Frequently Asked Questions

General

HomeCapital is a technology platform that has created India’s first home down payment assistance program. The program provides interest free down payment assistance to first time home buyers. The interest free loans are in the form of interest subvented unsecured personal loan with the HomeCapital Program bearing the interest burden.

HomeCapital is not a lending institution. The down payment assistance is provided by our partnering financial institutions. The financial assistance will be repayable in equal monthly payments without any interest.

Salaried and permanent employees of Indian corporates within the age group 20 - 45 years looking to buy their first homes can apply for HomeCapital’s home down payment assistance program.

HomeCapital combines finance, technology and real estate expertise to create a unique business proposition that derives value from all the business partners to make the program completely interest free for its users. Our business partners are real estate developers, NBFCs, banks, housing finance companies and insurance companies.

You need to create an account with HomeCaptial in order to view residential projects under the program, select a property and get HomeCapital’s home down paymentf assistance. Even if you don’t want wish to buy a home now, you can register with us to get access to our knowledge resources and receive updates.

Click ‘offerings’ in our home page to view all our listed projects. To know the maximum down payment assistance that you can get against the property of your choice, click on ‘Compute’ beside ‘Express Interest’.

If you need any help in your buying or application process click ‘Express Interest’. To apply for down payment assistance, click ‘Apply Now’ on the top of the page and fill in the application form. If you are facing any difficulties in your application process, write to us on wecare@homecapital.in and our representative will get in touch with you.

HomeCapital does not get involved in the price discussions between the home buyer and the developer. Home buyers are supported with home down payment assistance to be able to select their property independently from the properties listed in the program.

The repayment tenure of the down payment assistance amount will depend upon a number of factors such as the date of purchase, construction period, subvention period and the buyers credit profile. This can be up to a maximum of 36 months. There are no prepayment charges. The user can opt for foreclosure at any point of time during the repayment period.

We review residential properties across respective cities to include them in the program. Every property goes through systematic due diligence and independent research with publicly available information to minimise the risks inherent in the real estate sector. Our key focus while analysing a property are described in the about us page. Please read them to understand the process.

Yes, you can apply on our website: https://homecapital.in/ to get a pre-approved down payment assistance.

Yes, it is mandatory to have a home loan sanctioned from a scheduled bank or Housing Finance Company to avail HomeCapital’s home down payment assistance.

In case the project of your choice is not listed in HomeCapital’s offerings, please write to us at wecare@homecapital.in with the project details. We will try to include the project of your choice with the best of our efforts. However, we cannot guarantee the same as onboarding projects and developers depend on a number of factors that may be beyond the control of HomeCapital.

There are no hidden charges to avail HomeCapital down payment assistance. Processing fees charged under the program will be disclosed upfront to the homebuyer.

Only salaried individuals are eligible to participate in the HomeCapital home down payment assistance program. The program is not applicable to self-employed individuals.

You must obtain a qualifying home loan sanction from a scheduled bank or Housing Finance Company. Please note that you can avail HomeCapital’s home down payment assistance only if you purchase from the residential projects listed with HomeCapital.

No, we cannot guarantee the project timelines. For any issues with project delivery, the buyers can approach their state RERAs for timely redressal of their grievances.

No, we don’t advise users to go for any specific project. We perform an independent analysis on all the listed projects. The homebuyer selects a project depending on its unique parameters like preferred city, locality, budget etc.

Yes, you can avail all the government benefits similar to buying the property on your own.

You can get a home down payment assistance up to a maximum of 50% of your down payment needs. In other words, your contribution will be equal to HomeCapital’s contribution.

However, your home down payment assistance eligibility will also depend upon your credit score, current monthly income, existing loans and EMIs, credit card outstanding, past repayment history, etc.

You can check your home down payment assistance eligibility amount and your total home loan eligibility amount using our eligibility calculator in our HomeCapital website under the calculators heading.

No, our users need not provide any collateral to avail home down payment assistance. The assistance is in the form of an unsecured personal loan whose interest is borne by the HomeCapital home down payment assistance program.

The HomeCapital home down payment assistance program computes your eligibility keeping in mind the home loan requirement. In our algorithms to compute the down payment assistance eligibility amount, we ensure that the home loan amount and requirement eligibility is not affected.

Yes, you can use the property brought through the HomeCapital home down payment assistance program for rental purposes in the same way as brought on your own.

