EDELWEISS BANK

About Us


Edelweiss offers a wide range of Housing Finance products that are designed to address a variety of financing needs in the shortest possible time.
We have several housing finance products under the aegis of the National Housing Bank (NHB).
A brief overview of our various offerings in the Housing Finance segment:

Home Loans

We offer Variable Rate Home Loans and Fixed Rate Home Loans.
25-Year Loans
Our newly launched 25-Year Home Loans help purchase a property and repay in lower / more manageable installments.

Loan Against Property

Use the equity of your home or commercial space to fulfill your dreams or for business expansions through Variable Rate Home Loans and Fixed Rate Home Loans against property.
Re-financing
Property purchased with personal funds can be refinanced using our Re-financing services.

Balance Transfer and Top Up


We can help you transfer your existing Home Loan or Loan Against Property to Edelweiss' Housing Finance at a attractive rates of interest and for a flexible tenure so that you can benefit from a lower Equated Monthly Installment (EMI). You can also avail of an additional ("Top-Up") loan against the same property.

Lease Rental Discounting

We offer loan against rental income from lease contracts with corporate clients.

FAQ :

Basic Terminologies:
1. What is an EMI?
Equated Monthly Installment (EMI) is the amount payable to the Lending institution every month till the Loan is paid back in full. The EMI consists of Principal and Interest components.

2. What is a Pre-EMI?
Pre-EMI consists of only Interest on the disbursed loan amount and is payable monthly till commencement of EMI. In cases of partial disbursement customer pays Pre-EMI until full disbursement.

3. When does the payment of EMI commence?
Customer starts paying the EMI from the month following the month in which the loan amount was fully disbursed.

4. What are the different interest rate options offered by Edelweiss Housing Finance Limited (EHFL)/ECL Finance Limited (ECL)?
The interest rate options are:
• Variable: The rate of interest changes with the change in market lending rate
• Fixed: The rate of interest is fixed for the tenure of the loan

5. What is a Monthly Reducing balance?
Every month the principal component of the EMI is reduced from the Outstanding loan amount. The interest is charged on the outstanding loan amount.

6. What is an amortization schedule?
An amortization schedule is a tabular representation of monthly installments and reduction in outstanding loan amount during the tenure of the loan.

Eligibility:
7. For what purpose can I avail a loan from EHFL/ECL?
EHFL/ECL provides loans for:
• Purchase of House/Flat/Commercial property from a builder
• Purchase of House/Flat/Commercial property in resale
• Transfer of Outstanding loan from other financiers

8. What are the eligibility criteria for a Housing Loan?
To avail a Home Loan from EHFL/ECL, you must be
• A Resident Indian
• Above 21 years at the commencement of the loan
• Below 65/ retirement age at the time of maturity

9. How much loan amount am I eligible for?
Your loan eligibility will be determined by EHFL/ECL on the basis of factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history to ensure easy repayment for you in the future. The loan eligibility will be subject to the value of property selected by you.

10. Can I enhance my eligibility?
Yes. To increase income you can do any of the following
• Include an immediate relative with an income as a co-applicant
• Include income from other sources (Rental, Business, etc.)

11. When can I apply for a loan?
You can apply for a loan even before the purchase of the property. A loan amount will be sanctioned to you base on the above mentioned eligibility criteria. The loan amount will be subject to the value of the property, when you select one.

12. What is the maximum Tenure of the Loan?
Maximum tenure of the loan is 25 years, subject to eligibility norms.

edelweiss ABOUT US

Edelweiss offers a wide range of Housing Finance products that are designed to address a variety of financing needs in the shortest possible time. We have several housing finance products under the aegis of the National Housing Bank (NHB).
A brief overview of our various offerings in the Housing Finance segment:
Home Loans
We offer Variable Rate Home Loans and Fixed Rate Home Loans.
25-Year Loans
Our newly launched 25-Year Home Loans help purchase a property and repay in lower / more manageable installments.

Loan Against Property
Use the equity of your home or commercial space to fulfill your dreams or for business expansions through Variable Rate Home Loans and Fixed Rate Home Loans against property.

Re-financing
Property purchased with personal funds can be refinanced using our Re-financing services.

Balance Transfer and Top Up
We can help you transfer your existing Home Loan or Loan Against Property to Edelweiss' Housing Finance at a attractive rates of interest and for a flexible tenure so that you can benefit from a lower Equated Monthly Installment (EMI). You can also avail of an additional ("Top-Up") loan against the same property.

Lease Rental Discounting
We offer loan against rental income from lease contracts with corporate clients.

FAQ :

Basic Terminologies:
1. What is an EMI?
Equated Monthly Installment (EMI) is the amount payable to the Lending institution every month till the Loan is paid back in full. The EMI consists of Principal and Interest components.

2. What is a Pre-EMI?
Pre-EMI consists of only Interest on the disbursed loan amount and is payable monthly till commencement of EMI. In cases of partial disbursement customer pays Pre-EMI until full disbursement.

3. When does the payment of EMI commence?
Customer starts paying the EMI from the month following the month in which the loan amount was fully disbursed.

4. What are the different interest rate options offered by Edelweiss Housing Finance Limited (EHFL)/ECL Finance Limited (ECL)?
The interest rate options are:
• Variable: The rate of interest changes with the change in market lending rate
• Fixed: The rate of interest is fixed for the tenure of the loan

5. What is a Monthly Reducing balance?
Every month the principal component of the EMI is reduced from the Outstanding loan amount. The interest is charged on the outstanding loan amount.

