- Key Benefits
- Interest Rates
- Calculators
- Documents Required
- FAQs
- Low interest rates starting from 9.19% p.a
- Loan-to-value up to 80%
- Zero touch loans
- Minimal documentation
- Quick sanction & disbursals
*T&C Apply
RESIDENT
Salaried
NON-RESIDENT INDIAN
Salaried
BUSINESS
Self-employed
PRACTICING PROFESSIONALS
Self-employed
*T&C Apply
- Emi Amount
- Loan Eligibility
- Tax Saving
Loan Tenure
Your Monthly EMI
₹
For the year
Total Interest Payable
₹
Total Payment (Interest + Principal)
₹
Loan Tenure
Your EMI Will Be
₹
Your Eligibility
₹
Financial Details
Income Tax Benefits
₹
Income Tax Payable includes 4% cess.
Income Tax Payable After Loan
₹
Income Tax Payable Before Loan
₹
- Salaried
- Self-Employed
- Practicing Professional
- Salaried NRI
Pan Card or Form 60 is a mandatory requirement for the loan application processing
For Proof of Identity and Address, any one of the below documents is acceptable
- Proof of possession of Aadhaar number
- Valid Passport
- Valid Driving License
- Voter’s Identity Card
For Income Documents, we accept
- Latest 1 month salary slip, or a Salary Certificate authorized by the signatory of the company on the letter head
- Proof of employment for 2 years (Form 16 or Joining date on salary slip or employer letter or appointment letter etc.)
- Last 6 months statement of bank account where salary is credited
- Proof of bonus of last 2 years or Variable incentive for last 6 months – Bank statement reflecting the credits and salary slip letter reflecting bonus or variable incentive
- Bank statement reflecting EMI clearance of Last 6 EMIs OR Statement of account
- Sanction letter to evidence Collateral address
- Customer declaration for - Loan outstanding & List of documents submitted.
For Under construction Home Loans – Approved Projects
- Allotment Letter or Stamped Agreement for Sale
- Payment Receipts or bank account statement showing all payments made to the Builder
For Resale Home Loans
- Current Registered or Draft Agreement for Sale (only for Maharashtra) or Allotment Letter or Stamped Agreement for Sale
- Prior Chain Link title documents
- Occupancy Certificate (in case property is ready) or Approved Plan copy (photocopy of the blueprint)
- Share Certificate (only for Maharashtra), Maintenance Bill, Property Tax Receipt
- Payment Receipts or bank account statement showing all the payments made to Seller
- Pan Card or Form 60 is a mandatory requirement for the loan application processing
- Proof of identity (Aadhaar number/ Valid Passport/ Valid Driving License / Voter's Identity Card)
- Proof of Address (Aadhaar number/ Valid Passport/ Valid Driving License / Voter's Identity Card)
- ITR and Financial statements including P&L, Balance Sheet, COI & Schedules - 2 Years - certified by a Chartered Accountant
- Bank Statements for last 12 months
- Business Continuity Proof for 5 years
- Tax Audit Report, if applicable
- Bank statement reflecting EMI clearance of Last 6 EMIs OR Statement of account
- Sanction letter to evidence Collateral address
- Customer declaration for - Loan outstanding & List of documents submitted.
For Under construction Home Loans – Approved Projects
- Allotment Letter or Stamped Agreement for Sale
- Payment Receipts or bank account statement showing all payments made to the Builder
For Resale Home Loans
- Current Registered or Draft Agreement for Sale (only for Maharashtra) or Allotment Letter or Stamped Agreement for Sale
- Prior Chain Link title documents
- Occupancy Certificate (in case property is ready) or Approved Plan copy (Xerox Blueprint)
- Share Certificate (only for Maharashtra), Maintenance Bill, Property Tax Receipt
- Payment Receipts or bank account statement showing all the payments made to Seller
- Pan Card or Form 60 is a mandatory requirement for the loan application processing
- Proof of identity (Aadhaar number/ Valid Passport/ Valid Driving License / Voter's Identity Card)
- Proof of Address (Aadhaar number/ Valid Passport/ Valid Driving License / Voter's Identity Card)
- ITR and Financial statements including P&L, Balance Sheet, COI & Schedules - 2 Years - certified by a Chartered Accountant
- Practice Continuity Proof for 5 years
- GST challans for last 1 or 2 or 3 quarter since filing of last returns
- Tax Audit Report, if applicable
- Bank statement showing Rental credits & Registered Rent Agreement, if applicable
- Bank statement reflecting EMI clearance of Last 6 EMIs OR Statement of account
- Sanction letter to evidence Collateral address
- Customer declaration for - Loan outstanding & List of documents submitted.
