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Edelweiss Home Loan Interest Rate

Last Updated 14th Jun 2019

Edelweiss Home Loan Rate Dec 2019

5th December 2019 – RBI keeps Repo Rate unchanged at 5.15%

Edelweiss's home loan interest rate starts from 10.50%, which is one of the best home loan rates in India. Check Best Offers

Loan AmountEdelweiss Home Loan Floating RateRate for Female BorrowerRateRepo Rate
Upto ₹ 30 Lakh10.50%N/AN/A
₹ 30 Lakh - ₹ 75 Lakh10.75%N/AN/A
₹ 75 Lakh - ₹ 1.50 Cr10.90%N/AN/A
Above ₹ 1.50 Cr10.90%N/AN/A
Apply for Home Loan @ 8.10%* Get upto ₹ 5,000* Cashback
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Edelweiss Home Loan

Edelweiss offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Edelweiss Housing loan rate of interest is best in the market.

    Edelweiss Home Loan Details
    Lowest Edelweiss Home Loan Rate10.50%
    Compare with Other Banks
    Interest Rate Linked toPLR
    Processing Fee Upto 0.25%
    Max Tenure25 years
    Lowest EMI₹ 944 per lakh
    Prepayment ChargesAllowed with Nil charges for floating rate loans
    Check Prepayment Rules
    AgeMin 21 and Max 60 years for Salaried
    Min 21 and Max 65 years for Self Employed

    Home Loan Interest Rates Edelweiss

    Edelweiss home loan interest rates are in the range of 10.50% to 10.90%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest rate of 10.50%.

    ProductsInterest Rates
    Edelweiss Home Loan Floating10.50% - 10.90%

    Latest Edelweiss home loan rate starts from 10.50% , as applicable based on the PLR, which is 17.50%, last announced on 30th Nov 15. Any change in PLR will translate into a similar change in the bank’s home finance rate.

    Edelweiss housing finance interest rates depends upon
    • Loan amount: Housing loan rate in Edelweiss depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
    • Type of loan opted for: Edelweiss also offers differential rates for women borrowers under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers as per its features.
    • Existing bank customers: Edelweiss offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

    Edelweiss Home Loan Processing Fee and Other Charges

    In addition to interest rates, home finance from Edelweiss also carry some other charges which include:

    • Processing Fee - Edelweiss applies 0.25% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
    • Technical and Legal Charges - Edelweiss also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on Edelweiss rules.
    • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Edelweiss. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Edelweiss at Nil charges.

    Affordable Housing Loan Scheme by Edelweiss

    The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

    a) Pradhan Mantri Awas Yojna: Launched in 2015 to provide houses to the homeless. You can apply for PMAY scheme at Edelweiss if you fulfil the eligibility criteria.

    b) Pradhan Mantri Gramin Awas Yojna: It focuses on homeless families and offers pucca houses with basic amenities.

    c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

    d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

    e) Mhada Lottery Scheme: Its a lottery scheme launched every year for buyers of varied income groups.

    f) Rajiv Awas Yojna: Launched in 2009 with the aim of bringing illegal construction under the formal system and encourage slum-free India.

    Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

    If you want to get a housing loan from Edelweiss, the process of getting the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online, and Edelweiss’s representatives will get in touch to begin the process of getting a home finance. You will also be assisted by MyLoanCare’s housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from Edelweiss.

    You can also make a comparison of Edelweiss’s Home Loan Interest rates and other charges using the MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

    Edelweiss Home Loan Documents

    For Salaried employees
    • Filled up loan application form
    • 2 Passport Size Photo
    • ITR of last 2 years
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
    • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
    For Self-Employed
    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
    • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
    Illustration on Edelweiss Home Loan Interest Rates
    Maximum Annual Percentage Rate (APR)10.5% to 10.9%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: Rs. 1 Lakh
    • Time period: 5 years to 25 years
    • Edelweiss Home Loan Interest Rate: 10.50% to 10.90%
    • Processing Fee payable to Edelweiss: Upto Rs. 10,000. Current offer for processing fee is Upto 0.25%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 944 for a 25 years Rs. 1 Lakh loan at 10.50% (lowest rate, longest time period) to Rs. 2,169 for a 5 years Rs. 1 Lakh loan at 10.90% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 10.5% to 10.9%
    • Total cost payable over loan tenure: Rs. 40,156 for 5 years loan to Rs. 1.93 Lakh for 25 years loan

    Edelweiss’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Edelweiss.

    Frequently Asked Questions

    What is Edelweiss home loan procedure?

    You can apply for a Edelweiss home finance by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your Edelweiss home loan status by logging into your customer account with MyLoanCare.

    Why should I opt for balance transfer to Edelweiss?

    Edelweiss offers competitive home loan rates with the best EMI of ₹ 944 per lakh availed at a low-interest rate of 10.50% for a maximum tenure of 25 years. If you are paying an EMI more than ₹ 944 per lakh, you should consider the option for a loan transfer to Edelweiss from your existing bank.

    What is the maximum loan tenure I can opt under Edelweiss house loan?

    Edelweiss offers you a longer tenure of 25 years to repay your loan with the benefit of paying less EMI per month.

    Do I get tax benefit on home loan from Edelweiss?

    As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

    Can I foreclose my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

    Can I transfer my house loan from another bank to Edelweiss?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Edelweiss can allow you to save interest, pay lower EMIs, and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your home loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in Edelweiss is PLR .

    What is the effect of part prepayments on Edelweiss housing finance EMI ?

    Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

    How to increase my eligibility on Edelweiss housing loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

    How will Edelweiss housing loan rate of interest change in the future?
    • Floating rate on Edelweiss housing loan is linked to its PLR Rate, which is currently at 17.50%. When Bank offers a home loan at 10.50%, it applies a discount of 7% to its PLR Rate to arrive at this home loan rate.
    • When RBI increases rates, the bank may increase its PLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the PLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
    Edelweiss Home Loan News - Dec 2019
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More