ESAF Small Finance Bank Home Loan

ESAF Small Finance Bank Home Loan Schemes

ESAF Small Finance Bank provides a variety of home loan schemes to meet the needs of different customers. Here are some key schemes offered

Home Loan for New Purchase: Ideal for buying a new house or flat.

Home Loan for Construction: Suitable for constructing a new house on your land.

Home Loan for Home Renovation: Tailored for home renovation or extension purposes.

Home Loan Balance Transfer: Transfer your existing home loan from another bank to ESAF Small Finance Bank for better rates.

ESAF Small Finance Bank Home Loan Eligibility Criteria

The eligibility criteria for ESAF Small Finance Bank home loans are straightforward and tailored to accommodate various customer profiles. Here is a quick snapshot of the requirements:

Age: 21–65 years.

Income: Minimum of ₹15,000 per month.

Employment Type: Salaried, Self-employed, or Business Owner.

Work Experience: At least 2 years of professional experience.

CIBIL Score: Minimum 650 (check your credit score before applying).

Property Type: Residential properties (new or resale).

Loan Amount: ₹1 lakh to ₹75 lakhs.

Loan Tenure: 5 to 30 years.

Documents Required for ESAF Small Finance Bank Home Loan

Here is a table detailing the documents you'll need to provide when applying for an ESAF Small Finance Bank home loan:

• Identity Proof: Aadhaar Card, Passport, Voter ID, or Driver’s License.
• Address Proof: Utility Bills, Passport, or Bank Statement.
• Income Proof: Salary Slip (last 3 months), Income Tax Returns, or Bank Statements.
• Employment Proof: Employment Certificate, Business Continuity Proof.
• Property Documents: Sale Agreement, Title Deeds, Land Ownership Proof.
• Bank Statements: Last 6 months’ bank statements.
• Photographs: Passport-sized photographs.

ESAF Small Finance Bank Home Loan Processing Fee and Other Charges

The following charges are applicable when you apply for an ESAF Small Finance Bank home loan:

• Processing Fee: Up to 1% of the loan amount (plus taxes).
• Prepayment Charges: Nil (if no outstanding dues).
• Late Payment Charges: 2% per month on overdue EMI.
• Documentation Charges: Applicable as per the loan agreement.
• Legal and Technical Charges: As per actuals.

Tax Benefits on ESAF Small Finance Bank Home Loan

When you avail of an ESAF Small Finance Bank home loan, you can enjoy the following tax benefits under Section 80C and Section 24 of the Income Tax Act

• Principal Repayment: Tax deduction of up to ₹1.5 lakhs under Section 80C for principal repayment.
• Interest Payment: Tax deduction of up to ₹2 lakhs under Section 24(b) for interest paid on home loans.