FAQS
EMI stands for Equated Monthly Instalment. It is the calculated amount payable to the Lending institution every month till the Home Loan is paid back in full. The EMI consists of Principal and Interest components. You can calculate your EMI Amount using our Home Loan EMI Calculator.
- Fixed rate of interest for the tenure of the loan
- Floating rate of interest for the tenure of the loan.
- Partially fixed and partially floating rate of interest for the tenure of the loan
Nido provides loans for:
- Purchase of House/Flat property from a builder
- Purchase of House/Flat property in resale
- Loan Against Property(LAP)
- Construction/Extension/Improvement of House
- Transfer of Outstanding Home Loan from other financiers
To avail a Housing Loan from Nido, you must be
- A Resident Indian
- Above 21 years at the commencement of the Home Loan
- Below 65 retirement age at the time of maturity
Your Home Loan eligibility will be determined by Nido on the basis of factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history to ensure easy repayment for you in the future. The Home Loan eligibility will be subject to the value of property selected by you and will be at the sole discretion of Nido.
Yes. To increase income you can do any of the following, subject to Nido’s discretion
- Include an immediate relative with an income as a co-applicant
- Include income from other sources (Rental, Business, etc.)
You can apply for a Home Loan even before the purchase of the property. A loan amount will be sanctioned to you base on the above mentioned eligibility criteria. The loan amount will be subject to the value of the property, when you select one.
Maximum tenure of the loan is 20 years, subject to Home Loan eligibility norms.
You can apply for a Home Loan in the following ways:
- Call us at 1-800-1026371
The following modes of payment are available:
- Electronic Clearance System (ECS)
- You can calculate your EMI Amount using our Home Loan EMI Calculator.
Yes. There are charges applicable for full or part prepayment of Home loans. For more details, kindly refer to Fees & charges
Nido Home Finance Limited may assist you in finding the insurance policy suited to your needs.
- We will also fund the insurance premium, subject to eligibility criteria.
- The premium amount will be part of the Home Loan disbursed and will be amortized over the tenure of the loan.
- Both principal as well as interest of home loans attract tax benefits. With effect from 1st April 2005 (i.e. assessment year 2006-07) under section 24(b) and 80C of the Income Tax Act 1961.
- Principal amount of repayment of Home Loan along with other savings such as PF, PPF, Life Insurance premium etc up to a maximum of Rs 1,50,000/- will be eligible for deduction from gross income u/s 80C of Income Tax Act1961.
- For self occupied – Income will be treated as nil and interest payment up to Rs. 2,00,000/- will be treated as minus income which will be adjusted against other income under section 24(b) of the Income Tax Act 1961.
- For rental property – It will be adjusted against rental income.
- Interest paid on Home Loan before completion of construction will be allowed as deduction from income at 20% per year for the next five years.
Individuals qualifying the following Pradhan Mantri Awas Yojana eligibility requirements can avail benefits under the scheme.
- CLSS categories
- EWS or Economically Weaker Section: Households where the annual income is up to to Rs.3 lakh.
- LIG or Lower Income Group: Households where the annual income ranges between Rs.3 lakh and Rs.6 lakh.
- Individuals belonging to SC/ST/OBC categories
- Women
- First-time home buyers
The PMAY eligibility criteria also includes non-beneficiaries of any other state or Centre-led housing schemes.
The fees and charges vary for the type of loan, customer is procuring .Please click the link provided to find more details for the same.
The following are the minimum documents required for a Home Loan
| Salaried Individuals | Self-Employed Individuals |
|---|---|
| Latest salary slip or salary certificate | Last 2 years Income Tax returns duly certified by CA |
| Form No.16 or PF statement or appointment letter in case of Cash Salary | Last 2 Years Balance Sheet and Profit and Loss A/C with Annexures and Schedules |
| Any other documents, as may be required | Any other documents, as may be required |
| Passport size Photograph | |
| Identification Proof | |
| Age Proof | |
| Bank statement / Pass book copy for last 3-6 months | |
The security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances.
