Norcia Finance

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Insta Personal Loans
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Business Loans
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Home Loans
Easy loans for extraordinary living!

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Home Loan

Easy Loans for

Extraordinary Living

Norcia Finance offers a Home Loan of Rs.1 crore, or even higher based on eligibility, at an interest rate starting from 6.70% per annum for salaried and professional applicants. You can repay the loan amount over a flexible tenor of up to 30 years, claim annual tax benefits, and save up to Rs.2.67 lakh through an interest subsidy under the EWS and LIG categories of the PMAY scheme. As an existing home loan customer, you can also avail of a top-up loan of Rs.1 Crore*, or even higher, when you transfer your existing home loan balance to us.

Whether you are looking to purchase, construct, or renovate a home, Norcia home Loan is the one-stop solution for housing loan needs. Simple eligibility terms and minimal documentation requirements ensure the financing option is easy to apply for everyone.

Our Features

Quick
Easy
Flexible
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No Penalty

No Pre-payment Penalty

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Flexible Loan Tenures

Tenures from 6 months to 5 years

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Instant Disbursal

Disbursal within 48 hours*

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Best Interest Rates

Reduced home loan interest rates

Eligibility to apply for Home Loan

→ The applicant should be resident Indian.
→ The applicant can either be salaried or self-employed.
→ Applicant should be in the age group between 23 years to 62 years. The upper age limit is considered as the age at the time of maturity of the loan.
→ For salaried applicants, work experience should be 3 years or more. For self-employed applicants, business continuity should be 5 years or more.
→ Minimum salary: Rs.25,000
→ Recommended CIBIL score: 750
How Much Do You Need?
₹50,000 ₹10,000,000
1 years50 years
Your repayments are per year.
Total to repay
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Apply Now for a Home Loan

    MaleFemaleOther
    SalariedSelf-Employed
    Documentation for Home Loan
    • Identity Proof (Any one) :-  PAN card, Driving license, Voter ID, Valid Passport.
    • Address Proof (Any one) :- Aadhaar card, Voter ID,Driving license, Valid Passport, Utility bill.
    • Form 16/Latest salary slips
    • Bank account statements of the last 6 months
    • Proof of business continuity (for Business persons, self-employed)
    Frequently Asked Questions

    Home loan, as the name suggests, is a financing solution that allows you to borrow funds to purchase a property at a predetermined rate of interest and repayment tenor. You then repay the amount through EMIs, and the lender, which can be a bank or another financial institution, retains ownership of the property till you pay the entire sum owed. While home loans are typically intended for the purchase and/or construction of a property, some solutions also cater to renovation and repair. Norcia offers high-value loans at competitive interest rates, with the option of flexible repayment tenors extending up to 30 years.

    Yes, a house loan is eligible for a tax deduction. Apply Now! include Section 80C’s deduction of Rs. 1.5 lakh on the principal repayment and Section 24B’s deduction of Rs.2 lakh on the interest repayment. You can also claim home loan tax deduction for registration fees and stamp duty charges under Section 80C.

    In the Union Budget 2021, the government extended the additional deduction of Rs. 1.5 lakh for interest repayment on home loan by 31 March 2022 under the Section 80EEA to purchase a house costing up to Rs. 45 lakh. This additional deduction is being provided over and above the existing 2 lakh deduction.

    As per RBI guidelines, no lender is permitted to offer 100% home financing. You need to make a down payment amounting to 10-20% of the property’s purchase price. Typically, you can obtain up to 80% housing loan financing for your property.

    Any Indian national with a strong financial profile can avail of a home loan from us. The home loan eligibility terms include:

    → Age limit for salaried: 23 to 62 years*
    → Age limit for salaried: 23 to 62 years*
    → Recommended CIBIL score: 750
    → Minimum salary: Rs.25,000
    → Work experience for salaried: Minimum 3 years
    → Business continuity: Minimum 5 years

    *The upper age limit is considered as the age at the time of maturity of the loan

    Salaried individuals with minimum 3 years of work experience can avail of a home loan of up to Rs. 3.5 crore and self-employed individuals having a business continuity of 5 years can avail funding up to Rs.5 crore. Please note that these figures are only indicative, the actual amounts sanctioned vary on a case to case basis. Use the Housing Loan Eligibility Calculator to know the maximum loan amount based upon your income, tenor, and current obligations.

    The documents required for a Home Loan include:

    → KYC Documents
    → Address proof
    → Identity proof
    → Photographs
    → Form 16/Latest salary slips
    → Bank account statements of the last 6 months
    → Proof of business continuity (for businesspersons, self-employed)

    → Home construction loan → Loan for plot/land purchase → Home loan balance transfer → Top-up loan → Joint home loan → Loans under the Pradhan Mantri Awas Yojana scheme
    Availing of a home loan requires an individual to meet the eligibility criteria that ensure a borrower’s capacity to repay. The factors that affect eligibility are:
    → A person’s credit score
    → Monthly income
    → Current financial obligations as debt
    → Employment status
    → Age of the applicant
    → Property to be purchased
    Opting for a home loan is a smart financial decision for the following reasons:
    → It brings additional financing to fund your housing dreams without affecting the savings.
    → You can choose from several housing loan options as per your requirements.
    → The interest rates are affordable and make loan repayment more convenient.
    → Long tenor allows for repayment towards the loan in easy EMIs.

    No, availing of two housing loans at a time for the same property is restricted as per the CERSAI. However, individuals can opt for a home loan balance transfer to refinance their existing housing credit at lower rates of interest. The facility comes with the top-up loan facility, an additional loan over and above the existing loan amount. Avail of the funds to meet diverse financial necessities with ease.

    The repayment period for loans begins immediately after the lender has disbursed the entire home loan amount. However, in cases of partial disbursal, the interest accrued on such a disbursed amount is required to be paid as pre-EMI. Full EMI payment including the principal and interest amount starts after full disbursal of the loan

    No, it is not mandatory that you take home loan insurance along with your loan. However, you may consider getting an insurance to take care of any liability at a marginal increase in your EMIs

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