month period at the contracted rate of interest. This additional interest due will result in an increase in the overall tenure of the loan.. Therefore, our advise to you is not to seek the moratorium unless you will actually have a severe problem in repaying the EMIs.

    Yes, you can take a moratorium for only 1 EMI.

    Yes, you may apply for the moratorium but pay the money incase you are able to arrange it. However, please note that the amount while lie as excess in your account  and get adjusted only once the moratorium period is lifted.

    No, taking the moratorium will not impact your credit/ bureau score. Your bureau score will be determined basis your repayment record as on 1st March 2020. Hence, if your payments were overdue at that time, that will reflect in your score. Also, please note that the penal interest on the overdue payments as on 1st March 2020 will continue to be charged to you even during the moratorium period.

    There will be no delayed payment charges for the missing installments during the moratorium period? However, I would like to inform you that incase of taking the moratorium, the interest for the principal outstanding will continue to accrue during the moratorium period. This additional interest due will be added to the EMIs from 1st June 2020 2020 or will result in an increase in the overall tenure of the loan. Therefore, our advise to you is not to seek the moratorium unless you will actually have a severe problem in repaying the EMIs. Overdue interest on outstanding EMIs prior to moratorium period will continue to attract the penal interest and that will be charged during the moratorium period

    To explain with the help of an example, incase you have taken a 20 year loan that started on 1st January 2020, and your lender approves a 3 month moratorium for you, then you will still be expected to pay 240 installments, but since you will not be paying the installments that were.due in March, April and May 2020, your loan closure date will also get pushed by 3 months from 1st Dec 2039 to 1st March 2040.

    However, please additionally note that While the borrower that has been granted a moratorium can postpone EMI repayment, the interest for the principal outstanding will continue to accrue during this 3 month period. This additional interest due will also have to be repaid through an increase in the overall tenure. The amount of increase in the tenure and hence overall repayment is based on the loan amount, balance tenure, rate of interest etc. The same will be advised to you via a revised repayment schedule

    Sir, if you are not sure whether to apply for the moratorium or not, you can do so later. However, we request you to ensure that you apply for it atleast a week before the last day of the month so that we can ensure that there is adequate time to complete the process.

    The impact of taking the moratorium will be that additional interest for the principal outstanding will continue to accrue during this 3 month period. This additional interest due will also have to be repaid through an increase in the overall tenure. The amount of increase in the tenure and hence overall repayment is based on the loan amount, balance tenure, rate of interest etc. The same will be advised to you via a revised repayment schedule. Incase you would like the impact of the additional interest to reflect through an increased EMI – you will be required to specifically request the same – elsethe same will be adjusted via an increase in tenure.

    Please note that the moratorium will be applied for an entire EMI – if you like you can ask for a moratorium for 1 EMI instead of 2. We cannot approve moratorium only for interest/ principal.

    Please note that the moratorium will be applied for an entire EMI – if you like you can ask for a moratorium for 1 EMI instead of We cannot approve moratorium only for interest/ principal. Do I need to submit fresh auto debit/ or NACH debit mandates?

    No, As the EMI will remain the same and tenure will increase to recover the deferred interest accrued during the moratorium period. There is no need for fresh mandates. If you opt for moratorium, the residual tenure will increase to recover the accrued interest during the moratorium period. Incase you opt for an increase in EMI/ incase of any other specific issue – we will advise you separately incase we need revised mandates.

    Yes, please continue to pay your EMI. Infact, our advise to you is not to seek the moratorium unless you will actually have a severe problem in repaying the EMIs. While a borrower that has been granted a moratorium and can postpone EMI repayment, the interest for the principal.

    outstanding will continue to accrue during this 3 month period at the contracted rate. This additional interest due will result in an increase in the overall tenure of the loan.

    Yes, it is permitted. However, please be very specific in your request towards the same when you apply for the moratorium.

    No, payment received for March EMIs will not be refunded.

    Yes, the bank will continue to debit the EMIs

    In a statement issued during a press conference held on 22nd May 2020, RBI has allowed Banks/NBFCs/HFCs to extend the availability of Moratorium on loans by another 3 months i.e. 1st June 2020 to 31st August 2020.

