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    Home Loan

This loan is provided to purchase :-

  1. Ready to move in freehold properties which should be approved by local municipal authorities .
  2. Underconstructed flat, row house, bungalow from developers which should be approved by the bank to which you are applying for loan.
  3. Properties in an existing or proposed co-operative housing society.

    The moment you decide to buy a home, you can put in your application or you can also apply for a Home Loan even before you have selected the property. The loan amount would be sanctioned or approved, based on your repayment capability.

Product features :

  • Tenure - 1 to 20 years .
  • Interest rate - Interest rate – As applicable . Interest rate keeps on changing .
  • Max funding - 75% of market value . Market value is assess by bank .
  • Age limit - max 70 years or retirement age whichever is earlier for salaried and 75 years for self employed.
  • Income tax benefit - Pincipal repayment upto 1 lac under section 80(c) and interest repayment upto 1.5 lacs under sec 24.
  • Loan foreclosure penalty - Means paying off the complete loan at one go.There is no penalty on this .
  • part payment - Means paying some part of loan.Most banks don't charge any penalty
  • Co-applicant - Most banks ask for co-applicant .Co-applicant can be in case of -
  • Individual  - spouse,parents
  • Director  - spouse , parents , pvt ltd company , other directors .
  • Partner - spouse , parents , others partners .
  • Co-owners of property need to be co-applicants in loan . 

Loan process :

       3 documents are required for a loan to get disburse

         1) Sanction letter : - Loan sanctioning is based on the financial documents,personal documents and past credit history of the borrower.  Based on the information provided banks calculates the loan eligibility and decides on the loan amount.

 Documents required for loan sanctionning are :-

      Documents in case of salaried
      Documents in case of sole proprietor (proprietorship)
      Documents in case of partner (partnership)
      Documents in case of director (private limited company)

         2)  Legal report : - In this complete chain of property documents , starting from allotment of the property till the last transaction , are required . Based on these documents  legal report is made

         3) Technical report : - In this approved map by municipal authority is required .On map provided , physical verification of the property happens .While verification certain things are checked like area of property , usage of property(Residential or commercial) . Based on this   report is made .

          If all the 3 documents are approved by the bank , than disbursement documents are signed and cheaque is made in name of seller .

          This complete process takes 15 to 18 days , subject to complete documents are provided by the borrower .






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