Frequently asked questions

Nivara offers the following variety of Home Loans:

Home Loan for Purchase

Loans for purchase of flat or Apartment or Individual House - that are either new or bought on re-sale, intended for self-occupation.

Home Loan for Construction

Loans for those who want to construct their house on a plot of land already owned by them. These loans will cover the cost of construction of the house.

Composite Home Loan

Loans covering both the cost of land and the cost of construction.

Home Loan for Improvement/Extension

Loans for renovation (up-gradation, typically additional facilities or utilities), extension (increase in carpet area) or undertaking repairs for self-occupied owned residential properties.

Loan Against Property

Nivara offers loans against your pre-owned properties for the purpose of family consumption like marriage, education, travel etc., and for the purpose of business commitments like purchase of fixed assets, working capital and business expansion etc.

Any individual whether salaried or self-employed can apply for a home loan. In other words, any individual who has the ability to service a home loan is eligible to apply for a Home Loan. However, the quantum of the loan that an individual can get depends on various parameters like age, income, cost of the property etc.

You can apply for a Home Loan at any time once you have identified the property for purchase or construction.

You can call us at 080-2655 2822 or drop us an email to or visit our office.

Co-applicants to the loan, generally, can be your spouse or any of your blood relatives/immediate family members. Please note that all co-owners of the property have compulsorily to be the co-applicants to the loan. Also Spouse has to be a mandatory co-applicant if the applicant is married.

Yes. You need to provide a guarantor along with his/her a) duly filled and signed guarantor form, one photograph, KYC documents and Income documents.

Own contribution is typically the owner’s contribution to the overall cost of the property. In other words, own contribution is nothing but the total cost of property minus Nivara’s Loan.

The steps involved in the home loan application process are outlined below:

Initial assessment will be done once you submit completely filled in application form along with all the necessary KYC and Income documents.

Sanction will be provided for a specific loan amount based on your requirement, Income assessment, repayment capacity and the value of the property.

A comprehensive technical and legal assessment will be done to arrive at fair market value of the property and also to establish the clear and marketable title of the property being financed.

The loan disbursement process will be initiated after executing all the necessary documentation, completion of all the relevant procedures and obtaining the proof of mandatory own contribution receipts. Finally, the disbursement cheque will be issued to the borrower/seller/builder depending on the nature of transaction whether it is a purchase from Builder or Seller or it is for self construction and so on.

The loan amount will be determined based on the credentials of the borrowers like age, income, Savings, Assets & Liabilities, repayment capacity of the applicants and the value of the property

Generally, the Security of the loan will be the security on the property being financed by us. However, It is very critical for you to ensure that the title to the property is clear, marketable and free from any encumbrance. You have to ensure that there should not be any existing mortgage, loan or litigation on the property being financed by us, which is likely to adversely affect the title to the property.

Yes. You will have to ensure that your property is properly insured for fire and other allied perils for an amount equal to the cost of the property during the pendency of the loan. The policy has to be assigned in favour of Nivara Home Finance Ltd. and you are also required to provide evidence to that extent each year.

EMI'Equated Monthly Instalment is commonly referred as EMI' which is a fixed monthly amount in the form of instalment made by you to us at a specified date each calendar month. EMIs are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.

Pre-EMI interest:Where you have availed only a part of the approved loan amount ie pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

Fixed Rate of interest means the rate of interest on the loan sanctioned remains unchanged for the entire duration of the loan.

Floating Rate of Interest is based on the market conditions and Nivara would periodically adjust the rate accordingly. This means you may end up paying more/less than you budgeted for, in case the lending rate goes up/down.

You are entitled for tax benefits both on the principal and interest components of your Home loan under Section 24 of the Income Tax Act, 1961. As the benefits could vary each year, we would urge you to check with our officials about the tax benefits applicable at the time of availing your home loan.

Yes, one can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the prepayment charges applicable from time to time.