    This means that all loan customers can now avail the moratorium on EMIs payable till August 2020 and repayment will start from September 2020:

    • Customers who had availed Moratorium 1.0 for March / April / May / Two Months/ All three months EMI, may also request for Moratorium for EMIs of June, July , August 2020

    • Customers who had not availed Moratorium 1.0 can avail Moratorium for June, July , Aug 2020 EMI

    However, note that just like Moratorium 1.0, the extension does not mean waiver of EMIs and neither is it compulsory for the lender to approve it. Moratorium essentially means that the customer can delay the payment of EMI as an exception made due to the financial stress caused by the Corona Crisis.

    The interest will continue to accrue on the unpaid principal and the accrued interest will be added back to the principal outstanding and a revised amortization will be created with extended tenor or increased EMI (in cases where balance tenor is more than 20 years) which will be applicable from September 2020.

    The impact on your Amortization will be as follows:

    • The interest of the period of moratorium will be added to the Principal outstanding each month.

    • The accrued interest will be adjusted in the repayment schedule by extending the loan tenor (where balance tenor is less than 20 years) or by increasing the EMI (where balance tenor is more than 20 years).

    The revised amortization will be shared with you in September 2020. For more details you can contact our call center at 1800 212 8800

    We would request you to call 1800 212 8800 if you would like to apply for the extension of moratorium. Our call center team will guide you accordingly.

    Essentially, we will understand the exact nature of your moratorium request and pass the request to our internal team for further processing. Once the same is

    In a statement issued during a press conference held on 22nd May 2020, RBI has allowed Banks/NBFCs/HFCs to extend the availability of Moratorium on loans by another 3 months i.e. 1st June 2020 to 31st August 2020.

    This means that all loan customers can now avail the moratorium on EMIs payable till August 2020 and repayment will start from September 2020:

    • Customers who had availed Moratorium 1.0 for March / April / May / Two Months/ All three months EMI, may also request for Moratorium for EMIs of June, July , August 2020
    • Customers who had not availed Moratorium 1.0 can avail Moratorium for June, July , Aug 2020 EMI

    However, note that just like Moratorium 1.0, the extension does not mean waiver of EMIs and neither is it compulsory for the lender to approve it. Moratorium essentially means that the customer can delay the payment of EMI as an exception made due to the financial stress caused by the Corona Crisis.

    The interest will continue to accrue on the unpaid principal and the accrued interest will be added back to the principal outstanding and a revised amortization will be created with extended tenor or increased EMI (in cases where balance tenor is more than 20 years) which will be applicable from September 2020.

    The impact on your Amortization will be as follows:

    • The interest of the period of moratorium will be added to the Principal outstanding each month.
    • The accrued interest will be adjusted in the repayment schedule by extending the loan tenor (where balance tenor is less than 20 years) or by increasing the EMI (where balance tenor is more than 20 years).

    The revised amortization will be shared with you in September 2020. For more details you can contact our call center at 1800 212 8800

    We would request you to call 1800 212 8800 if you would like to apply for the extension of moratorium. Our call center team will guide you accordingly.

    Essentially, we will understand the exact nature of your moratorium request and pass the request to our internal team for further processing. Once the same is approved, we will inform you and your account will be put on moratorium. Note that Moratorium can be availed only for the unpaid EMIs.

    In order to avail the moratorium from Jun’20 to Aug’20 you need to apply afresh (even if one has availed the previous moratorium which ended on May 31st 2020).

    In view of the extended moratorium as allowed by RBI, please note that under the moratorium, only late fee charges will be waived. Interest and other applicable charges will continue to accrue on your outstanding EMI’s / Balance and will extend your loan tenure which is why we have been receiving requests from many customers for opting out of Moratorium. If you would like to reconsider your earlier request or have queries regarding this, you may reach out to us at 1800 212 8800 or email to customer.care@herohfl.com.

    Yes, you can cancel the moratorium request and pay the outstanding EMI .

    Moratorium can be availed only for the unpaid EMIs. So, if you have paid for the month of June, then you can apply for Moratorium for the month of July & August.

    1. Yes, in case of multiple accounts, you will have to apply for Moratorium for each account separately

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