Godrej Housing Finance Home Loan
Enjoy flexibility in loan repayment at its best with Godrej Housing Finance home loan options. The company offers a host of home financing solutions to customers, both Indian residents and NRIs, at reasonably low and attractive interest rates, starting at 8.64% per annum and going up to 9.19% per annum. The company offers a maximum loan tenure of up to 30 years. Godrej Housing Finance is renowned for fast loan approvals and individually tailored EMI plans for its applicants. The processing fee for home loan applications is 3% of the total loan amount.
Godrej Home Loan EMI Calculator
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Godrej Housing Finance Key Highlights
Get the lowest interest rates with Godrej Housing Finance
| Loan Amount | Basis the credit profile of the applicant, subject to the RBI’s capping limit on the LTV ratio set |
|---|---|
| Rate of Interest | Starts at 8.64% per annum |
| RPLR | |
| Processing Fee |
3% of the total amount of loan |
| Maximum Tenure for Repayment | Up to 30 years |
| Penal Rate of Interest | |
| Rate Packages | |
| Charges for Prepayment/Foreclosure |
Godrej Housing Finance Interest Rates in 2024
Godrej home loan interest rate starts at as low as 8.64%. The maximum repayment tenure that the company offers is up to 30 years. The company's relatively lower interest rates attract customers from other banks to try its Balance Transfer facility. Listed below are the respective rates of interest offered at Godrej Housing Finance for different slabs of customers:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Salaried, Indian Resident | Starts at 8.64% p.a. |
| Self-Employed Practicing Professional | Starts at 9.19% p.a. |
| Salaried, NRI | Starts at 8.64% p.a. |
| Self-Employed, Business | Starts at 9.19% per annum |
Interest rates were last updated on 7th September 2023
Godrej Home Loan Eligibility Criteria
Godrej Housing Finance offers home loans only to customers who meet the specified criteria for eligibility. Take a look below at Godrej Finance home loan eligibility requirements for borrowers:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 23 - 62 Years | 23 - 62 Years |
| Nationality | Indian Resident, NRI | Indian Resident, NRI |
| Minimum Income Earned |
Godrej Housing Loan Processing Fee and Charges
Godrej Housing Finance charges its customers a nominal processing fee and some additional costs to cover the expenses involved in processing their home loan application. Tabulated below are the Godrej home loan processing fee and other charges that you may need to bear as part of the loan application procedure:
| Processing Fee | 3% of the total loan amount |
|---|---|
| Penalty for Late Payment Per Month | 2% of the total EMI unpaid |
| Part Prepayment/Foreclosure Charges |
|
| Loan Foreclosure Letter Charges | Rs. 500 |
| Fee for Repricing | 1% of unpaid principal |
| Technical Fees | As per actuals |
| EMI Bounce | Rs. 1,000 |
| Repayment Mode Swap (Cheque/NACH) | Rs. 500 |
| Charges for Loan Cancellation |
|
| Charges for rate conversion | 0.5% - 1.5% of unpaid principal |
| Stamping or Franking Fee | As per actuals |
| Valuation Fees | As per actuals |
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Godrej Home Finance Schemes and Top Plans
Godrej Housing Finance offers a variety of home loan schemes to its customers. These plans aim to encourage loan applicants to realise their dream of owning a home with no hassle. Listed below are some of the most popular plans offered by Godrej Home Finance:
1. Loan Against Property
- Designed for major life events like education fees, weddings, change of career, etc.
- Only interest to be paid for up to 3 years
- Loans up to 80% MV
- Loan tenure up to 25 years
2. Plot Loan
- Designed to help finance a land plot for the construction of a home
- EMI Break facility available
- Low rates of interest offered
- Up to 80% of Loan to Value
3. Balance Transfer
- Empowers customers to seamlessly transfer their existing home loan to Godrej Housing Finance
- Rates of interest customized to your convenience
- Higher eligibility criteria are available
- Top-up loan facility offered
4. Godrej Home Loan
- Plan available for constructing or purchasing a residential property, but also offered to applicants eager to make home improvements/renovations/extensions
- Flexible loan repayment options are available, such as Flexible Payment Plan and Design Your EMI for properties under construction
- EMI Break Feature offered to make loan repayment more comfortable for the borrower
- Parallel Funding facility enables easy affordability of loan repayment
- Loan tenure up to 30 years
Note: All of the above home loan plans are made available to applicants solely at the discretion of Godrej Housing Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required for Godrej Home Loan
As part of your home loan application, you would be required to submit a complete set of mandatory documents that Godrej Housing Finance needs to process your application. For your reference, listed below are the essential Godrej Finance Home Loan documents for salaried and self-employed borrowers:
Documents Required for Salaried Applicants
- Proof of employment for the last 2 years - Salary slip with the date of joining, Form 16, or letter of appointment
- Proof of Bonus of last 2 years or variable incentive received in last 6 months - Salary slip showing bonus or variable incentive received or bank statement with money credited
- Salary slip of 1 month latest or Salary Certificate authorized by Company signatory
- Bank account statement of previous 6 months
- KYC documents
- For approved projects under construction - Bank account statement or receipt of payment to the Builder
- Stamped Sale Agreement or Allotment Letter
- For property resale - Occupancy Certificate for ready property or copy of Approved Plan
- Bank account statement or receipt of payment to the seller
- Previous Chain Link title documents
Documents Required for Self-Employed Applicants
- Bank statements for the previous 1 year
- Tax Audit Report (if applicable)
- ITR and financial statements - Balance Sheet, Profit & Loss Statement of 2 years (attested by CA)
- Proof of business continuity for 5 years
- Payment receipt made to Builder or Allotment Letter for Property Under Construction
- Payment Receipt to Seller for Home Loan for Property Resale
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Valid passport, Voter’s ID, Aadhaar card, valid DL |
| Documents Related to Property |
|
Find Godrej Housing Finance Home Loan Offices Near You
Godrej Housing Finance office is easily accessible in the city you reside. Look us up online by searching for a Godrej Housing Finance home loan branch near you, or connect with a team representative from BASIC Home Loan to help you initiate the home loan application process. You can also connect with the nearest branch office of Godrej Housing in case you have any queries, grievances, or complaints about home loans.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Godrej Housing Finance loans offer the following multiple benefits to their customers:
- The company offers flexible loan repayment options such as parallel funding, EMI breaks, and self-designed EMI option
- Quick loan clearance feature available
- Relatively lower EMIs starting from Rs. 638 per lakh
- Longer repayment tenure provided
- Attractive ROI on housing loans
The company charges 3% of the loan amount as a processing fee for home loans.
Yes, the prepayment option for home loans is available at Godrej Housing Finance without any prepayment or foreclosure charges on housing loans at floating rates.
In case you wish to apply for a joint home loan with Godrej Housing Finance, a member of the immediate family (spouse, parents or children) can apply as a co-applicant for the loan.
Godrej Housing Finance offers its customers the “Design your EMI” flexible repayment option that allows them to choose lower EMI plans for easy paybacks.
Godrej levies a foreclosure charge of 4% on the principal amount prepaid.
Godrej Housing Finance generally collects the original property papers as security for the loan amount granted to the applicant.
Yes, Godrej Housing Finance allows for the Home Loan Balance Transfer option to existing home loan borrowers of other banks to transfer their balance loan amount to Godrej at attractive rates of interest.