Interim security may be additionally required, if the property is under construction. Collateral or interim security could be assignment to Nido of life insurance policies, the surrender value of which is at least equal to the loan amount, guarantees from sound and solvent guarantors, pledge of shares and such other investments that are acceptable to Nido
- Please click on the link provided to find more details for Grievance Redressal policy of Nido Home Finance Limited.
Please click on the link provided to find more details of MITC of Nido Home Finance Limited.
We offer 3 types of Rate of Interest (ROI) depending on the type of loan customer would like to avail
- Floating ROI for the entire tenure of the loan
- Fixed ROI for the entire tenure of the loan
- Partially fixed and partially floating ROI for the entire tenure of the loan
You could find out the amount of loan you can get using the following link below
You could calculate tax saving using the following link below
Calculator
You could check stamp duty charges by clicking the following link
You could find out additional charges by visiting the following link: Fees and Charges/
You could contact us on 1-800-1026371 .We would be able to help you in detail for any queries you have.
You could reach to us out using the following link: Customer Care
You could locate the nearest branch by clicking the link below : Branch Locator
An equated monthly instalment or EMI as it is called is the amount paid by the borrower to the lender (Nido) at a specified date every calendar month for the loan taken. The EMI remains constant over the tenure of the loan. This consists of both principal and interest so that the Loan against Property (LAP) is paid off in full in a specified number of years.
You can calculate your EMI Amount using our Loan EMI Calculator
- Individuals Salaried individuals: Any individual who is in permanent service in any government undertaking or any private sector company in India
- Self employed professionals Professionals like doctors, architects, chartered accountants, cost accountants, practicing company secretary, management consultants and lawyers
- Self employed non professionals Individuals like traders, manufacturers, distributors, service providers etc
- Non individual entities Proprietorship firms, partnership firms, private limited companies , public limited companies, LLPs.
You can borrow up to 70% of the market value of your property subject to income eligibility and Loan against Property (LAP) eligibility.
Yes, you can avail Loan against Property (LAP) for all legal and valid investments.
For Loan against Property we provide loans up to a period of 15 years
We have products under which we can offer you a Loan against Property (LAP) based on your income and surrogate income. A thorough understanding of your business will help us determine your Loan against Property (LAP) eligibility in case of surrogate income based.
We understand your business thoroughly to determine your eligibility in case of surrogate income.
The minimum tenure of your loan against property from Nido is 3 years and maximum tenure is 15 years. The term of loan will be restricted to the retirement age of 60 years in case of salaried customers and 65 years in case of self employed customers
Yes there needs to be a co-applicant to the loan. All co-owners of the property being mortgaged need to be co-applicants. For a sole property owner, one adult member in the immediate family needs to be a co-applicant. In case the property is owned by a partnership firm or a company, partners or directors / promoters need to be co-applicants
The Loan against Property (LAP ) interest rate varies depending upon your loan amount, property type, income etc.
Loan against Property (LAP) Interest rates can be fixed, variable or part fixed and part variable. We offer variable rate loan against property (LAP) which is subject to change depending on the economic conditions prevalent in the market during the tenure of the loan
Yes, there is an option of prepayment of entire loan amount (foreclosure) however Foreclosure charge will be levied as applicable
Foreclosure charges vary from 5% to 3% depending on the tenure of the loan.
Nil Restrictions. All part prepayments to the foreclosure of the loan will be charged with the applicable Part Prepayment/foreclosure rate
You can repay the loan by way of
- Electronic Clearing System (ECS)
- “Pay EMI “ option – On our website and app
- You can calculate your EMI Amount using our Loan EMI Calculator
Before final disbursement of Loan against Property (LAP), you pay interest on the portion of the loan disbursed. This interest is called Pre-EMI. Pre-EMI interest is payable every month up to the date of commencement of EMI
Frequently Asked Questions for Debenture Holders
You can submit the tax exemption forms by clicking on the following link.
Tax Exemption Forms Registration (kfintech.com)
NOTE: The Forms need to be uploaded atleast 2 working days prior to any record date for applicability
The Debentures are reflected in the Demat account at the time of listing, subject to the Debentures being allotted to the Investor.
