| Loan Amount | Upto 90% of the cost of the property |
| Interest Rate | |
| Tenure | Upto 15 Years |
| Processing Charges | . Rs. 2,500 up to Rs. 10 Lacs and Rs. 5,000 f f for over Rs. 10 Lacs. |
| Pre-closure Charges | NIL |
Why Choose Capital First?
Capital First is one of India’s well-known financial institution which offers home loans to all the potential home loan borrowers. The borrowers are offered a home loan at affordable interest rates, with a loan tenure of 25 years, minimal documentation, quick processing, etc. Capital First has served over 4 million customers in over 200 locations throughout India. For offering premium services, the company enjoys a credit rating of AAA.
Capital First Home Loan Products
Capital First Home Loan
If you are looking to finance your home, then Capital First Home Loan will surely suffice all your needs. Capital First offer home loans and other credits to all salaried, professionals, and business classes for a term of up to 15 years. The borrowers are offered affordable interest rate and there are minimal processing fee on the loan amount.
Eligibility –
- Salaried and Self-employed professionals.
- Sole Proprietors and Partnership Firms.
- Micro Small and Medium Enterprises.
- Borrowers should be at least 23 years at time of availing the loan and the maximum age should be 70 years or retirement at the time of maturity.
- Borrowers should have good credit rating score in the credit bureau.
- As a self-employed borrower, you need to be in business for at least two years or as a salaried borrower should have three years of work experience in an industry with net worth.
- Borrowers should also have clear banking and loan payment history.
Exclusive Services –
In an attempt to meet the varied needs of the borrowers, Capital First offers tailor-made programs. The borrowers can avail a loan as per the under programs –
Normal Income Group – The borrowers can avail a loan on the basis of their financial statements.
Debt Consolidation – This is for all those borrowers who are already having different loans running and they are interested in consolidation of all the payments in one single EMI. Borrowers can avail additional loan as per this program.
- No balance transfer programs.
- High equity program.
- Repayment track record.
- Assessed income program.
- No income program.
Document Custodial Facility – Capital First ensures utmost safety of the property documents by having a partnership with one of the popular storage facilities in India.
Loan Sanctioning and Disbursement Process –
Borrowers will have to comply with the following process to avail a home loan –
Filling up application form –
With the help of this document, the lender will have a fair idea of yourself and other key details needed to offer funds. The terms and conditions important as customer information are mentioned on the application form. The accuracy and brevity of data provide such as personal details of the borrowers, details of the property, total cost of the property, loan amount being requested, income details, and requested loan tenor will be the base of the loan application. Borrowers need to attach the processing cheque along with application form.
Processing Fee –
In the initial stages, the processing fee will based on the loan amount applied by the bank. Generally the processing fee charged by Capital First is Rs. 2,500 up to Rs. 10 Lacs and Rs. 5,000 for over Rs. 10 Lacs.
Documents –
- Identity proof
- Address proof
- Income proof
- Proof of educational qualifications (where applicable)
- Age proof
- Employment details
- Bank statements
- Details about the property in case you have finalized it before hand
- Any other obligation documentation (SOA, Sanction Letters, etc.)
Discussion with the lender –
On the basis of details acquired by the submitted documents, the team of Capital First will have a word with you via telephone or personally. This interaction will be to collect additional information regarding the loan application.
Investigation Verification –
According to KYC provided, customary checks will be made at the borrowers’ residence and office address.
Loan sanction/loan sanctioning letter –
On the basis of agreement of all the aforementioned processes, Capital First has the right to either approve or reject the loan application. In either case, the borrowers will be informed about the about the same. If the borrower’s letter gets approved, he/she will be offered a sanction letter for the loan amount that is equal to the maximum eligibility or the requested loan amount.
Sanction letter will give details on –
- Tenure of the loan.
- Documents needed.
- Rate of Interest.
- Sanction letter validity.
- EMI amount.
- Other terms and conditions.
Legal/property assessment –
Once the property is finalized along with the asset defined to the financier, he/she needs to provide a set of documents of the selected property.
Legal Check – The documents of the property will be checked and ensured that they are as per the laws of the land. It is important that the property being mortgaged should be legally sound and the documents should be according to the legislation of the land.
Technical Check – A thorough check is done via specialized third party vendors to ensure that the property approvals are accumulated within the construction of the property. Regulatory norms related to CRZ norms, NA Lands, B-Khata rules depends on the location of the property are checked with the structural integrity, maintenance and life of the structure built.
The checks tend to vary as per the type of property i.e.
Under Construction property – The approved plans, IOD, NA, CC and other property-related documents will be verified by the third party representatives who will be checking whether the construction is being done alongside the aforementioned documents.
Ready purchase / Resale property – BCC, occupancy certificate and other documents gets checked by the specialized third party representatives and the property’s structural integrity also gets checked.
Disbursement of Loan –
Signing the loan agreement – At this stage, the borrower signs the agreement of home loan and submits all the originals. Once the borrower is done with the process, the property gets the approval, stamping is being done, and the loan agreement is signed.
Disbursement of loan – When the submitted documents are in order as decided by Capital First, the payments have been received and legal cross-checking of the original documents have been done and found to be sound, the borrowers will be provided with the funds.
Co-applicant –
Having a co-applicant is not important. In case there is a co-owner of the property, then it is imperative for him/her to be the co-applicant as well. If the property is owed only by the borrower, then any member of the family can be the co-applicant.
Options for EMI payments –
- If the borrower has a bank account, then he/she can use ECS. EMIs are paid automatically from that account on a monthly basis on a particular date.
- The borrowers can also hand in set of post-dated cheques (PDCs) from any bank account. This is for all those customers who are living in non-ECS locations.
- Most of the borrowers choose the method of ECS as it is fast and faultless. In addition, the borrowers don’t have to change PDCs with the change in EMI.
CIBIL Score requirement –
As per the policy of Capital First, there is no requirement of CIBIL score. However, Capital First reserves the right to approve or reject the loan application if any irregularity is found in CIBIL Score.
Maximum Loan Amount –
The borrowers, both salaried and self-employed, can have a maximum loan amount of Rs. Crores.
Maximum Tenor –
The maximum tenor offered to the loan borrowers, both for salaried and self-employed, by Capital First is of up to 25 years.
Determination of loan eligibility –
Capital First determines the loan eligibility of the borrowers by following factors –
- Age
- Income
- Valuation of Property (Fair market value)
- Existing obligations, if any
- Stability/Continuity of employment/Business
Part prepayment of home loan –
The borrowers are allowed to make the part prepayment and there are no charges for all home loans taken in individual capacity.
Calculation of EMI –
The borrower’s EMI comprises of two parts-paying back the principal borrowed amount along with the interest rates charged. For the calculation, three elements are involved – the amount borrowed by the borrower, interest rate, and the tenure of the loan. The EMI can be reduced by following ways – it drops with the decrease in interest rate, when the borrower pays back more than he/she needs to (also known as partial prepayment).