Q. I want to apply for a home loan. What do I need to do?

You can apply for a loan by walking into any of our branches (Please see Contact Us Section).

Q. How do you calculate if I am eligible for the home loan?

Star Housing Finance Limited uses a blend of quantitative and qualitative techniques which is derived from the application form, documents submitted and your interaction with our appraisal officers. We advise you to be honest and transparent in providing all details at the time of application and appraisal.

Q. What are the interest rates for home loans products?

Interest rate on home loans is derived on the basis of and linked to Star Housing Finance Limited Retail Prime Lending Rate (ARPLR) which in turn is dependent on various business parameters that are dynamic in nature.

Q. Do I need to have a co applicant in my application?

It is mandatory to have a co-applicant in your application. Also, co-owner of the property is compulsorily required to be a co-applicant.

Q. Do I need to pay a processing fee along with the application?

Yes. One-time non-refundable login fees of Rs.2,400 (Inclusive of taxes) excluding incidental charges. Processing fees of 2.0% of the loan amount excluding taxes and incidental charges before disbursement.

Q. Is there any own contribution I need to make before availing a loan?

Yes. Star Housing Finance Limited requires you to contribute towards the property purchase before we disburse you the required amount. Kindly refer to the product and services section which provides this aspect in detail depending on the type of loan applied.

Q. What is the minimum age for applying for a home loan at Star Housing Finance Limited?

An individual who owns or proposes to own a property, the minimum qualifying age is 21 years. If income is not considered for calculation of loan eligibility, it is 18 years at the time of loan origination

Q. What is the maximum Loan Amount that I can apply for?

Kindly refer to our product and services section on website / brochure which provides this aspect in detail depending on the type of loan applied.

Q. What is the maximum tenure that I can apply for?

Maximum of 20 years for salaried customers and self-employed customers. Loan tenure should not go beyond the age of retirement or on reaching seventy years of age.

Q. Do I need to have a security for the loan?

Star Housing Finance Limited extends loans by creating first charge on the property financed in favour of Star Housing Finance Limited; by way of equitable/ registered mortgage. The charges on such deed are a state specific subject and are payable by the customer as per the actuals. The property needs to be insured for an amount equivalent to the loan amount and for the period of loan tenure.

Q. How do I repay my home loan?

You will be required to pay an EMI (Equated Monthly Instalment) towards your loan every month. The EMI consists of an interest portion and principal portion. This is calculated on the basis of loan amount, tenure and the interest rate applicable on the loan. You are advised to repay through by activating ECS/ACH facility on your bank account

Q. What is Part Disbursement?

In case of property under construction, Star Housing Finance Limited officer visits the property to be financed and depending on the stage of construction, the officer recommends partial loan amount to be disbursed.

Q. How will the instalment be calculated in case of partially disbursed cases?

The instalment is calculated on the basis of the amount disbursed.

Q. Can I prepay my loan?

Yes. You can partially or fully prepay your home loan after twelve months of the disbursement. There are no charges for partial of full prepayment of your home loan.

Q. Can I get additional loan through my existing loan account?

Yes. You can get additional loan through the existing loan account based upon your repayment capacity and value of the property

Q. Do I need to take the insurance on my property?

Insurance of the property is required which will help the protection of the property against contingencies during the loan tenure

Q. Can I avail a tax rebate on my home loan?

Your home loan gets qualified for a tax rebate under Section 80C and Section 24(b) of the Income Tax Act 1961. These tax deductions are capped at Rs.1.5 lakh for the principal repaid and Rs.2.0 lakhs for the interest paid. Additional deduction of up to Rs 1.5 lakh for interest paid on loans borrowed up to March 31, 2020 for purchase of an affordable house valued up to Rs 45 lakhs.

Q. Can I avail a subsidy under Pradhan Mantri Awas Yojana on my home loan?

Star Housing Finance Limited is a Primary Lending Institution (PLI) under Pradhan Mantri Awas Yojana (PMAY). First time home buyers availing housing loan from Star Housing Finance Limited eligible for subsidy as per the criteria set by Credit Linked Subsidy Scheme (CLSS) under PMAY may get the subsidy. Kindly refer to the Company website / product brochure / https://pmaymis.gov.in/ for more details on the PMAY scheme. One may note that the National Housing Bank (NHB) is the Central Nodal Agency (CNA) for processing the application for subsidy and is the final decision-making body. Star Housing Finance Limited has no role to play and cannot influence the decision making in any manner.