Godrej Housing Finance offers home loans starting at 8.55% per year with repayment periods of up to 30 years. They provide special features like "Design your EMI" and "Flexible Payment Plan" for those buying homes that are still being built. They also have "EMI Break" for easier repayment and "Parallel Funding" to help with initial payments. If you already have a home loan from another lender, you can transfer it to Godrej for better terms and even get extra funds on top. Plus, during the first three years, you can get a break on your EMI payments if you transfer your balance to Godrej.
Godrej Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.55% p.a. onwards |
| Processing Fees | 3% of the loan amount |
| Loan Amount | Depending on the applicant's credit profile and within the limits set by the RBI on Loan to Value (LTV) ratio. |
| Tenure | Up to 30 years |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
| Applicant Type | Interest Rate |
|---|---|
| For Salaried | 8.55% p.a. onwards |
| For NRI (Salaried) | 8.64% p.a. onwards |
| For Self-Employed (Business Professionals) | 8.99% p.a. onwards |
| For Self-Employed (Practicing Professionals) | 8.99% p.a. onwards |
Godrej Home Loan Balance Transfer
Features: The Home Loan Balance Transfer facility allows existing borrowers to switch their home loans from other financial institutions to Godrej Housing Finance, potentially benefiting from lower interest rates.
Loan Amount: Up to Rs. 30 lakh
Tenure: Up to 30 years
Godrej Home Loan
Features: The Godrej home loan scheme is designed for purchasing or constructing a house. It can also be used for home renovation, improvement, or extension purposes. For those buying under-construction properties, special features like "Design your EMI" with a "Flexible Payment Plan" are available. Additionally, there's an "EMI Break" feature for easier repayment and "Parallel Funding" to make the loan more affordable through staggered down payments.
Loan Amount: Depending on the applicant's credit history and within the limits set by the RBI on Loan to Value (LTV) ratio.
Tenure: Up to 30 years
Godrej Plot Loan
Features: Godrej Home Finance offers a Plot Loan facility specifically tailored for financing the purchase of residential plots in urban areas.
Loan Amount: Up to 80% of the property value
Tenure: Up to 30 years
Also Read : Best Home Loan EMI Calculator
| Charges | Charges Applicable (exclusive of GST) |
|---|---|
| Processing Fees | Flexible loan: 3% of the loan amount |
| Charges for loan foreclosure letter | Rs. 500 |
| Repricing Fee | 1% of the principal outstanding |
| EMI Bounce | Rs. 1,000 |
| Rate Conversion Charges | 0.5% to 1.5% of the principal outstanding |
| Repayment Mode (Cheque/NACH) Swap | Rs. 500 |
| Late Payment Penalty Per Month | 2% of the total EMI outstanding |
| Stamping or Franking Fee | On Actuals |
| Valuation Fees (In Construction Linked Loans) | On Actuals |
| Technical Fees (for the additional property) | On Actuals |
| Loan cancellation charges | There are no charges up to 30 calendar days or until the first EMI due date, whichever comes earlier. After that period, the charge is 1% of the principal outstanding. |
| Foreclosure/Part Prepayment Charges | For individuals, there are no charges. For non-individuals, the charge is 4% on the principal prepaid in case of balance transfer. In the case of balance transfer, foreclosure on the principal prepaid is also 4%. For self, the foreclosure charge on principal prepaid is 4% on all amounts prepaid over 20% of the loan amount in the financial year. |
Also read: Best Home Loan Fees and Charges
- Age: 23-62 years
- Nationality: Indian Resident, Non Resident of India (NRI)
- Employment Type: Self-employed professionals and self-employed non-professionals, Salaried.
Godrej Housing Finance also takes into account the monthly income and credit score of applicants, similar to other banks and housing finance companies, when assessing eligibility for home loans.
Also Read : Best Home Loan Eligibility
Here is the list of documents required to apply for a home loan with Godrej Housing Finance:
- PAN Card or Form 60 (mandatory)
- Duly filled and signed home loan application form
- Passport size photographs
- Last 6 months’ statement of the account where the salary is credited
- Proof of employment for 2 years (Form 16, Joining date on salary slip, Employer letter, Appointment letter, etc.)
- Proof of Identity (Passport, Aadhaar Card, Driving License, Voter’s Identity Card, etc.)
- Proof of Address (Passport, Aadhaar Card, Driving License, Voter’s Identity Card, etc.)
- Proof of Income (Latest 1-month salary slip or a Salary Certificate authorized by the company signatory on the letterhead).
- Property documents for an under-construction property – approved projects (Allotment Letter, Stamped Agreement for Sale, Payment Receipts, bank account statement showing all payments made to the Builder).
- Proof of bonus for the last 2 years or variable incentive for the last 6 months – Bank statement reflecting the credits and salary slip letter reflecting bonus or variable incentive.
- Property documents for resale property (Current Registered or Draft Agreement for Sale (only for Maharashtra), Allotment Letter or Stamped Agreement for Sale, Prior Chain Link title documents, Occupancy Certificate (if the property is ready) or Approved Plan copy (Xerox Blueprint), Share Certificate (only for Maharashtra), Maintenance Bill, Property Tax Receipt, and Payment Receipts or bank account statement showing all payments made to the Seller).
Also Read : Best Home Loan Documents Required
1. Does Godrej Housing Finance offer preferential rates to salaried applicants?
Yes, Godrej Housing Finance provides a 35 basis points (bps) interest rate concession to salaried applicants.
2. Can I prepay my home loan availed from Godrej Housing Finance?
Yes, you can make prepayments on your home loan obtained from Godrej Housing Finance. There are no prepayment charges for home loans offered at floating rates. For home loans offered at fixed rates, there are no prepayment charges if paid through your own source of funds.
3. Who can be the co-applicant to my home loan?
If you are the sole owner of the property, any immediate family member can be the co-applicant for your home loan. However, if someone is a co-owner of the property, they must also be a co-applicant. If the income of other family members is considered to calculate the loan amount eligibility, then those family members need to be included as co-applicants.
Also read: Best Home Loan Balance Transfer
4. Does Godrej Housing Finance offer flexible repayment plans to its home loan applicants?
Yes, Godrej Housing Finance provides flexible repayment plans to its home loan applicants through its "Design your EMI" program. Under this program, applicants can opt to pay the interest component during the under-construction period above a minimum threshold amount, according to their convenience. This amount can be less than or equal to the actual interest cost. Additionally, applicants have the option to pay different interest amounts at different periods. For example, they can choose to pay Rs 9,999 for the first 6 months and Rs 12,999 for the subsequent 12 months.
5. What is the minimum credit score required to avail home loans from Godrej Housing Finance?
Godrej Housing Finance hasn't specified a specific credit score cutoff for home loan applicants. However, applicants with credit scores of 750 and above are generally viewed favorably and may have better chances of securing home loans at lower interest rates.