As per regulatory guidelines, we are not permitted to finance against pledge of your gold bullion.

Our staff follows strict operating guidelines while handling customer ornaments. This avoids ornament breakage and loss. The ornaments are kept in safe custody (safe rooms or strong rooms) with adequate security measures in the branch.

Fedfina Gold loans can be availed for any amount between Rs 3,000 to a maximum of Rs 1 core. Loans are available for period of 3 month to 12 months. Our gold loans have a minimum lock in period of 1 day and there are no prepayment penalties

Yes, our gold Loan schemes also have a minimum lock-in period of 1 day, the interest is applicable only for the days the money was actually utilized. It is calculated on simple interest rate.

Our gold loan products have the shortest tenor of three months. Customers are counseled to service the interest on a monthly basis, to avoid risk of default.

The procedure to avail a Home Loan is quite simple – You need to call us or fill up the form with us, We will call you & take the essential financial & personal details required for the loan like Age, Net salary, Designation, Employer details, Total experience, Current experience, Period of stay in the city, the Current Residence & Details of all obligations being serviced. Also we would need the Property details like Type of Purchase, Location of the property, Built-up area, Rate per square feet, Agreement Value, Occupation certificate & so on. We will then revert you with the quotation of the lenders who would sanction the loan & also suggest the best lender suiting your needs, the final decision for which lender to go with lies with you. We would then inform you the List of Documents needed to apply for the loan, once the said documents are ready same would be picked up, the form signed & filled up, then the case would be logged in with the bank.

The Thumb rule for calculating eligibility: Net salary per month is calculated after tax deductions then 40% to 65% of that amount is taken as loan servicing capability [appraised income]. If one has additional income like Incentives, Overtime, LTA, Medical Reimbursements, Car Allowance etc. then it is averaged out to per month’s income & only 25% to 50% of the same is considered for eligibility. If you have any ongoing obligation then it is deducted from the appraised income, this amount is then divided by EMI per lacs for the considered term, and the arrived figure is the eligibility in lacs. Example shown below - Net Salary pm after tax deduction = 80,000/- Averaged out incentive pm = 20,000/- Averaged out LTA pm = 2,000/- Current Personal Loan EMI = 5,500/- Loan Calculation based on the above information: 50% of Net salary = 40,000/- 25% of Incentive = 5,000/- 25% of LTA = 500/- Appraised Income = 45,500/- Appraised Income [-] less] ongoing EMI = Final Income to be considered. 45,500 [-] 5,500 = 40,000/- Suppose the loan is @ 10% for 20 years; then EMI per lac @ 10% for 20 years is Rs.965/- The eligibility would be Final Income / EMI per lac for the tenor. 40,000 / 965 = 41.45 lacs Hence, the eligibility is Rs. 41.45 lacs @ 10% for 20 years. Every banks has its own method for calculating eligibility. It is advisable to check the eligibility with the concerned person.

Yes! The banks also include the co-applicants income to determine the eligibility. The eligibility is based on the years remaining for retirement & the income. The banks readily include Spouse & parents income. Some financers also add the income of brothers & other closed relatives. This has to be categorically clarified with the lender as this is not a norm. It would also be advisable to clarify if the daughters [married / unmarried] income is clubbed with their parents as this is also an exception.

Most of the Lenders sanction Home Loan for salaried customer in 7 working days; for Business persons the time taken for sanctioning a case can be longer as various calculations are involved & there is also "Personal Discussion" done at the place of customer work.

Is tax benefit applicable on the processing fee paid for the home loan?

The Income Tax Act, 1961 states that one can avail tax benefit under 3 sections for home loan 1. Section 80 (c) 2. Section 24(b) 3. Section 2(28A) 1. Section 80(c) - In this section the EMI component paid towards repayment of principal amount of the loan can be deducted from income. The borrower is eligible for a tax deduction for a maximum amount of Rs. 1L each year under section 80(c) irrespective of the tax bracket. To avail this deduction the property needs to be self-occupied. 2. Section 24(b) - The interest paid towards home loan is treated as an 'expense' under 'Income from house property' and is deductible under Section 24(b) from the total income. The maximum deduction permitted under this section is Rs.1.5L per annum. 3. Section 2(28A) - Processing fee can be treated as interest and a deduction can be claimed according to Section 2(28A) of the I-Tax Act