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Affordable Housing Finance

Frequently Asked Questions


Basic Concept

Economically Weaker Section (EWS) means households whose annual income is upto Rs. 3,00,000/- . The income range may change according to the Ministry of Housing and Urban Poverty Alleviation, Government of India, which determines the income from time to time.

Lower Income Group (LIG) means households whose annual income is between Rs. 3,00,001/- to 6,00,000/- . The income range may change according to the Ministry of Housing and Urban Poverty Alleviation, Government of India, which determines the income from time to time.

Middle Income Group (MIG) means households whose annual income is between Rs. 6,00,001/- to Rs 18,00,000/-. The income range may change according to the Ministry of Housing and Urban Poverty Alleviation, Government of India, which determines the income from time to time.

 Maximum Home Loan offered to home buyers is between Rs. 3 lakhs up to Rs.50 lakhs.

Housing Finance is the credit facility offered by the Financial Institution for home buyers to fulfil their dreams of Home ownership. As a Housing Finance Company, ART Housing Finance helps you get the funds to purchase or to build a home.

ART Housing Finance provides personalised Home Loan services to the home buyers at lucrative rate of interest. Brimming with convenient features and user-friendly services, ART Housing Finance has left almost nothing to cater to the home loan requirement of various customer segments.

EMI is Equated Monthly Installment that one has to repay to the lender, against the Home Loan availed,  on monthly basis in order to completely pay-back the loan. This EMI comprises both principal and interest.

Repayment through EMIs commences from the month following the month in which Home Loan amount is disbursed to you.

In the case of an under-construction property or in any event requiring loan payment in tranches, ART Housing Finance disburses Home Loan amount in tranches based on the progress of the construction or as per the tranche requirement. Until the loan amount is fully disbursed, only simple interest as per the agreed rate, linked to PLR, is payable. It is known as the Pre-EMI.

The Pre-EMI is also applicable when the date of disbursement and the first EMI due date is less than 30 days

An EMI has two components i.e. Principal and Interest. While the interest is calculated on monthly rests, the Principal on which the interest is charged decreases every month. This reduction is known as Monthly Reducing Balance. It is a significant source of saving for the customer over the tenure of the loan.

An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule provides the breakup of every EMI towards repayment of interest and principal on your home loan.


Home Loan Eligibility

One can take the loan for construction or purchase of a house/ flat, transfer of existing home loan from other banks/ HFCs. You can also avail the loan for renovation and extension of your existing house/ flat. 

Moreover, one can avail the loan for the purchase of a commercial property and also avail a loan against the residential or the commercial property for personal/ business use.

Yes, we provide a loan for commercial property to resident Indians.

Yes, we offer special products to self-employed professionals.

As soon as you have identified a property of your choice suiting your requirements you can apply for a loan.

You can apply for a home loan even before you have selected your property. The loan amount would be sanctioned, based on your eligibility and repayment capability, bringing you in a position to identify the property accordingly.

Your loan eligibility will be determined by factors such as income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation, savings history and financial discipline.  Loan eligibility will also be dependent on the value of the property that you have selected.

Some ways to improve eligibility are stated below:

  • • Include a co-applicant whose income can be considered while applying for a home loan
  • • Include any other income (e.g.: rental, agricultural)

Yes. To avail a loan from us, we permit immediate family members to co-own a property. A minor is not allowed to become a co-owner.

The tenure of the loan may range up to 20 years, provided the term does not extend beyond your reaching 65 years of age or retirement age, whichever is earlier.


Documentation Requirements

Documents Required:

  • Valid KYC documents of all applicants
  • Bank statements of latest 6 months
  • Income Proof for Salaried customers
    • Last 3 month’s salary slip or latest salary certificate from the employer
    • Current job appointment letter / Contract letter
    • Latest Form-16 (if available)
  • Income Proof of Self Employed Customer
    • Latest 2 years ITRs with financials, CA certified or audited as applicable
  • Business Vintage proof for Self-employed customers
    • Registration Certificate of the business• Partnership Deed and Registration Certificate issued by District Registrar in Partnerships
    • Trade License
    • Shop & Establishment Certificate
    • Vat Registration Certificate
    • CST Registration Certificate
    • Service Tax Registration Certificate
    • GST Registration Certificate
    • Any other document issued by Government / Government Authority identifying the entity
  • Copy of property documents before sanction

*Terms and Conditions apply

Typically the security for the loan is a first mortgage of the property to be financed, 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.

You will have to ensure that the property is duly insured for fire and other appropriate hazards, as required by ART Housing Finance, during the tenure of the loan.



 There are two main stages of getting a home loan:

  • Sanction of the loan, once you apply and get approval for a specific loan amount based on the value of your property and repayment capabilities.
  • Disbursement of the loan amount.

You can approach us in any of the following ways:

ACH: Automated Clearing House. ART Housing Finance will assist you in arranging documentation for the loan repayment

In that case, the same ACH /cheque is represented by us for payment. On clearance of the same, you are still required to pay the penalty for the bounce as per charges applicable at that point of time. 

If the ACH/ cheque bounces again on representation, then you are liable to pay the EMI by demand draft along with the bouncing charges. You will also have to pay interest on the delayed payment at the specified rate.

You can make part or full pre-payment of your outstanding amount at any time. The prepayment charge, where applicable, will be governed by the guidelines of the National Housing Bank.

Yes, you can convert your loan from a fixed-rate loan to a variable-rate loan.


Housing For All

The Government’s decision of Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY) to 6.5% will bring the EMIs of Affordable Home Loan significantly down. Home buyers from Low Income Group will be paying less on a Home Loan for the tenure of 15 years. This Subsidy will be a major relief for daily earners, semi-skilled and self-employed professionals.

This scheme caters to professionals and urban population of various income groups. It will benefit daily earners to semi-skilled to self-employed non-professionals / professionals as well as salaried customers whose annual Household income is upto Rs 18 lakhs.