For Under construction Home Loans – Approved Projects
- Allotment Letter or Stamped Agreement for Sale
- Payment Receipts or bank account statement showing all payments made to the Builder
For Resale Home Loans
- Current Registered or Draft Agreement for Sale (only for Maharashtra) or Allotment Letter or Stamped Agreement for Sale
- Prior Chain Link title documents
- Occupancy Certificate (in case property is ready) or Approved Plan copy (Xerox Blueprint)
- Share Certificate (only for Maharashtra), Maintenance Bill, Property Tax Receipt
- Payment Receipts or bank account statement showing all the payments made to Seller
- In case of Indian Passport Holder- Certified copy of Valid Indian Passport along with copy of valid visa copy or work or residence permit copy.
- In case of Foreign Passport holder, copy of valid Foreign Passport along with OCI (Overseas Citizen if India) card or PIO (Person of Indian Origin) card.
For Income Documents, we accept
- Latest 3-month salary slip, or a Salary Certificate authorized by the signatory of the company on the letter head
- Proof of employment for 5 years (Tax returns or Employment contract or Joining date on salary slip or employer letter or appointment letter etc.)
- Last 6 months statement of bank account where salary is credited and last 6 months NRE or NRO bank statement.
- Latest valid Contract Copy and / or appointment letter
- Complete Continuous Discharge Certificate (CDC) for employees working on Ships
- Overseas Credit Bureau report not older than 30 days
For Under construction Home Loans – Approved Projects
- Allotment Letter or Stamped Agreement for Sale
- Payment Receipts or bank account statement showing all payments made to the Builder
For Resale Home Loans
- Current Registered or Draft Agreement for Sale (only for Maharashtra) or Allotment Letter or Stamped Agreement for Sale
- Prior Chain Link title documents
- Occupancy Certificate (in case property is ready) or Approved Plan copy (Xerox Blueprint)
- Share Certificate (only for Maharashtra), Maintenance Bill, Property Tax Receipt
- Payment Receipts or bank account statement showing all the payments made to Seller
*Disclaimer: All contents mentioned on this page, including but not limited to documents, eligibility may vary for each borrower and are subject to the discretion of the lender. The content is subject to change without prior notice.
- Plot Loan
- Plot Loan Process
- Plot Loan Terminology
- Important Documents
- NACH
- Charges Related
- Insurance Related
A Plot loan is an amount of money that a person borrows from a financial institution to purchase a plot of land for the construction of a residential unit on the same. This loan is at a certain rate of interest for a particular number of years (tenure), which is to be paid back in equated monthly instalments (EMI).
There are a few conditions that need to be met for Plot loans:
The residential plots for construction, otherwise allocated by the builders, are to be approved by GHF.
The plot should be clearly identifiable and demarcated.
Step 1: Submit your Application
Your loan application should include a duly filled in loan application form, proof of income, proof of identity and proof of address.
Step 2: Application Evaluation and Loan Sanction
Our internal team promptly evaluates and processes the loan application for loan sanctioning.
Step 3: Property valuation
After receiving the property papers, we conduct a legal and technical valuation of the plot to ensure compliance. Upon approval, we proceed with the loan disbursal process. The process is simplified if you are purchasing a home from an approved project.
Step 4: Loan Disbursal
After obtaining the necessary approvals, the loan agreement is signed, and the loan amount is disbursed.
A financial institution undertakes certain risks while lending money to borrowers, so for prudent lending, the institution checks the repayment capacity of the borrower through his/her savings, income, age, qualifications, nature of work, any loans currently served etc. This is called Credit Evaluation and determines the loan eligibility comprising of the loan amount, tenure of the loan and the rate of interest.
A financial institution empanels agencies for objective valuation of the property it takes against the loan as security. The valuation is based on its age, usage, legal documentation, Construction cost, as well as its geographical location. Market conditions also come into play, including whether there is a high demand for that particular type of property in the area in which it is located.
Registration of a property includes necessary paying of stamp duty and registration charges (may vary from state to state) for a sale deed and getting it recorded at the sub-registrar's office of the concerned jurisdictional area.
If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the home loan. In case of sole ownership of the property, any member of your immediate family can be a co-applicant. If joint income is considered to arrive at eligibility, the second person needs to come in as a co-applicant.
National Automated Clearing House (NACH) is a centralized structure created to make payments more accessible and cost-effective; NACH offers a fast and efficient clearing platform. The NACH debit mandate is used by GHF to automatically deduct monthly instalments from your bank account for the loan availed.
Two ways to cancel your NACH mandate are:
You can log in to the Customer Portal and request to cancel the mandate through the Write to Us section.
You can also send an email to customercare@godrejhf.com through registered email ID or call our Customer Care +91 22 68815555 through a registered mobile number and place a request for NACH mandate cancellation.
You need to mention the Loan Account Number (LAN) in the request, and our team will connect with you within 48 hrs.
The processing fee is a one-time charge paid by the borrower to the financial institution to cover expenses associated with processing a loan application.
A Loan Sanction letter is given by a financial institution after evaluating an applicant's creditworthiness and other details like KYC. This letter proves the applicant is eligible for a loan and includes key details like the maximum loan amount, tenure, interest rate type, EMI amount, and any special conditions. The sanction letter is valid for a specific period of time.
A Power of Attorney allows a person to grant another person the right to make decisions regarding the person's assets, finances and real estate properties.
There are two types of power of attorney.
First, the 'General Power of Attorney' where a property owner confers 'general' rights. The rights include but are not limited to sell, lease, sub-lease etc.
Second, is the 'Special Power of Attorney' wherein only a specific right is given by the owner to the chosen person.
The EMI is the amount of money a borrower pays back to a financial institution, every month, towards the loan availed. It comprises of 2 components – the principal and the interest. So with every EMI, the borrower pays back a portion of the loan amount as principle and a certain amount of interest. The EMI amount remains constant and by the end of the tenure, the borrower has paid back both principal and interest amount in full. At Godrej Capital, you can avail product variants where we give you a break from your EMI when you need it the most.
Pre-EMI is the interest borrowers pay until the final loan disbursement and EMI start. It's the interest on the loan amount disbursed, paid monthly until EMIs start. Lenders usually offer pre-EMI for buying under-construction properties with a loan.
The time period (in months or years) for which a financial institution lends the money to a borrower. The tenure may be different from borrower to borrower
At Godrej Capital, Plot + Construction loans come for tenures up to 15 years.
The interest rate is the percentage charged by a financial institution on the borrowed money, paid in addition to the principal amount. There are three types of interest rates:
Floating Rate of Interest: This rate changes with an index. At Godrej Housing Finance, all floating rate loans are linked to GHF PLR (Godrej Capital Prime Lending Rate), varying over the loan's repayment period.
Fixed-Rate of Interest: This rate remains constant throughout the loan's repayment tenure.
Semi-Fixed Interest Rate: This rate is fixed for an initial period, typically the first three years, and then switches to a floating rate.
Collateral is an asset (the plot) a financial institution accepts and keep as security for a loan it extends till the loan is fully repaid. This helps the financial institution to cover its risks.
APF stands for Approved Project Funding.
Godrej Capital identifies projects by certain developers and builders and evaluates basis the properties’ legal and technical evaluation. If a project qualifies the necessary requirements, it’s included in the APF master of Godrej Capital.
The TAT(turn around time) for a loan disbursal, is lesser, where a project is already an APF and the loan processing is much simpler
Loan to Value (LTV) is the loan amount divided by the property's total value, shown as a percentage. For example, a loan of INR 75 lakhs for a property worth INR 1 crore would have a 75% LTV.
Own Contribution or OCR is the same as a down payment. It is the difference between the loan amount Godrej Capital (or any financial institution) will provide and the total value of the property.
At Godrej Housing Finance, we make OCR a breeze with Easy Down payment options we call Parallel Funding, where a borrower doesn’t get burdened and pays the down payment in parts on a pro-rata basis. This enables the borrower to buy his/her dream home sooner than he/she normally would.
OCR and down payment are also referred to as ‘Margin’ money.
