Repco Home Finance Home Loan

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Repco Home Finance Home Loan Highlights

TheRepco Home Finance home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.

Category	Highlights
Interest Rate	10.10% p.a onwards
Loan Amount	Up to 90% of the property value
Loan Tenure	30 Years
Processing Charges	1% of loan amount
Pre-Payment/ Foreclosure Charges	NIL

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Repco Home Finance Home Loan Interest Rates

Repco Home Finance provides home loans with interest rates that reflect current market conditions. You can choose a fixed rate or a floating rate, according to your financial situation.

Loan Amount	Income Source	Effective ROI (p.a.)
Upto Rs. 30 Lakh	Documented	10.10% (MLR + 0 bps)
	Non-Documented	11.10% (MLR + 100 bps)
Above Rs. 30 & upto Rs. 75 Lakh	Documented	10.25% (MLR + 15 bps)
	Non-Documented	11.25% (MLR + 115 bps)
Above Rs. 75 & upto Rs. 150 Lakh	Documented	10.40% (MLR + 30 bps)
	Non-Documented	11.40% (MLR + 130 bps)
Above Rs. 150 Lakh	Documented	10.60% (MLR + 50 bps)
	Non-Documented	11.60% (MLR + 150 bps)

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Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

Bank	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI Bank	8.50% p.a. onwards	8.5% p.a. onwards	8.50% p.a. onwards
HDFC Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
LIC Bank	8.50% – 10.35% p.a.	8.50% – 10.55% p.a.	8.50% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Punjab National Bank	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.
Bank Of Baroda	8.15% onwards	8.15% – 10.65% p.a.	8.40% – 10.90% p.a.
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Axis Bank	8.75%-10.30% p.a.	8.75%-10.30% p.a.	8.75%-10.30% p.a.
Bank of India	8.40% p.a onwards	8.40% p.a onwards	8.40% p.a onwards
TATA Capital	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards

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Bank	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI Bank	8.50% p.a. onwards	8.5% p.a. onwards	8.50% p.a. onwards
HDFC Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
LIC Bank	8.50% – 10.35% p.a.	8.50% – 10.55% p.a.	8.50% – 10.75% p.a.
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards
Punjab National Bank	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.	8.50% – 11.05% p.a.
Bank Of Baroda	8.40% – 10.65% p.a.	8.40% – 10.65% p.a.	8.40% – 10.90% p.a.
Bajaj Housing Finance	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards
Axis Bank	8.75%-10.30% p.a.	8.75%-10.30% p.a.	8.75%-10.30% p.a.
Bank of India	8.40% p.a onwards	8.40% p.a onwards	8.40% p.a onwards
TATA Capital	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards

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Repco Home Finance Home Loan Processing Fees

Repco Home Finance takes processing fees to cover the cost of reviewing your documents and assessing your loan application. 

Category	Processing Fees
For Individuals	1% of Loan amount Min. ₹1,500 to Max. ₹20,000
Switchover charges from floating rate to fixed rate of interest	₹3000/-
Penal Charges	24% p.a + applicable GST

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Repco Home Finance: Top Home Loan Schemes

Repco Home Finance provides a variety of home loan schemes tailored to meet different needs. These include Home Loans for property purchases, Top-Up Loans for additional financial needs, loans for NRIs and HNIs, Overdraft (OD) Loans for flexible funding, and loans for Home Renovation or Extensions. 

Repco Home Finance Dream Home Loan

The Repco Home Finance Star Home Loan provides flexible financing and dedicated support to help homebuyers achieve their dream. With competitive interest rates, minimal paperwork, and personalized assistance, it ensures a smooth journey from application to ownership. You can benefit from tailored repayment options and ongoing guidance.

Highlights

Tenure	25 years
Rate of Interest	10.10% p.a. onwards
Moratorium Period	36 Months

Eligibility Criteria

Age	18 years – 70 years
Nationality	Indian/ NRI/ PIO
Profession	Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates

Must Read: Find Out How Much You Can Save with a Home Loan Overdraft

Repco Home Finance Home Makeover Loan

Repco Home Finance Home Makeover Loan is designed to help homeowners renovate, remodel, or upgrade their existing homes with ease. Offering flexible repayment options and competitive interest rates, this loan covers expenses for repairs, painting, flooring, and other home improvements. Ideal for those looking to enhance their living space without financial strain.

Highlights

Tenure	10 years
Rate of Interest	11.10% p.a. onwards
Loan Amount	Upto 70% of estimated repairs

Eligibility Criteria

Age	18 years – 70 years
Nationality	Indian/ NRI/ PIO
Profession	Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates

Repco Home Finance Plot Loan

Repco Home Finance Plot Loan provides financial assistance for purchasing residential plots, making it easier to build your dream home. With attractive interest rates and flexible repayment options, this loan is ideal for individuals planning future home construction. Get hassle-free funding to secure the perfect plot for your needs.

