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.
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.
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:
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.
Documents Required:
*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:
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.
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.
The prevailing situation due to Covid19 may pose a huge challenge for people at large. As a measure of relief, RBI has permitted all Indian Banks / Indian Financial Institutions to offer their customers a moratorium of up to 3 months on EMI/ Pre-EMI, as applicable, payments falling due between 01 March 2020 to 31 May 2020. As per RBI, this has further been extended for another 3 months i.e. 01 June 2020 to 31 August 2020.
All AHF customers are eligible for the said moratorium. Customers having over dues prior to 01 March 2020 may also opt for the moratorium, and their requests shall be considered by AHF based on its merits.
The interest accrued during the moratorium period would be added to the principal amount which will increase the residual tenure of the loan keeping the EMI amount same, except in cases where extension of tenure is not possible where the EMI amount will increase.
If you do not want the moratorium on EMI/ Pre-EMI, as applicable, you need to continue paying the same on the due date by keeping sufficient balance in your bank account from where the EMI/ Pre-EMI as applicable is debited. No further action is required from your side.
We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension. However, if you skip the payment of your EMI/ Pre-EMI, as applicable, for any month during this period, it will be understood that you require the moratorium for that month.
Yes, it is permitted.
Opting for the Moratorium is entirely the customers’ choice. We understand that all our customers may not opt for the Moratorium given that there is an additional levy of interest payable under the terms of the moratorium, hence the amount was debited.
There is no charge to avail this moratorium.
However, If you avail the moratorium on EMI/ Pre-EMI, as applicable, there will be a levy of interest at the contracted rate of the loan for the period of EMI/ Pre-EMI moratorium on the loan outstanding. Such interest will be collected with interest by extending the original tenor of the loan accordingly.
- You will have to provide your consent by sending an e-mail to us on contact@arthfc.com. Refer to the detailed notification on our website www.arthfc.com
- However, if you skip your EMI/ Pre-EMI, as applicable, payment for any month during this period, it is understood that you require the moratorium for that month.
You can avail of the moratorium only for the unpaid EMI/ Pre-EMI, as applicable. Please follow the process given above for availing the moratorium.
- EMI/ Pre-EMI, as applicable, already paid will not be refunded..
No. Opting for the moratorium of EMI/ Pre-EMI, as applicable, will not affect your Credit Rating or Score
You can follow any of the methods given below for any queries that you may have:
NACH (National Automated Clearing House) is a centralised electronic payment system in India, facilitating seamless and efficient fund transfers between banks, businesses, and individuals, serving as a backbone for various financial transactions.
Objectives of NACH
Streamline Payment Processes: NACH aims to simplify and automate payment procedures, reducing manual intervention and enhancing efficiency.
Facilitate Direct Debit: It enables businesses to collect payments directly from customers' bank accounts, ensuring timely and hassle-free transactions.
Enable Bulk Transactions: NACH facilitates bulk transactions such as salary payments, vendor payments, and recurring bill payments in a cost-effective manner.
Enhance Financial Inclusion: By offering a reliable and accessible payment infrastructure, NACH promotes financial inclusion by catering to individuals and businesses across diverse segments.
Ensure Security and Compliance: NACH adheres to stringent security protocols and regulatory standards, ensuring the confidentiality and integrity of transactions while complying with relevant regulations.
NACH Credit: Facilitates automated credits such as salary payments, dividends, interest payments, and government subsidies directly into beneficiaries' bank accounts.
NACH Debit: Enables automated debits for utility bill payments, home loan EMIs, insurance premiums, and other recurring payments directly from customers' bank accounts.
NACH Mandate Management System (MMS): Manages mandates for both NACH Credit and Debit, providing a centralised platform for mandate registration, modification, and cancellation.
A NACH (National Automated Clearing House) form is a document used by individuals or businesses to authorise automated transactions, providing consent for debits or credits from their bank accounts for recurring payments, such as loan EMIs or utility bills.
NACH (National Automated Clearing House) charges refer to the fees levied by banks or financial institutions for processing automated transactions through the NACH system. These charges may vary depending on factors such as transaction volume and type.
Cases of NACH
Loan EMI Payments: Borrowers authorise NACH for automated repayment of loan EMIs, ensuring timely deductions from their bank accounts.
Utility Bill Payments: Customers opt for NACH to automate payments for utilities like electricity, water, and gas bills, eliminating manual bill payments.
Insurance Premiums: Policyholders utilise NACH to authorise insurers for automatic deduction of insurance premiums from their bank accounts on scheduled dates.
To avail NACH, individuals or businesses must fill out a NACH mandate form provided by their bank or service provider, authorising automated transactions. Once submitted, the bank verifies the mandate, and upon approval, automated payments commence as per the specified instructions.