The documents relating to transfer, sale, lease or any other form of disposal of immovable property. Registration is compulsory by law for all properties under Section 17 of the Indian Registrations Act, 1908. Once a property has been registered lawfully, it means that the person in whose favour the property has been registered is the lawful owner of the premises and is fully responsible for it in all respects.
Loan disbursement is the process of paying out the loan amount to the borrower or the builder. The payment can be made either in full or in parts (tranches), depending on the type of home being financed and the terms agreed upon between the financial institution and the borrower. Tranches are common for under-construction properties.
The Schedule of Charges is the list of charges and corresponding amount levied by a financial institution over the duration of the loan, if applicable. For Godrej Housing Finance, refer to the schedule of charges here.
A Statement of Account for a loan lists all transactions for that loan, date by date. It shows the outstanding balance, the interest rate on that balance, and any fees or charges incurred.
Most Important Terms and Conditions details out the Loan details, repayment schedule, schedule of charges and any other relevant details of a loan account which a borrower must know.
A repayment schedule is a table of detailed loan payments for every period, showing the amount of principal and the interest that comprise each payment until the loan is fully paid off.
An Interest Certificate is a legal document issued by the lender which details out the bifurcation of the Principal and Interest Amount paid towards a home loan account in a particular financial year. The same is used for taxation purposes.
The NOC, or No Objection Certificate, is a legal document that states that you have paid all the EMIs and cleared all other outstanding loan dues and is issued by the company post the closure of the loan account
National Automated Clearing House (NACH) is a centralized structure created to make payments more accessible and cost-effective. It offers a fast and efficient clearing platform. The NACH debit mandate is used by Godrej Capital to automatically deduct monthly instalments from your bank account for the loan availed.
There are two ways to cancel NACH mandate.
- You can log in to the Customer Portal and request to cancel the mandate through the Write to Us section.
- You can also send an email to customercare@godrejcapital.com through registered email ID or call our Customer Care at +91 22 68815555 through a registered mobile number and place a request for NACH mandate cancellation.
Kindly ensure to provide the Loan Account Number (LAN) when making the request, and our team will reach out to you within 48 hrs.
Bounce charges are incurred if the EMI is not paid by the borrower on the due date.
Late Payment charges, also referred to as ‘Penal charges’ are the charges incurred on the late payment of the outstanding dues in case of EMI bounce, by the borrower.
Swap charges are incurred by the borrower for changing the repayment instrument or change in the bank account for NACH Mandates.
Recovery charges are levied by the Company for any expenses incurred on collection of overdue from the borrowers
Foreclosure or prepayment charges are fees for closing a loan early. For individual loans with floating rates, there are no such charges. For individual loans with fixed rates, there are no charges if you pay with your own funds. However, if you use another lender to close the loan, charges will apply according to the lender's Schedule of Charges. For all non-individual loans, foreclosure and prepayment charges follow the lender's Schedule of Charges.
No, it is not mandatory to obtain Insurance. However, Insurance is a voluntary risk mitigation device that helps customers in multiple ways, such as securing the asset, helping in paying off the loan liability in an unlikely event.
The insurance contract is between the Insurer and the customers. The company plays a limited role in facilitating the insurance contract between customers and Insurers. It will be the Insurer's responsibility to provide details and benefits to the customers.
Loan-linked Insurance covers a large amount of the loan liability. In any unforeseen circumstances like death, disability, hospitalization, and diagnosis of critical ailments, the Insurer can repay the loan liability through Insurance.
Credit-Life Insurance provides death cover for natural, accidental, and unnatural cause deaths. It also includes coverage for death due to Covid-19 and can be extended to co-borrowers. Customers can also avail the benefit of Section 80-C Income Tax deduction
Survival-Benefit Plan is for critical illness insurance and provides additional cover for medical emergencies like heart attack, stroke, or cancer. Because these emergencies or illnesses often incur greater than average medical costs, these policies pay out cash to help cover those overruns where traditional health insurance may fall short. These policies come at a relatively low cost. However, the instances that they will cover are generally limited to a few illnesses or emergencies.
Health insurance aims to provide a defence against the hardship caused due to lack of income because of (a) Disease, (b) Accident, (c) Surgery and (d) hospitalization.
Property Insurance secures the property for which the loan has been availed; ensures the security of valuables within the house. It is applicable for entirely constructed property wherein the customer has possession of the property. The Claim amount is the reinstatement value of the property.