Highlights

Tenure	10 years
Rate of Interest	10.60.% p.a. onwards
Maximum Loan Amount	Upto 75% of the cost of the plot

Eligibility Criteria

Age	18 years – 70 years
Nationality	Indian/ NRI/ PIO
Profession	Individuals: Salaried/ Self EmployedNon Individuals: Association of Individuals/ HUF/ Corporates

Read More: What is a Home Loan Moratorium?

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Repco Home Finance Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate Repco Home Finance Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the Repco Home Finance to finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

1. A 20-Year Loan (240 months)
2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

	Home Loan Amount	Interest Rate	Tenure	EMI	Interest Payment	Total Payment
Scenario 1	₹50,00,000	8.35% p.a.	20 years	₹42,918	₹53,00,236	₹ 1,03,00,236
Scenario 2	₹50,00,000	8.35% p.a.	30 years	₹37,915	₹86,49,548	₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

• Although the monthly EMI is higher, your total interest outflow is much lower. 
• Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

• However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.
• You’ll pay a lower EMI each month, easing short-term financial burden. 

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Repco Home Finance Home Loan Eligibility Criteria

Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Repco Home Finance:

Criteria	Requirements
Age	18 years – 70 years
Nationality	Indian/ NRI/ PIO
Profession	Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates

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Documents Required For Repco Home Finance Home Loans

When applying for a home loan with the Repco Home Finance, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:

General Documents

Category	Documents Required
Proof of Identity	PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card
Proof of Address	Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement

Proof of Income

Salaried	Self Employed
Last 6 months’ Salary Slips	Last 3 Years ITR with Computation of Income
1 Year ITR/Form 16	Profit & Loss Account
6 months bank account statement (salary account or individual account).	Balance Sheet
	Capital Account Statement
	Bank account statement for the last 12 months (for individual or business).
	Business proof

NRI/ PIO

Category	Documents
Passport & Visa	Passport with VISA printed on it
Work Authorization	Work Permit
Identity Proof	Copy of PAN, ID card issued by employer
Proof of Address	Proof of address in India Proof of address in the foreign country Proof of address from employer with contact details
Income Proof	Latest salary slip in original Annual income tax return filed as per applicable rules for the last 2 years

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Repco Home Finance Home Loan Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Repco Home Finance offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

• Minimum Tenure: 5 years
• Maximum Tenure: 30 years

Read More: How to Reduce Your Home Loan Tenure?

Impact of Home Loan Tenure on EMIs

• EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
• Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
• Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
• Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.

How to Choose the Best Repco Home Finance Home Loan Tenure?

• Assess income, expenses, and job security for consistent repayments.
• Opt for shorter tenures to reduce overall interest costs.
• Choose EMIs that fit comfortably within your budget.
• Calculate total interest to minimize long-term costs.
• Check for prepayment options without heavy penalties.
• Align tenure with long-term financial goals.
• Plan to settle the loan before retirement.
• Factor in potential salary growth for shorter tenures.
• Balance EMI affordability with loan tenure.

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How To Apply For a Home Loan From Repco Home Finance?

1. Check Eligibility Criteria: Verify age, income, credit score, and employment status.
2. Calculate Loan Amount and EMI: Use Repco Home Finance’s online calculator to determine affordable loan amounts and monthly installments.
3. Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
4. Choose Application Method: Apply online through Repco Home Finance’s website or visit a nearby branch in person.
5. Submit the Application: Complete the application form accurately and attach all necessary documents.
6. Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
7. Property Valuation and Legal Checks: Repco Home Finance assesses the property’s market value and performs legal due diligence.
8. Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
9. Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
10. Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
11. Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.

Read More: Home Loans in Bangalore

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Repco Home Finance Home Loan: Minimum and Maximum Loan Amount

Repco Home Finance offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search. 

Home Loan Types	Maximum and Minimum Loan Amount
Dream Home Loan	85% of the property value
Home Loan Makeover	70% of the property value
Plot Loan	75% of the property value
NRI Housing Loan	85% of the property value
CRE Loan	85% of the property value

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Repco Home Finance Customer Care Contact Details

To facilitate effective communication with customers, Repco Home Finance offers various channels for support.

Category	Contact Information
Customer Care Number	+919444394918
Registered office	Repco Tower, No. 33, North Usman Road, T. Nagar, Chennai – 600 017
Email ID	co@repcohome.com
Branch Locater	https://www.repcohome.com/contact.php

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Repco Home Finance Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. Repco Home Finance has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest Repco Home Finance branch using our branch locator tool.

