Kerala Housing Finance Home Loan

Features of Kerala Housing Finance Limited Home Loans

Kerala Housing Finance Limited have numerous offerings for those looking at home financing options. The company is seen by many as a stalwart in the segment, in part due to their many years of experience. The many features of their loans are given below:

1. Loans are sanctioned and disbursed quickly.
2. Loans have simple and easy to understand terms.
3. Loan processing procedure is customer friendly and transparent.

Kerala Housing Finance Limited Home Loans

Home Loans: Home loans are provided for the purpose of building or purchasing a residential property. The tenure of the loan is between 3 to 10 years and can be paid off in monthly instalments. The applicant can avail a maximum of 70% of the property's value as the loan amount, which is payable in a lump sum in the case of a home purchase and in disbursements in the case of home construction.

Home Extension Loans: As the title suggests, these loans can be applied for if the applicant seeks to extend or expand his current home. The maximum amount that will be disbursed in the form of a loan is 70% of the estimated construction cost and is dependant on the applicant's repayment capacity. The loan can be paid back over 3 to 7 years through equated monthly instalments.

Home Renovation Loan: This loan can be applied for to finance the cost of repairing or renovation of an existing home. The applicant can avail a maximum of 70% of the cost of repair or renovation as the loan amount, which can be repaid in equated monthly instalments over 3 to 7 years. The loan amount would be disbursed depending on the progress of the work.

Site Purchase Loan: This loan is available for those applicants who require finance to fund the purchase a site or plot of land for the purpose of constructing a home. The applicant can avail a loan up to a maximum amount of Rs. 15 lakhs but not exceeding 70% of the appraised value of the property being purchased. The loan can be repaid over a 3 to 7 year period, and is to be paid back in monthly instalments every month.

Personal Loan: Applicants who are in urgent need of capital can take out a loan against the value of their homes. Also known as mortgaging, the loan amount would be a maximum of 60% of the appraised value of the property/home. This loan would be for a tenure of 3 years and repayment would be through equated monthly instalments.

Kerala Housing Finance Loan Eligibility

The Kerala Housing Finance Limited provides housing loans for a variety of purposes to individuals seeking to finance their home or property purchases. Applicants wishing to take a loan would have to fulfil the eligibility criteria as laid down by the company from time to time. Applicants who fulfil the eligibility criteria only will be entertained when it comes to loan sanctions. The eligibility criteria is as follows:

1. Individuals who are salaried/self-employed/own their own business.
2. Indians who are currently living in India as well as those staying overseas.
3. Applicants whose age does not exceed 55 years at the time of application.

Documentation Required for Kerala Housing Finance

After the applicant has met the eligibility criteria and is considering applying for a home loan, he/she has to submit documents as specified by the company. These documents serve as verification of the applicant's credit worthiness and financial status. The applicant's Credit Score and his/her ability to repay the loan are measured based on the documents submitted, based on which the company will sanction the loan amount. The documents to be submitted when Applying for a home loan at Kerala Housing Finance Limited are given below:

1. Proof of identity (refer below for document list)
2. Proof of address (refer below for document list)
3. Loan application form, filled in and signed
4. Salary certificate for employed individuals
5. Last 3 years Income tax statements certified by a Chartered Accountant for self-employed applicants/those who run a business
6. Original property documents (house deed, construction clearance etc as applicable)
7. Copy of approved drawing (in case of home constructions/renovation/extension)
8. Balance Sheet and Profit and Loss Statement (for businessmen, self-employed)
9. Guarantor's address proof
10. Guarantor's identity proof
11. Guarantor's Income tax proof

Proof of identity documents:

Any one of the following documents can be submitted as proof of identity:

1. Passport
2. PAN card
3. Aadhaar card
4. Driving license
5. Voter's ID card

Proof of address documents:

Any one of the following documents can be submitted towards proof of address:

1. Passport
2. Bank statement or passbook
3. Utility bills- electricity or telephone
4. Ration card

Kerala Housing Finance Interest Rate:

The Kerala Housing Finance Limited offers its customers competitive interest rates to make it easy for all applicants to repay their loans. The current rates of interest are mentioned below:

1. Home Loan- 15 % per annum
2. Home Extension Loan- 15 % per annum
3. Home Renovation Loan- 15 % per annum
4. Site Purchase Loan- 19.5 % per annum
5. Personal Loan- 19.5 % per annum.

Kerala Housing Finance Limited EMI Calculator

When applying for a home loan, applicants have to keep certain factors in mind. The loan amount is to be paid back in equated monthly instalments (EMI), which would mean that applicants would need to budget for this additional monthly expense. Not making an EMI payment would be detrimental to the applicant's credit score and also mean they would have to make a larger payment the next month. So missing a payment is definitely to be avoided. To help applicants budget for their home loan EMI's, they can use an EMI calculator. This calculates their monthly repayment amount based on values like their total loan amount, the tenure of the loan as well as the rate of interest payable.

The calculator will calculate an approximate value of the monthly instalment, and applicants are advised to check with the company as to the actual amount payable each month.

A good credit score can help you secure lower interest rates on loans and credit cards.

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