Loan Against Property

 

Godrej Capital's Loan Against Property (LAP) is designed to support business growth with high loan eligibility, flexible EMIs, longer tenures, and a wide range of acceptable collaterals. This loan provides substantial funding based on property value, making it ideal for significant business investments and expansions.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Udyog Loan Against Property

 

Are you an MSME owner looking to scale your business operations? Take your business to new heights with Godrej Capital Udyog Loan Against Property. Our loan solutions enable business owners to get higher loan eligibility by allowing multiple sources of income to be considered.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Commercial Property Loan

 

Take your business to the next level with a Commercial Property Loan that finances construction, extension or improvement to make your business goals become reality. With plans designed for your life, you can rest assured that your business empire is in safe hands.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Balance Transfer

 

Transfer your existing loans to Godrej Capital and experience the benefits of lower interest rates, flexible repayment terms, and significant EMI savings. Enjoy higher eligibility, along with a top up loan, to take care of your extra needs.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Home Loan

 

Seeking a Home Loan to buy a ready-to-move-in property, an under-construction house, or renovate your current residence? Our Home Loan, featuring low interest rates and flexible EMI plans, is specifically designed to help you accomplish buying your dream home.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Plot Loan

 

Found the perfect spot to build your future? Our Plot Loans can help make it yours. Our loans offer you the financial help, low interest rates and flexible payment options you need to construct the home of your dreams.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for Doctors

 

Whether you need working capital to start your own clinic or upgrade your current practice with new facilities and hire skilled staff, our Professional Loans for doctors are here to help you. Apply today for a collateral free loan today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for Doctors

 

Whether you need working capital to start your own clinic or upgrade your current practice with new facilities and hire skilled staff, our Professional Loans for doctors are here to help you. Apply today for a collateral free loan today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for CAs

 

Godrej Capital's Professional Loan helps CAs in expanding practice, hiring new staff, enhancing equipment, and upgrading services for business growth. Get a loan without collateral and take your career to new heights.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan for MSMEs

 

For MSMEs aiming for growth, Godrej Capital Business Loans for small businesses offer the funds needed to expand their business and manage cash flow. Apply for MSME loan without collateral today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan for Women

 

Are you a woman entrepreneur? Godrej Capital's Business Loans for women-owned MSMEs help them fuel growth and meet business needs without any collateral. Apply for a small business loan today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan

 

Empower your business with Godrej Capital's Business Loan, offering flexible financing solutions to help businesses take the next step for growth. Apply for online Business Loan without collateral today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs




Home Loan

 

Experience a smooth homeownership journey with Godrej Capital Home Loans, tailored to help you buy a ready-to-move-in house, renovate an existing one, or buy an under-construction home.

Home Loan

 

Experience a smooth homeownership journey with Godrej Capital Home Loans, tailored to help you buy a ready-to-move-in house, renovate an existing one, or buy an under-construction home.





Turn dreams into keys! Whether you are salaried or self-employed, get a home loan that understands your unique needs.

  • Higher Loan Amount of up to INR 10 crore
  • Fixed Interest rate for 3 years - 8.55% p.a. onwards
  • High Loan-to-value of up to 90% of property value
  • Longer loan Tenure of up to 30 years
  • Zero-touch loan process

*T&C Apply






Take control of your EMIs! Opt for a flexible repayment plan and pay interest-only for select months, as per your convenience.


Home Loan Design Your EMI

  • Pay interest-only for up to 12 months for ready-to-move-in properties
  • Pay interest-only for up to 48 months for under-construction properties
Home Loan Design Your EMI

*T&C Apply



Homeownership just got easier! Split your downpayment with us into affordable portions, for under-construction properties.


Home Loan Parallel Funding

  • Break your contribution into multiple affordable portions
  • Combine with Design Your EMI for financial ease
Home Loan Parallel Funding

*T&C Apply



Low Interest Rates


Low-Interest loans designed to lighten your financial load

 


RESIDENT

Salaried

Per Annum onwards*
NON-RESIDENT INDIAN

Salaried

Per Annum onwards*
BUSINESS

Self-employed

Per Annum onwards*
PRACTICING PROFESSIONALS

Self-employed

Per Annum onwards*

*Semi-fixed rate of interest for 3 years, post completion, loan on floating interest. (Not applicable to NRI Customers)


Home Loan Calculator

Calculate Your Savings


%
Loan Tenure
Yrs
Ms

Your Monthly EMI

For the year

Total Interest Payable

Total Payment (Interest + Principal)



How to Use the Home Loan EMI Calculator?