Face Value (FV) is the price of the Debenture, which is agreed by the issuer to be paid to the investor on the maturity date
Coupon/interest rate is the rate on which the payment of Interest will be made to those Investors/NCD holders whose names appearin the register of NCD holders (orthe first holder in case of joint-holding) as on Record Date. With respect to the Series of Debentures where interest is to be paid on annual basis, relevant interest will be paid on each anniversary of the Deemed Date of Allotment on the face value of the NCDs. The last interest payment under annual Series will be made at the time of redemption of the NCDs
Maturity date is a future date on which the investor's principal amount would be repaid.
Maturity Value is the amount paid by issuer on the Maturity date other than coupon payment.
Interests are paid in Cheques or DD’s for instances where incomplete or incorrect Bank details of the investor are registered in the records of the Depository participant (DP), orif the investor is holding the securities physical mode.
If the investoris holding Debentures in Demat they need to update their Bank details including 9 digit MICR and IFSC code with their Depository participant orif the securities are in physical you need to provide a request letter duly signed, along with Original Cancelled Cheque to the respective RTA for updation of the bank details.
According to the SEBI circular date 27th January 2022, Debentures can only be Transferred/ Transmissioned /Name deleted only if the Debenture are in Demat. If the Investor holds debentures physically then the investor needs to contact his DP to enable processing of such transaction requests.
According to the SEBI circular date 27th January 2022 the Duplicate Debentures can only be issued in the demat. Investor needs to contact its DP/RTA for the same.
Documents required for Duplicate Debentures are :
- ISR 4 form
- Indemnity bond agreement on a non-judicial stamp paper.
- Affidavit on a non-judicial stamp paper, attested by the Notary Public/Special Executive Magistrate.
- F.I.R filed with the police containing the following information about the lost of Debenture
certificate:
- Name of the Debenture Holder.
- Certificate number.
- Folio number.
- Distinctive number.
- Proof of identity and address of the Debenture holder.
Investor needs to contact its respective RTA for the calculation of Interest/ Redemption amount.
Investor needs to raise the queries with the RTA for Redemption payments and email should be sent on bonds.helpdesk@linkintime.co.in / einward.ris@kfintech.com
- Kindly check the Bank Statement of the respective Bank accounts provided during the time of Subscription.
- If bank details are required to be changed then kindly provide the new Bank details along
with the following documents:
- Cancelled Cheque
- Folio number (in case the Debentures are held physically)
- DP ID and Client ID
- Any query with respect to non-receipt of interest payment should be sent to the RTA or alternatively an email can be sent to investorgrievances@nidohomefinance.com
- The investor needs to contact the RTA/ DP for due and unpaid amount along with the mentioned details
- ISIN No.
- Folio No.
- Name of the Holder
- PAN No.
- Any query with respect to non-receipt of interest payment can be sent on investorgrievances@nidohomefinance.com
A nomination may be cancelled, or varied by nominating any other person in place of the present Nominee, by the holder of securities who has made the nomination, filling Form No. SH.14 and submitting the same to the respective RTA/DP
Mail IDs: RTA:
Link in time India Pvt Ltd: bonds.helpdesk@linkintime.co.in
Kfintech:einward.ris@kfintech.com
FAQs For TDS
Tax Deducted at Source (‘TDS’) is a form of income-tax which is deducted from any sum payable such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. The concept of TDS was introduced with an aim to collect tax from the very source of income.
Under the Income-tax Act, 1961 (‘the Act’) a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.
Individual and HUF are liable to deduct TDS, if total sales, gross receipts or turnover from the business or profession exceed one crore rupees in case of business or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such interest on loan or fees is credited or paid, under section 194A and 194J of the Act respectively (we have considered TDS implication under section 194A and 194J of the Act as generally these sections would apply in case of lending transactions. However, other TDS sections may also become applicable depending upon the nature of transaction for which it is requested to consult your tax advisor).
Every person other than Individual and HUF is liable to deduct TDS u/s 194A of the Act on Interest other than Interest on Securities and u/s 194J TDS on Technical and Professional Fees.
Please note above information is provided as a general information and does not constitute tax, legal, or other professional advice and must not be used as such. Please consult your professional advisor(s) if you have any questions regarding the above.
