Composite Loan

Compare Composite Loan

• HDFC Composite Loan
  • Interest Rate: 8.60% onwards
  • Tenure: 15 years
  • Loan Amount
    • Up to and including Rs.30 lakh: 80% of the property value.
    • Rs.31 lakh - Rs.75 lakh: 80% of the property value.
    • Above Rs.75 lakh: 75% of the property cost.
  • Processing Fee
    • Salaried: Up to 0.50% of the loan amount or Rs.3,000
    • Self-Employed Professionals: Up to 0.50% of the loan amount or Rs.3,000
    • Self-Employed Non-Professionals: Up to 1.50% of the loan amount or Rs.4,500
  • Eligibility Criteria is 18-65 years of age, both for Salaried/Self-Employed Indian Resident.
  • Zero repayment charges.
  • You can balance transfer from another bank.
  • Loans for purchase of plot or land through direct allotment or resale.

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• SBI Composite Loan
  • Interest Rate: 7.25 % to 8.95%
  • Tenure: Up to 10 years
  • Loan Amount: Up to Rs.15 crore
  • Processing Fee: 0.35% of the loan amount + taxes, subject to a minimum of Rs.2,000 and maximum of Rs.10,000.
  • Eligibility criteria is 18-65 years of age.
  • Interest concession for women borrowers.
  • Repayment up to 10 years.
  • Interest rate on daily reducing balance.
• DHFL Composite Loan
  • Tenure: Up to 30 years
  • Loan Amount: Rs.5 crore
  • Processing Fee:Salaried & Self-Employed Professionals:
    Up to Rs.30 lakh: Rs.5,000
    Above Rs.30 lakh Up to Rs.75 lakh: Rs.10,000
    Above Rs.75 lakh: Rs.20,000Self-Employed Non-Professionals: Net PAT: 0.5% + taxes Others: 1.5% + taxes
  • Eligibility criteria is 21-65 years of age.
  • Resident and Non-Resident Indians can apply.
  • EMI calculated on monthly reducing balance.
• PNB Housing Composite Loan
  • Interest Rate: 7.20% to 9.10%
  • Tenure: Up to 30 years
  • Loan Amount:
    • Up to Rs.20 lakh: 90% of the property value
    • Rs.20 lakh and above Up to Rs.75 lakh: 80% of the property value
    • Above Rs.75 lakh: 75% of the property value
  • Processing Fee: 1% of the loan amount + taxes
  • Age should not be more than 70 years at the time of loan maturity.
  • Various types of home loan schemes to suit your needs.

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Composite Loan Eligibility

Below are the eligibility criteria to avail a composite loan:

Criteria	Salaried	Self-Employed
Age	18 years - 70 years
CIBIL Score	Above 750	Above 750

Documents Required for Composite Loans

Below are the set of documents required to avail a composite loan:

Requirements	Salaried	Self-Employed
Proof of Identity	Voter's ID, Driving Licence, Passport or PAN card
Proof of Address	Utility bills, Passport, Driving Licence
Proof of Income	Bank Statement of salary account for last three months and last six-month salary slips	Audited financial statement of the past two years

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FAQs on Composite Loan

1. How will the bank decide the loan amount I am eligible for?

   Banks and lenders determine your eligibility by your income and repayment capacity. Other factors include your age, occupation, qualification, number of dependents, assets and liabilities, savings history, your spouse's income (if any), and the stability and continuity of occupation.

2. How will banks determine my eligibility?

   Banks and financial institutions assess your loan eligibility based primarily on your income and repayment capacity. They also consider factors such as your age, occupation, educational qualifications, number of dependents, existing assets and liabilities, savings and repayment history, your spouse's income (if applicable), and the stability and continuity of your employment or business. 

3. What Are the Ways to Repay a Loan?

   Banks and financial institutions offer multiple repayment options for loan EMIs. You can set up standing instructions with your bank to pay the EMI through the Electronic Clearing System (ECS), opt for direct salary deductions if your employer provides this facility, or submit post-dated cheques (PDCs) linked to your salary account, depending on the lender's accepted payment modes.

4. In how many installments can the bank disburse the loan?

   Upon receiving your request, the bank or the lender will disburse the loan amount in full or in installments. In case of an under-construction property, the bank will disburse the loan in installments based on the construction progress, subject to assessment by the bank and not necessarily as per the developer's agreement.

5. Can I claim tax benefits on composite loan?

   Yes, you can claim tax benefits on a composite loan, subject to certain conditions. To qualify, the construction of the house must be completed within the time period specified by the lender. Once the construction is completed, you can claim a deduction of up to Rs. 2 lakh on the interest paid under the applicable provisions of the Income Tax Act, provided the eligibility criteria are met. You may also claim a deduction of up to Rs. 1.5 lakh on the principal repayment under the applicable tax provisions.