Benefits of NACH
Convenience: NACH offers hassle-free automated payments, eliminating the need for manual transactions and ensuring timely payments.
Cost-Effectiveness: It reduces transaction costs associated with paper-based processes, saving businesses and individuals time and money.
Accuracy: Automated transactions through NACH minimise human error, ensuring precision and reliability in payment processing.
Improved Cash Flow Management: With scheduled payments, NACH aids in better cash flow management for businesses and individuals by ensuring timely inflows and outflows.
Enhanced Security: NACH transactions are conducted electronically, reducing the risks associated with physical cash handling and providing a secure payment environment.
Benefits to Large organisations
Efficiency: NACH streamlines payment processes for large organisations, reducing manual intervention and administrative overhead.
Cost Savings: Automated transactions through NACH minimise processing costs associated with traditional payment methods.
Enhanced Control: NACH offers centralised control over payment schedules and mandates, improving financial management.
Scalability: NACH accommodates high volumes of transactions, making it suitable for large-scale operations.
Compliance: NACH ensures adherence to regulatory requirements, reducing the risk of non-compliance for large organisations.
Benefits to the NBFC
Improved Efficiency: NACH streamlines payment processes for NBFCs, reducing manual efforts and operational costs associated with transaction processing.
Enhanced Customer Experience: Automated payments through NACH offer convenience to customers, leading to higher satisfaction and loyalty.
Reduced Default Risk: Timely and automated loan repayments through NACH help mitigate default risks, ensuring better portfolio management for NBFCs.
Regulatory Compliance: NACH facilitates adherence to regulatory requirements, ensuring NBFCs remain compliant with applicable guidelines and standards.
Scalability: NACH accommodates growing transaction volumes, enabling NBFCs to scale their operations efficiently as their customer base expands.
Benefits to the Customers
Convenience: NACH offers customers hassle-free automated payments, eliminating the need for manual transactions and ensuring timely bill payments.
Timely Payments: Automated transactions through NACH ensure that bills, loan EMIs, and other payments are processed on schedule, reducing the risk of late fees or penalties.
Cost Savings: Customers save time and money by avoiding the costs associated with physical visits to banks or manual payment processing.
Enhanced Financial Planning: With predictable payment schedules, customers can better manage their finances and budget effectively.
Secure Transactions: NACH transactions are conducted electronically, reducing the risks associated with cash handling and providing a secure payment environment for customers.
Features of NACH Mandate
Authorization: NACH mandates authorised banks or service providers to initiate automated transactions from the customer's bank account.
Flexibility: Mandates can be set up for various payment frequencies, including one-time, recurring, or periodic payments.
Modification: Customers can easily modify or update their mandates to change payment amounts, frequencies, or other parameters as needed.
Cancellation: Customers have the option to cancel NACH mandates at any time, providing flexibility and control over their automated payments.
Security: NACH mandates adhere to strict security protocols, ensuring the confidentiality and integrity of customer banking information.
Importance of NACH
NACH (National Automated Clearing House) is vital for streamlining electronic transactions, offering convenience, efficiency, and security. It facilitates automated payments, enhancing financial inclusion and fostering a robust banking ecosystem.
Obtain the NACH Mandate Form: Request the NACH mandate form from your bank or financial institution where you wish to authorise automated transactions.
Fill Out the Form: Complete the mandate form with accurate information including your bank account details, payment frequency, and amount.
Submit the Form: Submit the filled-out NACH mandate form along with any required supporting documents to your bank or service provider.
Verification Process: The bank will verify the details provided in the mandate form to ensure accuracy and authenticity.
Approval and Activation: Upon successful verification, your NACH mandate will be approved, and automated transactions will commence as per the specified instructions.
NACH mandate cancellation refers to the process of revoking authorization for automated transactions from a bank account. It allows individuals or businesses to stop future payments initiated through the NACH system by withdrawing their consent.
e-NACH (Electronic National Automated Clearing House) is a digital platform that enables the electronic processing of NACH mandates. e-Mandate refers to the electronic authorization given by customers for automated transactions through the NACH system, enhancing efficiency and convenience.
| Feature | ECS (Electronic Clearing Service) | NACH (National Automated Clearing House) |
| Initiation | Initiated by individual banks or clearinghouses. | Initiated centrally through the National Payments Corporation of India (NPCI). |
| Coverage | Limited coverage with regional clearinghouses. | Nationwide coverage across India. |
| Transaction Types | Primarily used for bulk transactions like salary payments. | Supports a wide range of transactions including both bulk and individual transactions. |
| Flexibility | Relatively less flexible in terms of customization and frequency options. | Offers more flexibility with customizable payment frequencies and options. |
| Modernization | Predominantly paper-based with some electronic processing. | Fully electronic system designed for streamlined transaction processing. |