Home buyers will be the direct beneficiaries of the home down payment assistance amount. Since, the down payment assistance is a personal loan provided by our partnering lending institutions, the amount will be directly credited into the personal account of the HomeCapital user. Upon receiving the amount, the users will have to immediately pay the down payment assistance amount to the developers through cheque or electronic payment system.

Legal

Yes, the HCPL - Customer Agreement along with our Terms of Use and Privacy Policy shall be legally binding upon HomeCapital users. Any violation of the same by the users would lead to termination of HomeCapital services. Besides the HCPL - Customer Agreement, the agreement between the financial institution and the home buyer is a legal binding agreement governing the unsecured financial assistance in the form of a loan and its repayments.

No, there are no restrictions from HomeCapital on the use of the property.

Taxation

No, the HomeCapital home down payment assistance program does not affect your eligibility for income tax benefits under Section 80C, Section 80EE and Section 24 in any way. You will continue to get income tax benefits in the same way as you purchase the property on your own.

No, you will not get any additional income tax benefits on buying a property with the HomeCapital home down payment assistance program. The principal repayment to HomeCapital cannot be claimed under any tax deduction sections.

No, long - term and short - term capital gains tax would be applicable on selling the property in the same way as you have brought the property on your own.


What is HomeCapital?

HomeCapital is a technology platform that has created India’s first home down payment assistance program. The program provides interest free down payment assistance to first time home buyers. The interest free loans are in the form of interest subvented unsecured personal loan with the HomeCapital Program bearing the interest burden.

HomeCapital is not a lending institution. The down payment assistance is provided by our partnering financial institutions. The financial assistance will be repayable in equal monthly payments without any interest.

Who can apply for the HomeCapital home down payment assistance program?

Salaried and permanent employees of Indian corporates within the age group 20 - 45 years looking to buy their first homes can apply for HomeCapital’s home down payment assistance program.

How does HomeCapital make the home down payment assistance interest free for home buyers?

HomeCapital combines finance, technology and real estate expertise to create a unique business proposition that derives value from all the business partners to make the program completely interest free for its users. Our business partners are real estate developers, NBFCs, banks, housing finance companies and insurance companies.

Why do I need to create account with HomeCapital?

You need to create an account with HomeCaptial in order to view residential projects under the program, select a property and get HomeCapital’s home down paymentf assistance. Even if you don’t want wish to buy a home now, you can register with us to get access to our knowledge resources and receive updates.

How can I avail HomeCapital’s home down payment assistance program on your website?

Click ‘offerings’ in our home page to view all our listed projects. To know the maximum down payment assistance that you can get against the property of your choice, click on ‘Compute’ beside ‘Express Interest’.

If you need any help in your buying or application process click ‘Express Interest’. To apply for down payment assistance, click ‘Apply Now’ on the top of the page and fill in the application form. If you are facing any difficulties in your application process, write to us on wecare@homecapital.in and our representative will get in touch with you.

Does HomeCapital negotiate the final property price for the home buyer?

HomeCapital does not get involved in the price discussions between the home buyer and the developer. Home buyers are supported with home down payment assistance to be able to select their property independently from the properties listed in the program.

What is the duration of repayment of the down payment assistance? Are there any pre-payment charges?

The repayment tenure of the down payment assistance amount will depend upon a number of factors such as the date of purchase, construction period, subvention period and the buyers credit profile. This can be up to a maximum of 36 months. There are no prepayment charges. The user can opt for foreclosure at any point of time during the repayment period.

What is HomeCapital’s criteria for listing a project?

We review residential properties across respective cities to include them in the program. Every property goes through systematic due diligence and independent research with publicly available information to minimise the risks inherent in the real estate sector. Our key focus while analysing a property are described in the about us page. Please read them to understand the process.

Can I get a pre-approved down payment assistance?

Yes, you can apply on our website: https://homecapital.in/ to get a pre-approved down payment assistance.

Is having a home loan approved necessary for availing home down payment assistance?

Yes, it is mandatory to have a home loan sanctioned from a scheduled bank or Housing Finance Company to avail HomeCapital’s home down payment assistance.

What if the project of my choice is not listed in the HomeCapital offerings?

In case the project of your choice is not listed in HomeCapital’s offerings, please write to us at wecare@homecapital.in with the project details. We will try to include the project of your choice with the best of our efforts. However, we cannot guarantee the same as onboarding projects and developers depend on a number of factors that may be beyond the control of HomeCapital.

