F.A.Q
What are the types of Home Loans offered?
- Purchase of New Home/Resale Home
- Construction of House Property
- Renovation/Extension of Home
- Balance Transfer of Loans.
- Loans against Property
What is the process of applying for Home Loan?
The request for application of loan can be made both, online and offline. In case of an offline application, details can be obtained by contacting the registered office.
Am I eligible for a Home Loan? What are the eligibility conditions for a home loan?
You are eligible for a loan if you are an Indian citizen or a person of Indian Origin and are a salaried/ self- employed professional/ a businessman. The eligibility will be determined by West End Housing Finance Limited (WEHFL) on the basis of the information/documents submitted by you.
Who can be co-applicant?
The Co-owners of the property in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife, father-son or mother-son. The co-applicants must be immediate family members.
What percentage of property value can be funded?
WEHFL may fund upto 75-80% of the property value for Home Loans and 50% of the property value for Loan against Property depending on technical and legal verification.
What security do I need to provide?
The primary security for the loan is by way of deposit of title deeds and/or such other collateral security as may be decided by WEHFL. The title of the property should be clear, marketable and free from any encumbrances.
When can the customer avail the disbursement of the Home Loan?
On completion of all the formalities and documentation as prescribed by WEHFL applicant will be able to avail his/her disbursement.
What are the repayment period options?
We offer loans from tenure ranges of 5 to 30 years, maturing at the maximum age of 70 years of the applicant. No new loan would be issued to a person above 65 years of age.
What are the costs that usually accompany a home loan?
All the cost associated with Home Loan are mentioned in detail in MITC. Incase if you have any further queries please Contact Us.
What are the tax benefits of home loan?
Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act, 1961, the maximum eligible exemption under section 24(b) is up to 2,00,000/- for the interest amount paid in the financial year. Further, a maximum allowable deduction under section 80C is up to 1,50,000/- for the installments in respect of principal amount repaid in the same year.
What is the time required for Home Loan application approval?
On an average, the application processing shall take about 5-10 days, subject to proper documentation/information provided by the applicant(s).
What is the time required for Home Loan disbursement?
On an average, the disbursement of loan shall take about 5-15 days after satisfactory documentation and completion of all the relevant procedures.