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FAQs

What is a home loan?
A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. The property can be an under-construction property, a ready-built purchase from the builder/developer, the purchase of a resale property, the construction of a house on a plot, the extension of an existing house and the renovation of an existing flat/house. The home loan is repaid through Equated Monthly Instalments (EMIs), 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 the principal and interest components. After full repayment of the loan, the mortgage on the property’s title is removed.
Mortgage loan popularly called as a Loan Against Property (LAP) is a secured loan where you can borrow money by pledging your property as collateral. This type of loan is typically offered as small business loans for MSME, or for personal needs (other than for speculative purposes), such as marriage, medical expenses, the purchase of another property, and a child’s education.
Nestavia Home Finance is one of India’s new age home finance companies, offering:
Customer First Approach
  • Enjoy your homeownership with superior experience

Fair Practices and Transparent Communication

  • Policies and Disclosures with Customer First Approach
Quick Digital Processing with less paperwork
  • Clear and Systematic process through digital mode with status at every step
Innovative Loan Product
  • Specifically designed for your income to ensure your EMI is always within your ability to pay
If you are salaried receiving salary in the bank account, professional, and self-employed applicants who meet Nestavia’s eligibility criteria can apply for a Home Loan with us.

Here are the eligibility criteria for salaried and self-employed applicants:

Salaried IndividualsSelf-Employed Individuals
Income and financial Stability:
The applicant must be employed with a stable source of salaried income from a public or a private company or a multinational with a minimum 3 years of work experience		The applicant must be self-employed with a business continuity of over 3 years in the current enterprise
Only for Indians:
He/she must be a residing Indian citizen or NRI		He/she must be an Indian citizen (resident only)
Minimum Cash-inflows:
Having a minimum take home salary of Rs.25,000/- per month		Having a minimum net income of Rs.25,000/- per month

Nestavia Home Finance has a loan product for you to help you achieve your dream.

Yes, a self-employed individual can apply for a home loan without an income tax return document. Loan eligibility will be evaluated based on the cash flows using available documents.
There are two types of loans as follows:

a. Home Loan

  • Construction of house
  • Purchase of house (New & Re-Sale)
  • Extension / Improvement of House building
  • Composite Loan (Purchase of land & Construction of house)
  • Renovation of House building
b. Mortgage Loan
  • Small Business Loans for MSME
  • Loans against Property for personal needs
a. Salaried
  • Minimum Age Limit: 25 years
  • Maximum Age Limit: Retirement age or not more than 60 years of age at the time of maturity of the loan, whichever is early

b. Self-employed

  • Minimum Age Limit: 25 years
  • Maximum Age Limit: Not more than 65 years of age at the time of maturity of the loan
Non-individual entities (Partnership Firms, Private & Public Limited companies) cannot be the primary loan applicant or the owner of property.
Co-applicants usually are husband / wife, father, mother, brother, sister, son, daughter or other close immediate relatives who jointly applies for the loan. All co-owners of the property should be a co-applicant to the loan. However, all co-applicant(s) need not be co-owners.
The maximum tenure offered for a loan is 15 years (180 months). The loan tenure will typically not extend beyond the retirement age or 60 years, whichever is earlier for salaried or 65 years, if self-employed.
You need to provide an ‘own contribution’ starting from 25% of the total property cost, depending on the loan amount. A housing loan can cover up to 75% of the property cost. Mortgage Loans will be restricted to 50% of market value of the property based on technical valuation. It is normally measured through the Loan To Value (LTV) ratio, which represents the percentage of your property’s market value that you can borrow as a loan. At Nestavia Home Finance, our competitive LTV ratios are structured to help you secure affordable home loans in India while maintaining a balanced risk profile, ultimately leading to a lower interest rate and manageable EMI.
Rate of interest varies dependent on customers eligibility, risk profile and collateral type. Nestavia Home Finance will offer both Fixed and Floating interest rates.
For Housing Loans, the interest rates start from 10.00%.
For Mortgage Loans, the interest rates start from 18.00%.
The rate of interest under a fixed rate of interest remains constant for the entire tenure of the loan, whereas the rate of interest under a floating rate of interest is linked with the Prime Lending Rate (PLR) of the company and can vary during the loan depending on changes in the PLR of the company.

The Home Loan EMI amount is dependent on three key aspects:

  • Home Loan Principal Amount: This is the Home Loan sanction amount and has a direct impact on your Home Loan EMI. The larger your Home Loan amount is, the bigger your Home Loan EMI will be.
  • Home Loan Interest Rate: The Home Loan Interest Rate is the interest rate at which you must repay the loan amount. Naturally, a high interest rate leads to a steeper EMI amount.
  • Home Loan Repayment Tenor: The repayment tenor is the total time you can take to repay your Home Loan amount in full. A longer tenor can facilitate smaller EMIs but can add to your total cost of borrowing.
  • You can also use the Home Loan EMI Calculator on the website to pre-emptively calculate your EMI amount before you apply for a Home Loan.
The security for the loan usually includes a legal interest in the property financed by us and/or any extra collateral or temporary security deemed necessary as part of the sanction. The registration for mortgage depends on the laws of the state in which the loan is availed.
Yes, the property must be insured against various hazards and the lending institution will be the beneficiary of the insurance policy.
Nestavia Home Finance offers attractive Home Loan terms and benefits to applicants who have strong credit profiles apart from applicants who are first time borrowers. To be eligible for better terms, applicants should ideally have a CIBIL score of 750+. Even if your credit history is limited, we consider additional factors to offer affordable home loans in India to both salaried and self-employed applicants.
You can initiate a Home Loan application at any point after deciding to purchase or construct a property, even before finalizing the property or commencing construction. Just call your nearest Nestavia Home Finance branch and enjoy doorstep service. Our Relationship Manager will come and meet you at your home at the appointed time and facilitate the process. It’s simple, easy and convenient.
You will have to submit the documents along with your application form either at your home when our Relationship Manager comes over to meet you or you can also visit any of Nestavia Home Finance branches to submit your application form with relevant documents.