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Repco Home Finance Home Loan Approval and Disbursal 

Repco Home Finance is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

• Completeness of documents
• Property type and location
• Applicant’s financial profile and credit score

Repco Home Finance Home Loan Disbursement Process

BOI ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan

Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction

Upon submission, BOI reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement

After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Disbursement

• Full Disbursement: Entire loan amount released if the property is fully constructed
• Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of Repco Home Finance Home Loan Approval?

• Maintain a high credit score
• Showcase strong financial stability
• Reduce existing debt obligations
• Provide complete and accurate documentation
• Pay sufficient down payment
• Choose property in approved locations
• Maintain consistent employment history
• Avoid multiple loan applications simultaneously
• Submit clear and legal property documents
• Ensure proper property valuation
• Keep income tax returns up to date
• Maintain low credit utilization ratio

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Repco Home Finance Home Loan Insurance

Repco Home Finance offers home loan insurance to protect you and your family from unexpected events. This insurance is included in your home loan package and is considered as a home loan component.

Is Home Loan Insurance Mandatory?

Although not legally mandated, Repco Home Finance makes it mandatory for its customers to obtain a home loan insurance.

Benefits of Opting a Home Loan Insurance Premium

• Financial Security: Ensures loan repayment during unforeseen events.
• Comprehensive Protection: Covers critical illness, accidents, and death.
• Joint Borrower Coverage: Protects both borrowers under one policy.
• Reduced Financial Stress: Lessens financial burden on dependents.
• Tax Benefits: Possible tax deductions on premium payments.
• Peace of Mind: Guarantees loan liability coverage in emergencies.

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Repco Home Finance Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

Section	Deduction Type	Maximum Deduction Amount	Conditions
80C	Principal Repayment of Home Loan	₹1.5 Lakh per annum	The house property must not be sold within five years of possession.
80C	Payment of Stamp Duty	₹1.5 Lakh per annum	These expenses can only be claimed in the year they are incurred.
24b	Interest Payment on Home Loan	₹2 Lakh per annum	The loan must be taken for purchasing or constructing a house. If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken. If the property is let out (rented), there is no cap on the interest deduction under Section 24(b). This allows property owners renting out their property to claim full interest payments as a deduction.

1. Section 24B – Deduction on Home Loan Interest

What It Is:

• Allows you to claim a deduction on the interest paid on your home loan.

Benefits:

• Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
• Rented Property: No upper limit on the interest amount you can claim.

Example

Category	Amount
Loan Amount	Rs. 70,00,000
Interest Payable Per Year	Rs. 4 Lakhs
Tax Deduction	Rs. 2 Lakhs/ Year
Tax Bracket	30%
Tax Benefits per Year	Rs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is:

• Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

Benefits:

• Reduces your taxable income by the principal amount repaid.
• Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

Category	Amount
Loan Amount	Rs. 75,00,000
Principal Payable Per Year	Rs. 3.5 Lakhs
Tax Deduction	Rs. 1.5 Lakhs per Year
Tax Bracket	30%
Tax Benefits per Year	50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is:

• When two or more people take a joint home loan and are co-owners of the property.

Benefits:

• Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
• Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
• Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

• Father/ Mother
• Unmarried Daughter
• Siblings
• Husband/ Wife
  (Minors cannot be considered as co-applicants for a Home Loan)

Example

Category	Co Applicant 1	Co Applicant 2
Tax Deduction under 24B	Rs. 2 Lakhs/ Year	Rs. 2 Lakhs/ Year
Tax Deduction under 80C	Rs. 1.5 Lakhs/ Year	Rs. 1.5 Lakhs/ Year
Tax Deductions/ Year	Rs. 3.5 Lakhs/ Year	Rs. 3.5 Lakhs/ Year
Tax Bracket	30%	30%
Tax Benefits	Rs. 1.16 Lakhs/ Year	Rs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

• EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
• Money Saved through Tax Deductions: ₹2,32,000
• Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

Read More: Stamp Duty and Registration Charges in Bihar

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Why Should You Choose Repco Home Finance For Your Home Loan?

• Benefit from the lowest home loan interest rates in the market, ensuring affordable repayments.
• Option to adjust your EMI to match your financial situation, if you need lower initial payments.
• Simplified paperwork for a swift approval process.
• Transparent terms with no hidden charges.

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How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

• Guaranteed up to 100% funding
• Receive lifetime assistance and expert guidance long after your loan is approved.
• Enjoy a fully digital process with minimal paperwork 
• Get your loan approved within just 1-2 weeks.

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