Home Loans

Buying a home is always a dream for all rather a biggest achievement. There are lots of planning and hopes related to that however, now-a-days buying home is very costly. So there are wide varieties of home loans also known as housing loans available.

Details

Features

  • Loan Amount: Avail a Home Loan of up to `500,00,000 (minimum loan amount `1 lac) but not exceeding 85% of the cost of property (including stamp duty and registration fees) or 80% of market value, whichever is lower
  • Tenure & Term: The tenure of your Home Loan ranges from 1 to 30 years. The term, however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self-employed individuals)
  • Purpose: Avail of a home loan for ready built-up or under construction house/flat purchase
  • Reduce your EMI : With tenure of 30 years, you can reduce the EMI amount on your Home Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards
  • Interest Rates: The Interest rate applicable is based on the Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions
  • Processing Fees (Non-Refundable) : This is charged as the fee towards processing your home loan application.

Benefits

  • Simplified documentation
  • Speedy approvals
  • Loan available for various needs

Eligibility

You can avail a Home Loan of up to `500,00,000 (minimum loan amount `1 lac) but not exceeding 85% of the cost of property (including stamp duty and registration fees) or 80% of market value, whichever is lower. The loan amount can be further enhanced by including an earning co-applicant.

The actual Home Loan amount is determined taking into various account factors such as:

  • Repayment Capacity
  • Age
  • Educational qualifications
  • Stability and continuity of income
  • Number of dependents
  • Co-applicant's income
  • Assets
  • Liabilities
  • Saving habits, and more

Minimum Documents Required

List of Documents for Salaried Individuals
  • KYC Documents
  • Salary slip for the last 2 months / Salary Certificate (If variable components like Over Time and Incentives are reflected then salary slips for the past 6 months are required)
  • Latest Form – 16 if salary above `20000/- per month
  • Copy of all bank pass books / bank statements for the past 3 months including front page
  • Company profile if it is a lesser known organization
Note: Original documents are required for verification purpose only
List of Documents required for Self – Employed Businessmen
  • KYC Documents
  • Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
  • Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
  • Brief Business Profile on the Letter Head of the firm by the applicant
  • Bank Statement for the last 6 months for the Savings Account & Current Account, O/D Account
  • Copy of either Shop & Establishment License / VAT Registration or any other mandatory license / registration or old ITRs evidencing business
  • Copy of the Partnership Deed, Memorandum of Associations, Articles of Association (if applicable)
  • Copy of Tax Deduction Certificate / Form – 16A (if applicable)
  • Details of Contract (if applicable)
  • Copy of Advance Tax paid / Self Assessment Tax paid challan
Note: Original documents are required for verification purpose only