You will have to submit the following documents along with your application form:

  • KYC
  • i. Identity Proof
  • ii. Address Proof
  • Income Proof
  • Proof of educational qualifications
  • Employment details for salaried and business details for self-employed
  • Bank statements
  • Details of the property, in case you have finalized it
  • i. Title Deed
  • ii. Sale agreement
  • iii. Construction plan approval
  • iv. Property Tax receipts, water / sewerage payment receipts, Electricity bill etc.
  • v. Occupancy certificate
  • vi. Encumbrance certificate
  • vii. Revenue records like patta, chitta, khasra, khatian etc.
Once the application form is received along with the necessary documents, the steps are as follows:
  • a. We evaluate the documents including KYC to ensure they are in order.
  • b. We will undertake to do a technical valuation of the property.
  • c. We will then validate the legal title of the property.
  • d. Then based on eligibility, loan is sanctioned. In case due to various reasons, we are unable to sanction a loan, we will intimate accordingly.
  • e. Post sanction, we will initiate disbursement once the documentation is executed and original documents are handed over to Nestavia.
Credit appraisal will be done as detailed in the Loan Policy. All the owners of the property need to be the applicant or co-applicants to the loan. Eligibility of loan amount depends on cash flows and will be determined using either of the two approaches for income assessment as below:
Assessed Income approach: It simply means we can assess the income of an individual by checking and validating the available documents received, based on which Income eligibility would be calculated.
Primary documents for computation of eligibility for assessed income are:
  • i) For salaried – Last 6 months salary payslips, and latest Form 16 and last Income Tax Return
  • ii) For self-employed – Income Tax Returns, GST returns and Audited Financial statements.
Non-Assessed Income approach: In cases where complete documents are not available with the borrower, we can appraise the loans based on available documents which indicate the financial health and stability of income of the borrower. Such methods of cash flow assessment involve repayment track record method, banking method, liquid income method etc. These methods are typically used only for self- employed.
Post various steps, if all relevant parameters for loan sanction are met, we prefer to provide the sanction within 7 working days. Every step like login, application, status of valuation, legal, credit sanction etc. would be promptly communicated to the customer so they can plan accordingly.
The loan amount can be disbursed in one single payment if the property is already completed. For under-construction properties, the loan is often disbursed in stages as construction progresses, with each stage representing an instalment.
When do I start paying the principal amount of the Loan?
The repayment of the principal starts from the month after the month in which you receive the complete disbursement of your loan. During the interim disbursement period, you are required to pay interest on the disbursed portion of the loan. You can refer to the repayment schedule given to you which will clearly mention the same.
Yes, Nestavia Home Finance allows Home Loan borrowers to repay the loan ahead of schedule. Here are the two ways in which one can consider doing so:
  • Part-prepayment: By making part-prepayments on your Home Loan, you can make lumpsum payments over your regular EMI payments and bring down your repayment amount ahead of your repayment schedule.
  • Foreclosure: By foreclosing your Home Loan, you essentially repay the full outstanding amount in one go, before the end of your repayment tenor.
Typically, the monthly instalment is directly debited from your bank account on the fixed due date. In case you haven’t kept sufficient balance in your Bank account on the due date, there are other digital modes of repayment like payment gateway available on the website, BBPS, UPI payment through QR Code etc.
Please do the following:
  • Check Your Bank Statement – Please verify if the amount has been debited from your bank account.
  • Look for a Refund – In some cases, the amount may be auto-reversed to your bank account within a few working days due to technical issues.
  • Contact our Customer First Team – For any concerns regarding your EMI, or payment status, our Customer First Team is available, so please reach out to us through:
By using the following methods:
Change of Mobile number: By sending your new mobile number using your registered email id to customerfirst@nestaviahomefin.com
Change of Email ID: By calling our customer care toll free number 1800 569 7070 and informing them of your new email id by using your registered mobile number
Change of either mobile number or email id by visit to your nearest branch: You can fill in and submit the required change request form at the branch
By using the following methods:
Visit to branch: You can fill in the required change request form at the branch along with self-attested copy of the new address proof
By post/courier: Along with self-attested copy of the new address proof, you can either send us a letter requesting for change or you can download and use the change request form available in our website

It is possible to avail of tax benefits as follows:

  • If you are acquiring a home by taking a loan, then you can claim deductions on interest paid up to Rs.2 lakhs on self-occupied property under Section 24(b).
  • Entire interest can be claimed as deduction in case of let out property.
  • Principal repayment of Rs.1.50 lakhs can also be claimed under section 80C.
  • For first time home buyers, deduction can be claimed under section 80EE (Rs.50,000) or 80EEA (Rs. 1.5 lakh), on satisfaction of conditions specified. This deduction is in addition to the deduction available under section 80C.
Please contact us or a tax expert for more details on how this could affect your tax filing.