Godrej Home Loans are designed for your life. With interest rates and easy EMI plans tailored for
your needs, we can help open the door to your dream home.
Godrej Home Loans are designed for your life.
With interest rates and easy EMI plans
tailored for your needs, we can help open the
door to your dream home.
Starting a new life in a new home can be tough. Our interest rates on Home Loans ease that transition and give you financial peace of mind.
*Fixed rate of interest for 3 years, post completion, loan on floating interest. (Not applicable to NRI Customers)
Your Monthly EMI
For the years at the % of interest rate
Total Interest Payable
Total Payment (Interest + Principal)
Your EMI Will Be
Income Tax Benefits
Income Tax Payable includes 4% cess.
Income Tax Payable After Home Loan
Income Tax Payable Before Home Loan
*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.
A Home Loan is an amount of money that a person borrows from a financial institution at a certain rate of interest for a particular number of years (tenure), which is to be paid back in equated monthly instalments (EMI). To cover the risk of the financial institution, the property for which the loan is taken as a security.
There are different types of Home Loans. At Godrej Capital, we provide
Home Loans for Ready to Move-in, Under construction and resale homes
Home Loan Balance Transfers (which means, the loan can be shifted from a different financier to Godrej Capital resulting in savings for the customers)
Top-up on existing Home Loans for renovating or improving your current home.
Loans for Land/Plot Purchase
If you are looking for a home loan, Apply Now and get closer to your dream home.
Godrej Capital Home Loans are designed to enable you to buy your dream home. At every step, we keep our customers’ needs at the centre. This speaks for itself in our home loan features
Low interest rates at 8.55% p.a.
Instant in-principal sanction
Quick and hassle-free disbursal
Special features like Parallel Funding
Relaxed Down-Payments, with Parallel Funding
The first step is often the hardest to take but we are here to make it easy for you. Don’t worry about arranging huge down payments for owning a property. At Godrej Capital, we bring you closer to your dream home by letting you pay your part on a pro-rata basis, instead of paying it all at once.
Watch this space for more innovative home loan features.
If you are looking for a home loan, Apply Now and get closer to your dream home.
Please note that specific T&Cs apply for product variants. For more details, please contact an accredited employee / partner or write to us at email@example.com.
An under-construction property refers to a housing unit that is undergoing the process of construction. Such properties are usually sold by the developer before they are entirely built but are handed over only post-completion.
Step 1: Submit your Application
The loan application you submit will consist of a duly filled in loan application form, proof of income, proof of identity and address.
Step 2: Application Evaluation and Loan Sanction
Our internal team immediately starts evaluating the application and processing it further for the sanctioning of the loan.
Step 3: Property valuation
Once the property papers are shared and a legal technical valuation of the property is done to see if all is in order, the disbursal of the loan is approved. This step is easier to cross when you’re buying a home from an approved project.
Step 4: Loan Disbursal
A loan agreement is signed and the final disbursal takes place.
A financial institution undertakes certain risks while lending money to borrowers, so for prudent lending, the institution checks the borrower's repayment capacity 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, condition as well as 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 stamping and paying of 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, then 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 firstname.lastname@example.org 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 for the cost incurred by the financial institution in the process of loan application.
The loan sanction letter confirms an individual's eligibility for a loan after a comprehensive assessment of their financial standing or creditworthiness and verification of their KYC documents. It includes details such as the loan amount limit, tenure, interest rate, EMI amount and special conditions, if any. The letter is important for successfully securing a loan and remains legally 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.
An Equated Monthly Installment (EMI) is a monthly payment made by a borrower to a financial institution for the loan availed. The EMI is made up of two components, namely the principal and interest. This means that with each payment, the borrower pays back a portion of the loan amount as principal and a certain amount as interest. By the end of the loan term, the borrower would have paid back both the principal and interest amounts in full.
Pre-EMI refers to the interest amount paid by borrowers till the final disbursement is made and the EMI begins. This amount is the interest on the disbursed loan amount and is payable monthly from the date of each disbursement until the commencement of the EMI. Pre-EMI is a repayment facility provided commonly by Lenders when purchasing Under Construction properties through a loan.
The period (in months or years) for which a financial institution lends the money to a borrower. The tenure may be different from person to person.
Godrej Capital Home Loans offer longer tenures of up to 30 years.
The rate of interest is the percentage of principle charged by a financial institution from its borrower for the money lent. It is paid over and above the principal amount borrowed.
There are 2 types of interest rates:
Collateral is an asset that a financial institution accepts and holds as security until the loan is fully repaid. This provides a safeguard for the financial institution to mitigate any potential risks. In the case of home loans, the property itself is often used as collateral.
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 amount of loan divided by the total value of the property and is represented in %. A loan value of INR 75 lakhs for a property worth INR 1 Crore would mean 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 Capital, 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.
Disbursement means paying out the loan amount to the borrower or the builder from which the borrower has bought the home. The disbursement can be either in full or in tranches depending on the type of home financed (tranches are common for under-construction properties) and the terms agreed between the financial institution and the borrower.
A welcome letter is sent by a financial institution once a customer is fully onboarded. The welcome letter consists of the most important terms and conditions (MITC), Repayment Schedule, Schedule of Charges and all important loan details.
A loan account statement details out all the transactions completed in a particular loan account date by date. It also shows the outstanding balance due, the interest rate charged on that outstanding balance and any fees/charges incurred. However, the outstanding balance as reflected in SOA may not be the amount that you have to pay to close the account. To know the foreclosure / pre-closure amount contact +91 22 68815555.
The Most Important Terms and Conditions disclose important details regarding a loan account such as the loan specifics, repayment schedule, charges, and any other pertinent information that a borrower needs to be aware of. This information can be accessed through both the institution's website and the customer portal.
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 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 NOC, or No Objection Certificate, is a 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. Please note that till the time NOC is not issued you may have liability towards Godrej Capital.
You are required to submit the below-listed documents along with an application for loan foreclosure:
As per Section 80C of the Income Tax Act, you can avail deductions of up to INR 1.50 lakhs on the principal amount repaid annually.
Under Section 24 of the IT Act, taxpayers are also eligible for benefits of up to INR 2 lakhs on the interest repaid against a home loan annually. Under section 80EE, first-time home buyers can claim an additional deduction of INR 50,000 for a property value of up to INR 50 lakhs and a loan taken of up to INR 35 lakhs.
The income tax law provides for the claim of pre-EMI interest also, called the pre-construction interest, as a deduction in five equal instalments starting from the year in which the property is acquired or construction is completed, over and above the deduction you are otherwise eligible to claim from your house property income. However, the maximum eligibility remains capped at Rs. 2 lakhs.
Yes, these expenses can be claimed as well, under section 80C but only in the year in which the expenses are incurred and within the overall limit of Rs. 1.5 lakhs.
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.
For more detail and updated information refer Schedule of Charges.
It is advisable to secure insurance for your loan as a proactive measure against unforeseen events like death, which could potentially lead to difficulties in meeting EMI obligations. Loan insurance serves as a voluntary risk mitigation tool, safeguarding the borrower in such situations.
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.
A semi-fixed rate of interest refers to an interest rate that remains fixed for a certain period of time, as informed to the borrower in advance, and upon completion of this period becomes floating.
Godrej Capital’s semi-fixed rate home loan is a category of home loan offering, where the interest rate for the borrower remains fixed for an initial period of up to 3 years and then is converted to a floating rate for the remaining loan tenure.
It provides features of both fixed and floating rate loans. For the initial period, the loan is on a fixed rate and thereafter on floating. The floating rate is linked to the Prime Lending Rate (PLR) and the rates change along with a change in PLR. To know more, click here.
Both salaried customers and self-employed professionals/non-professionals (SEP/SENP) are eligible to opt for this offering when availing home loan from Godrej Capital.
For the salaried customers, the fixed interest component will start from 8.55% for the initial three years, while for the SEP/SENP customers, the fixed interest rate element will be 8.99% onwards, subject to other eligibility criteria.
The maximum loan amount that can be availed under a semi-fixed rate home loan is dependent on factors like the unit purchased, income of applicants, and cost of the property, among others, and therefore may vary. Please check with your Sales Manager for details based on your specific requirements.
The processing fee for this type of home loan can go up to 2% of the loan amount.
Yes, a conversion fee of 2.5% is applicable on the principal outstanding if you wish to change your fixed rate of interest into a floating one before the end of your fixed rate period.
The semi-fixed rate home loan is launched as an offering for new home loan customers and is not available for existing customers.
The approval and disbursement timeline may vary based on factors such as documentation and verification. Please check with your Sales Manager for details of the application process and an estimated timeline.
Yes, the loan will automatically get converted to a floating rate of interest after the period of three years of fixed interest rate ends.
Company is a Master Policy Holder and facilitates the products of above insurance company on purely voluntary basis as a risk mitigation measure.