Empowering People Financially

Overview

Create a space of your own with Finway Home Loans. Our Home Loans are tailor made for salaried individuals as they offer an attractive rate of interest and a longer tenure. We also provide you with legal and technical counseling to help you make the right home buying decision. Turn your dream home into reality with Finway Home Loans!

Home Loan Key Features

Home Loans for purchase of a flat, row house, bungalow from private developers in approved projects.
Home Loans for purchase of properties from Development Authorities such as DDA, MHADA etc.
Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association or Development Authorities settlements or privately built up homes.
Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority.
Expert legal and technical counselling to help you make the right home buying decision.
Integrated branch network for availing and servicing the Home Loans anywhere in India.
Special arrangement with AGIF for Home Loans for those employed in the Indian Army. To know more.

Who can Apply?

You can apply individually or jointly for Home Loans. All proposed owners of the property will have to be co-applicants.

Adding Co-Applicant helps in maximizing the loan amount.
Adding Women Co-Owner helps in getting better interest rate.
All co-applicants need not be co-owners. Generally co-applicants are close family members.

What's the maximum funding and the loan payment term?

The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment option under the Adjustable Rate Home Loan. For all other Home Loan products, the maximum repayment period shall be up to 20 years.

The tenure of the loan is also dependent on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of Finway

Home Loan Documents

Following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval:

Proof of both Identity and Residence.
Proof of income
Property related document
Other documents

FAQs

How will Finway decide the home loan amount and amount I am eligible for loan? + -

We will determine your Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income (if any), assets & liabilities, savings history and the stability & continuity of occupation.

How does an Emi mean? + -

EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.

What does “Own Contribution” mean? + -

‘Own Contribution’ is the total cost of the property less Finway home loan.

How do I repay a home loan? + -

For your convenience, Finway offers various modes for repayment of the home loan. You may issue standing instructions to your banker to pay the installments through ECS (Electronic Clearing System), opt for direct deduction of monthly installments by your employer or issue post-dated cheques from your salary account.

When can I make home Loan Application? + -

You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.

How do I get tax benefit on the Loan? + -

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.

What security will I have to provide? + -

Security of the loan would generally be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

When do I start repaying the principle amount? + -

Repayment of the principal commences from the month following the month in which you avail full disbursement of your loan. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

In the case of under construction properties, Finway Capital also offers you a unique ‘Tranching’ facility wherein you can choose the installments you wish to pay till the time the property is ready for possession. Any amount over and above the interest which is paid by you goes towards principal repayment, thus helping you repay the loan faster. This is especially useful in case your disbursements are likely to be spread over a longer period of time.

What does “agreement to sell” mean? Does it has to be registered? + -

The ‘Agreement to Sell’ in a property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc.

In many Indian states, the Agreement to Sell is required to be registered by law. We suggest that in your own interest you should register the Agreement within four months of the date of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the Indian Registration Act, 1908.

Finway Home Loan Terms & Conditions

Security

Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by Finway Capital.

Other Conditions

All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about Finway Capital’s products and services.