  • Use the sliding bar to enter the desired loan amount.
  • Input the interest rate from 6-15%, based on your credit evaluation.
  • Adjust the loan tenure options (months and years) to calculate your monthly and total payment amounts.  

Benefits of Using Home Loan EMI Calculator:

  • Make informed decisions before committing financially.
  • Accurately determine a feasible loan repayment tenure.
  • Enables long-term financial planning with accessible EMI data.
  • Easily estimate the interest amount and manage your finances accordingly.
%
Loan Tenure
Yrs
Ms

Your EMI Will Be

Your Eligibility


How to Use the Home Loan Eligibility Calculator?

  • Use the sliding button to input your net monthly income. This can include income from multiple sources
  • Enter the total amount of any existing loans or EMIs
  • Input the interest rate from 6-15% as per your Credit Evaluation
  • Adjust the Loan Tenure options (months and years) to your ideal repayment period to generate your Home Loan Eligibility Amount
     

Benefits of Using Home Loan Eligibility Calculator:

  • Quickly determine the amount you can avail as a Home Loan without any lengthy paperwork and reduce any risk of application rejection
  • Start planning your future financial investments with greater accuracy
  • Assess the benefits of a Godrej Finance Loan with ease
Financial Details
Yr

Income Tax Benefits

Income Tax Payable includes 4% cess.

Income Tax Payable After Home Loan

Income Tax Payable Before Home Loan


How to Use the Home Loan Tax Calculator?

  • Select your age with the sliding button
  • Input your total taxable income amount
  • Enter your annual principal amount and interest amount paid on your loan in INR to generate the final payable tax amount before and after your Home Loan

 

Benefits of Using Home Loan Tax Calculator:

  • As per Section 80C and Section 24B of the Income Tax Act 1964, you could be eligible for tax saving benefits via both the principal and interest components of your loan
  • Our Tax Saving Calculator to accurately arrive at your tax-saving benefits for the year
  • Account for your tax savings and plan future investments with ease

Important documents required for Home Loan




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

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
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
  • 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

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
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
  • 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

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


  • 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 (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

*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.


FAQs

FAQs


A home loan is a financial product provided by lending institutions that allow individuals to borrow money to purchase a house. The borrower agrees to pay back the loan over a set period, typically up to 30 years, through monthly payments that include both principal and interest.

There are different types of home loans available in the market. However, at Godrej Capital, we provide:

 

  • Home loans for ready-to-move-in, under-construction, and resale homes

  • Balance transfer (shifting of loans from a different financier to Godrej Capital, resulting in savings for the customers)

  • Top-up on existing home loans for renovation or home improvement

  • Plot loan to purchase a land or a plot

Godrej Capital offers several home loan variants to meet your needs:

 

Home Loans for Ready-to-Move-In, Under-Construction, and Resale Homes: Financing options for purchasing new homes, homes under construction, or pre-owned homes.

 

Balance Transfers: Shift your existing home loan from another financier to Godrej Capital to take advantage of potential savings.

 

Top-Up Loans: Additional funding on your existing home loan for renovation or home improvement projects.

 

Loans for Land/Plot Purchase: Financial assistance for purchasing residential land or plots.

 

These options provide flexibility and tailored solutions for various home financing needs.

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.

Design Your EMI is a flexible repayment facility that allows borrowers to tailor their EMI schedules. This offers flexibility in repayment amounts according to their financial needs based on various variants available. To know more about Design your EMI, read here.

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 sanctioning 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 hires agencies to objectively assess the value of properties used as loan collateral. This assessment considers the property's age, usage, legal documents, condition, and location. Market conditions, like the demand for the property in the area, also affect the valuation.

Registering a property involves paying stamp duty and registration charges, which vary by state. This process includes recording the sale deed at the sub-registrar's office in the property's jurisdiction.

No, you don't need a co-applicant for a home loan, but having one boosts eligibility. If you own the property alone, any immediate family member can be a co-applicant. If someone co-owns the property, they must also co-apply for the loan. Also, if joint income is used for eligibility, the second person must be 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@godrejcapital.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.