- Following persons are eligible to claim TDS refund from Nido Home Finance Limited
- who is liable to deduct TDS as per the Act;
- who has deposited TDS with Government;
- who has Correctly filed its TDS return (by tagging the PAN of Nido Home Finance Limited with the TDS payment) as per the time limits as per the provisions of the Act; and
- On submission of Form 16A (from TRACES website) within prescribed time limit.
- Just to clarify, all the conditions have to be fulfilled,
- On correctly filing the TDS return, the TDS credit will be reflected in Form 26AS of Nido Home Finance Limited and Form 16A (from TRACES) will be generated.
- TDS return has to be correctly filed mean:
- depositing TDS in correct assessment year,
- tagging PAN of Nido Home Finance Limited with the TDS payment in the original TDS return filed,
- filing of original TDS return as per the time limits under the Income Tax Act (without extended timelines), and
- submission of Form 16A from TRACES.
- All the conditions have to be fulfilled.
TDS is to be deducted on the interest on loan and/or fees being paid to Nido Home Finance Limited. Please use latest Repayment Schedule for payment of TDS to avoid any short/excess deposit of TDS on Interest.
TDS is to be deducted at the rate prescribed under the Income-tax Act, 1961, TDS on Interest on Loan as per Section 194A and TDS on Fees as per section 194J.
TDS Certificate generated and downloaded from “TDS Reconciliation Analysis and Correction Enabling System” or TRACES Portal) along with covering/request letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise needs to be submitted by the customer.
Please check and ensure that Form 16A / TDS certificate obtained from the TRACES Portal has the name, address & PAN of the Nido Home Finance Limited.
Any formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise would be accepted.
Post acknowledgement of documents received from the customer, the refund will be initiated, and the payment shall be made within 15 to 20 days, Customer shall be notified by email alerts on their registered email id.
TDS Refund amount shall be processed to the designated bank account from where ECS is effected by customer.
No. You must settle all EMI dues till date to get the TDS Refund.
Online Process:
Customers can submit the request for TDS refund via email or through the online portal
- Process for submitting TDS refund via email– Digitally signed TDS certificates (generated from the TRACES Portal) in Form 16A along with scan copy of formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise to be emailed to Assistance@nidohomefin.com
- Through the Online Portal– Digitally signed TDS certificates (generated from the TRACES Portal) in Form 16A along with scan copy of formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise to be Uploaded on this Link – https://www.nidohomefin.com/apply-tds/
Offline Process:
- Submit the TDS certificate (generated from the TRACES Portal) in Form 16A in original duly stamp and signed along with formal covering letter mentioning Loan Account No. and details of interest paid and TDS amount – month wise to your nearest branch or
Send the TDS certificate (generated from the TRACES Portal) in Form 16A in original duly stamp and signed along with formal covering letter mentioning Loan Account No. and details
- of interest paid and TDS amount – month wise to Head Office where it is centrally processed.
TDS Refund Team
Nido Home Finance Limited.,
Ground floor, Tower 3 Wing B
Kohinoor City, Kirol Road,
Kurla West, Mumbai 400070.
TDS certificates along with request letter must reach Nido Home Finance Limited TDS Refund Team by following dates:
- On or before 30th September for the TDS paid quarter ending on 30th June.
- On or before 31st December for the TDS paid quarter ending on 30th September.
- On or before 31st March for the TDS paid quarter ending on 31st December.
- On or before 31st July for the TDS paid quarter ending on 31st March.
In the event of non-adherence to the above-mentioned timelines in point no. 11, Nido Home Finance Limited is not obligated to make the TDS refund. Further, in such cases, Nido Home Finance Limited will be liable to refund the TDS only post obtaining the refund of such TDS from the income-tax department.
The Company shall notify the customer by email on their registered email id:
- For receipt/approval mentioning expected date of payment.
- For rejection giving reason thereof.
Reason for Rejection
- TDS return not filed correctly (refer point no 3 – where it is defined)
- TDS return filed in wrong PAN/Company
- TDS return filed after due dates prescribed in point no. 11 above
- If TDS certificate is not one generated from the Traces Portal as required by the Act read with the relevant rules
- If the case is in Days Past Due(DPD) i.e. if any pending dues is not paid to Nido
- Duplicate certificate i.e. certificate given for already processed certificate.
