About InCred Home Loans

InCred or InCred Finance is a Nonbanking Financial Company (NBFC) which is focused on home loans, personal loans, business loans and education loans. Mr. Bhupinder Singh, the ex-head of the Deutsche Bank’s Corporate Finance Division is the founder of InCred. The company’s headquarter is situated in Mumbai, Maharashtra. InCred calls itself a new age financial services company that makes optimum use of data science and technology to make the lending process smooth and quick for each one of its borrowers. Its name InCred has been derived from ‘Incredible India’ and they pay special attention to the unique circumstances and needs of the borrowers, ensuring that all of them enjoy a never-experienced-before kind of lending experience.

You can avail InCred home loan for all kinds of home development needs including purchase of a new or a resale home, construction of home on a piece of land, home extension or transfer of an already existing home loan. There is a separate home loan product for each one of them. Below provided are more details on InCred home loan eligibility criteria, features and the applicable charges.

Home Loan Eligibility Criteria for Salaried / Self-Employed

In order to be eligible for InCred home loan you should be either a salaried or a self-employedprofessional/nonprofessional with a regular source of income and in the age bracket of 18 to 55 years. The lender will determine your eligibility for a specific home loan amount based on your capacity to repay the loan, in other words your monthly income. Some of the important factors that are taken into consideration in this regard are the age of the borrower, number of dependents, qualification, existing financial obligations, other income (than primary), occupation stability, savings history and present assets and liabilities. More details regarding InCred home loan eligibility criteria can be found below.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

6 – 10 yearsk

Overall Employment

6 – 10 years

Tenure Current Employment

750 Points

CIBIL Score (=>)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income
(Doctors/ CA)

5 – 10 Years

Post Qualification experience a
(Doctors / CA)

5 – 10 Years

Post Qualification experience a
(CS / Architect)

750 Points

CIBIL Score (=>)

InCred Home Loan Features / Details

InCred home loan can be availed by salaried or self-employed individuals who are buying affordable housing for the first time. The quantum of loan can range anywhere from ₹ 2 lakh to ₹ 30 lakh. You can have co-applicants in the loan application which can be any of your immediate family members (blood relatives) or spouse. You can even avail the home loan to repay an already running home loan from another banking establishment or housing finance company. Please note, you will be asked to submit certain documents along with your application to prove your eligibility for the loan. Other than that, you must ensure that the title of the property is absolutely clear, marketable and free from any encumbrance. Double-check might also be needed to make sure that there is no existing loan, litigation or mortgage on the property. Following are more details on the exact InCred home loan features.

8.40%

Interest Rate (Min)

5 – 30 Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

InCred Home Loan Fees / Charges

All InCred home loan applications are subjected to a 1.5% processing fee on the total loan amount (except 2% in case of loan against property). Various other charges like prepayment charges, amortisation schedule charges, part payment processing fees, late payment fees, loan cancellation charges etc. might also apply. You can find precise details related to all such charges below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees