Headquartered in Chennai, Tamil Nadu, Repco Home Finance Limited (RHFL) is a proven and popular home loan financer with roots dating back to April 2000. This concern is registered with the National Housing Bank (NHB) and is currently operating with over 106 branches and 36 satellite centers across the South and Central Indian states. RHFL is committed to customer comfort and offering of the most cutting edge home loan products. In a distinct move that separates RHFL from the crowd, an exhaustive selection of 9 different housing loans are on offer. And, ably supported by a robust customer support initiative, choosing a loan product that works best for you is simpler and quicker than ever.
|Interest Rate||8.25% p.a. onwards|
|Loan Amount||Up to Rs.10 crore|
|Prepayment/Fore Closure||0% – 2%|
|Loan to LTV Ratio||Up to 85%|
|Penal Interest Rate||24% p.a.|
One of RHFL’s biggest strengths is the large number of specialized home loan products on offer. An exhaustive list of the same, alongside a brief description, is listed below-
These varied loan options make Repco Home Finance an attractive proposition indeed. The image of a people friendly, ‘grassroots level undertaking’ that understands its target audience, has also made Repco Bank and consequently, RHFL, very popular.
One of the highlights of the Repco Bank Home Loan is the attractive, customer friendly interest rates on offer. At just 10.50% p.a for housing loans upto Rs.30 lakhs and 10.75% p.a for loans above Rs.30 lakhs, the offering from RHFL is a very cost-effective option indeed. Interest rates are offered in both fixed and floating options.
The following customer centric benefits and defining features are ample reasons to choose Repco Home Finance as your ideal home loan provider, when you are out looking for the complete package-
A borrower must satisfy the following criteria to be eligible for a housing loan from Repco-
The following documents must be submitted at the initial application stage-
The two types of applicable fees are Processing fees and the Administrative fees. Both of these charges must be paid at the time of application. The processing fee is 1% of the applicable loan amount while the administrative fees (paid post the sanction of the loan) is 0.5% of the loan amount
Your Repco Home Finance saves tax as per the Income Tax Act, 1961. Under Section 88, a borrower paying back interest repayment to the tune of Rs.1,50,000 p.a can save upto Rs.50,985 p.a. Also, the borrower will enjoy tax benefits under Sec 80C for the repayment of the principal amount upto Rs.1,00,000 p.a, an amount equaling about Rs.33,990 p.a.
Guarantee from one/two people, deposit of shares or other such securities, life insurance policies, etc.
According to set procedures, it takes between 4-7 working days from the initial application stage to the final housing loan disbursement stage. Prospective borrowers are constantly intimated about the various procedures involved.
At Repco, a potential customer’s eligibility for a home loan is determined based on three factors- 1) Income of the applicant/co-applicant, 2) Value of the property to be acquired, 3) The applicant’s capacity for repayment.
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