6. What is an amortization schedule?
An amortization schedule is a tabular representation of monthly installments and reduction in outstanding loan amount during the tenure of the loan.

Eligibility:
7. For what purpose can I avail a loan from EHFL/ECL?
EHFL/ECL provides loans for:
• Purchase of House/Flat/Commercial property from a builder
• Purchase of House/Flat/Commercial property in resale
• Transfer of Outstanding loan from other financiers

8. What are the eligibility criteria for a Housing Loan?
To avail a Home Loan from EHFL/ECL, you must be
• A Resident Indian
• Above 21 years at the commencement of the loan
• Below 65/ retirement age at the time of maturity

9. How much loan amount am I eligible for?
Your loan eligibility will be determined by EHFL/ECL on the basis of factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history to ensure easy repayment for you in the future. The loan eligibility will be subject to the value of property selected by you.

10. Can I enhance my eligibility?
Yes. To increase income you can do any of the following
• Include an immediate relative with an income as a co-applicant
• Include income from other sources (Rental, Business, etc.)

11. When can I apply for a loan?
You can apply for a loan even before the purchase of the property. A loan amount will be sanctioned to you base on the above mentioned eligibility criteria. The loan amount will be subject to the value of the property, when you select one.

12. What is the maximum Tenure of the Loan?
Maximum tenure of the loan is 25 years, subject to eligibility norms.

Documents and Collaterals:
13. What documents does EHFL/ECL require to process my application?
Salaried Individuals Self-Employed Individuals
» Latest salary slip or salary certificate » Last 2 years Income Tax returns duly certified by CA
» Form No.16 or PF statement or appointment letter in case of Cash Salary. » Last 2 years Balance Sheet and Profit and Loss A/c with Annexures and Schedules
» Any other documents, as may be required » Any other documents, as may be required
» Passport size Photograph
» Identification Proof
» Age Proof
» Bank statement / Pass book copy for last 3-6 months
* Documents required may vary depending upon the customer's income, profession, age, assets and liabilities

14. What security/collateral do I have to provide?
The security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.
Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to EHFL/ECL of life insurance policies, the surrender value of which is at least equal to the loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other investments that are acceptable to EHFL/ECL.

15. What are the modes of payment of EMI?
The following modes of payment are available:
• Electronic Clearance System (ECS)

16. Can I repay my loan ahead of schedule?
Yes. There are no charges applicable for full or part prepayment of Home loans. For other loans the charges levied and the amount that can be pre-paid are subject to Edelweiss policy.

17. Does EHFL/ECL fund/assist Life/Property insurance?
Yes. We will assist you in finding the insurance policy suited to your needs.
We will also fund the insurance premium, subject to eligibility criteria.
The premium amount will be part of the loan disbursed and will be amortized over the tenure of the loan.

18. What are the Tax benefits of Home loans?
Both principal as well as interest of home loans attract tax benefits. With effect from 1st April 2005 (i.e. assessment year 2006-07) under section 24(b) and 80C of the Income Tax Act 1961.
Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium etc up to a maximum of Rs 1,00,000/- will be eligible for deduction from gross income u/s 80C of Income Tax Act 1961.
For self occupied - Income will be treated as nil and interest payment upto Rs. 1,50,000/- will be treated as minus income which will be adjusted against other income under section 24(b) of the Income Tax Act 1961.
For rental property - It will be adjusted against rental income
Interest paid on loan before completion of construction will be allowed as deduction from income at 20% per year for the next five years.
Grievance Redressal Mechanism:
Internal Procedures
(a) The Company shall have the system and procedures for receiving, registering and disposing of complaints and grievances in each of its offices.
(b) The Board of Directors of the Company has laid down the appropriate grievance redressal mechanism within the organization to resolve complaints and grievances. Such mechanism shall ensure that all disputes arising out of the decisions of lending institutions' functionaries are heard and disposed of at least at the next higher level.
(c) Customer shall be told where to find details of the Company’s procedure for handling complaints, fairly and quickly.
(d) If the customer wants to make a complaint, then the customers should be informed on the following:
I. How to do this
II. Where a complaint can be made
III. How a complaint should be made
IV. When to expect a reply
V. Whom to approach for redressal
VI. What to do if the customer is not happy about the outcome.
VII. Our staff shall help the customer with any queries the customer has.
(e) If a complaint has been received in writing from a customer, we shall endeavourer to send him/her an acknowledgement / response within a week. The acknowledgement should contain the name & designation of the official who will deal with the grievance. If the complaint is relayed over phone at our designated telephone helpdesk or customer service number, the customer shall be provided with a complaint reference number and be kept informed of the progress within a reasonable period of time.
(f) After examining the matter, we shall send the customer its final response or explain why it needs more time to respond and shall endeavourer to do so within six weeks of receipt of a complaint and he/she should be informed how to take his/her complaint further if he/she is still not satisfied.
(g) We shall publicize its grievance redressal procedure and ensure that it is specifically made available on our website.

Get Enquiry Here

CONTACT
9594111161 / 9967111161
ONLINE CONTACT
perfectsolution.helpdesk@gmail.com
ADDRESS
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077
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