Are there any extra costs or hidden charges applicable to home buyers to avail HomeCapital’s home down payment assistance?

There are no hidden charges to avail HomeCapital down payment assistance. Processing fees charged under the program will be disclosed upfront to the homebuyer.

Who can avail HomeCapital’s home down payment assistance?

Only salaried individuals are eligible to participate in the HomeCapital home down payment assistance program. The program is not applicable to self-employed individuals.

You must obtain a qualifying home loan sanction from a scheduled bank or Housing Finance Company. Please note that you can avail HomeCapital’s home down payment assistance only if you purchase from the residential projects listed with HomeCapital.

Does HomeCapital guarantee timely and accurate completion of participating projects?

No, we cannot guarantee the project timelines. For any issues with project delivery, the buyers can approach their state RERAs for timely redressal of their grievances.

Does HomeCapital advise on project selection?

No, we don’t advise users to go for any specific project. We perform an independent analysis on all the listed projects. The homebuyer selects a project depending on its unique parameters like preferred city, locality, budget etc.

Can I still avail benefits under PMAY-CLSS on buying property through HomeCapital down payment assistance program?

Yes, you can avail all the government benefits similar to buying the property on your own.

How much maximum home down payment assistance can I get from HomeCapital?

You can get a home down payment assistance up to a maximum of 50% of your down payment needs. In other words, your contribution will be equal to HomeCapital’s contribution.

However, your home down payment assistance eligibility will also depend upon your credit score, current monthly income, existing loans and EMIs, credit card outstanding, past repayment history, etc.

How can I check my HomeCapital home down payment assistance eligibility?

You can check your home down payment assistance eligibility amount and your total home loan eligibility amount using our eligibility calculator in our HomeCapital website under the calculators heading.

Do I need to post any collateral with HomeCapital or its partner lending institutions to avail credit assistance under HomeCaptial’s down payment assistance program?

No, our users need not provide any collateral to avail home down payment assistance. The assistance is in the form of an unsecured personal loan whose interest is borne by the HomeCapital home down payment assistance program.

Does availing the HomeCapital home down payment assistance program affect my overall home loan eligibility?

The HomeCapital home down payment assistance program computes your eligibility keeping in mind the home loan requirement. In our algorithms to compute the down payment assistance eligibility amount, we ensure that the home loan amount and requirement eligibility is not affected.

Can I use the property brought through the HomeCapital home down payment assistance program for rental income?

Yes, you can use the property brought through the HomeCapital home down payment assistance program for rental purposes in the same way as brought on your own.

Who will be the direct beneficiary of the HomeCapital down payment assistance amount?

Home buyers will be the direct beneficiaries of the home down payment assistance amount. Since, the down payment assistance is a personal loan provided by our partnering lending institutions, the amount will be directly credited into the personal account of the HomeCapital user. Upon receiving the amount, the users will have to immediately pay the down payment assistance amount to the developers through cheque or electronic payment system.

Is the HCPL - Customer Agreement a legally binding agreement?

Yes, the HCPL - Customer Agreement along with our Terms of Use and Privacy Policy shall be legally binding upon HomeCapital users. Any violation of the same by the users would lead to termination of HomeCapital services. Besides the HCPL - Customer Agreement, the agreement between the financial institution and the home buyer is a legal binding agreement governing the unsecured financial assistance in the form of a loan and its repayments.

Are there any legal restrictions in place on the use of property brought through HomeCapital home down payment assistance program?

No, there are no restrictions from HomeCapital on the use of the property.

Will the HomeCapital home down payment assistance program impact my income tax benefits under Section 80C, Section 80EE and Section 24?

No, the HomeCapital home down payment assistance program does not affect your eligibility for income tax benefits under Section 80C, Section 80EE and Section 24 in any way. You will continue to get income tax benefits in the same way as you purchase the property on your own.

Will I get any additional income tax benefits on buying with the HomeCapital home down payment assistance program?

No, you will not get any additional income tax benefits on buying a property with the HomeCapital home down payment assistance program. The principal repayment to HomeCapital cannot be claimed under any tax deduction sections.

Will there be any effect on my capital gains tax if I decide to sell off my property brought through the HomeCapital home down payment assistance program?

No, long - term and short - term capital gains tax would be applicable on selling the property in the same way as you have brought the property on your own.