An eSign is an electronic signature by which borrowers can approve, verify, and certify loan documents electronically, eliminating the need for physical signatures and paper-based document exchange. An electronic signature service is used to facilitate a user to digitally sign a document.

  • A link will be sent to the customer’s registered mobile number.
  • Customer to access the link received via SMS.
  • Customer to enter their Aadhar number.
  • Customer to enter Aadhar OTP and submit on the portal.
  • Once the OTP is validated, all the documents get eSigned.

An eSign offers time-saving and cost benefits, and eliminates the need of the physical presence of the customer. It facilitates quick and secure document signing through an online KYC authentication process.

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 someone's eligibility for a loan after checking their finances and verifying their documents. It includes details like the loan amount, tenure, interest rate, EMI amount, and any special conditions. This letter is crucial for getting a loan and stays valid for a set 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 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 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 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 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 estimates on the basis of 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 (turnaround time) for a loan disbursal, is lesser, where a project already is 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 (OCR), also known as the down payment, is the portion of the property's purchase price that you, as the borrower, are required to pay from your own funds when taking out a home loan. Typically, lenders finance a percentage of the property's value, and the OCR is the remaining amount you must contribute. For instance, if the lender covers 80% of the property cost, you would need to provide the remaining 20% as your Own Contribution. This amount demonstrates your financial commitment and reduces the lender's risk, as you have a vested interest in the property's purchase.

Tranche disbursements refer to the process of releasing loan funds in stages rather than as a single lump sum. This method is commonly used in large loans, such as those for real estate, construction projects, or business financing.

When you transfer, sell, lease, or make any other change to a property, you must register the related documents under the Indian Registrations Act, 1908, Section 17. Once a property is lawfully registered, the person it's registered to becomes the rightful owner, responsible for it entirely. This process is called Property Registration.

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.

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 Capital, refer to the schedule of charges here.

A Welcome Letter is sent by a financial institution once a customer is fully onboarded. It consists of the most important terms and conditions, Repayment Schedule, Schedule of Charges and other important loan details.

A Statement of Account (SOA) is a summary of a Home Loan account provided by the lender. It includes details of all the transactions, the outstanding balance due, rate of interest charged on the outstanding balance, and any fees/charges incurred. However, the outstanding balance as reflected in SOA may not be the amount which 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 (MITC) includes 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 that lists all the payments you need to make for a loan. It shows how much of each payment goes towards paying off the loan amount (the principal) and how much goes towards paying the interest. This schedule continues until the loan is fully repaid.

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: 

 

  • Proof of Identity: This can be verified using Officially Valid Documents (OVD) like your Aadhar Card, Passport, Voters Identity Card, or Driving License.
  • Proof of last EMI payment: This can be shown using your recent bank statement reflecting the last EMI deduction.
  • Source of funds for closure: A bank statement of the last 30 days and a sanction letter from a financial institution will be required.
  • Loan documents
  • Details of your 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.

 

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.

Bounce charges are incurred if the EMI is not paid by the borrower on the due date.

 

For more detail and updated information refer Schedule of Charges.

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.

Swap charges are incurred by the borrower for changing the repayment instrument or change in the bank account for NACH Mandates.

 

For more detail and updated information refer Schedule of Charges.

Recovery charges are levied by the Company for any expenses incurred on the collection of overdue from the borrowers.

 

For more detail and updated information refer Schedule of Charges.

Foreclosure or prepayment charges are the charges a borrower incurs for partly paying/closing the loan ahead of its full loan term.

 

For more detail and updated information refer Schedule of Charges.

These are the charges paid by the customer as per the State laws to register the property they have purchased. For more details and updated information, please refer to Schedule of Charges.

The fee for registering charges on the mortgaged property and for uploading KYC details on CKYC.

 

For more detail and updated information refer Schedule of Charges.

Charges incurred by the Company for any legal actions against the Borrower/s in case of default.

 

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. 

Visit Godrej Capital’s customer portal or contact our customer care team to get updates on the status of your existing loan.


 

 

 

 

 

 

Godrej Capital Home Loans for Same Sex Partners
DynamicImageDemo




Other Products







Stories in Focus - Blogs