Owning a home is a basic desire of all of us. But, in recent years the prices of apartments have gone up and is rising by leaps and bounds. You can see the same scenario in not only big cities but also in small ones. For the common man it has become almost next to impossible to buy his dream home through mere savings. And, to curtail this problem, most home loan businesses have seen huge growth in a last decade. Non-bank financial companies (NBFCs) and Banks offer home loan solutions to prospective home buyers.
At, our company we pride ourselves in helping you turn your dream of owning a home into a reality. Let us assure you, your first time home buying experience is a matter of great importance to us. So, we offer customized home loan assistance to support your dreams.
You may check out the list of documents required for home loans at our company, and get set to apply for your own housing loan now!
Documentation for Home Loans.
List of papers/ documents applicable to all applicants:
ü Completed loan application
ü 3 Passport size photographs
ü Proof of identify (photo copies of Voters ID card/ Passport/ Driving
- license/ IT PAN card)
ü Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/
ü Property tax receipt/ Passport/ Voters ID card)
ü Proof of business address for non-salaried individuals
ü Statement of Bank Account/ Pass Book for last six months
ü Signature identification from present bankers
ü Personal Assets and Liabilities statement
Additional documents required for salaried persons :
ü Original Salary Certificate from the employer
ü TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt.
Additional documents required for Self- employed/ Professionals/ other IT assesses:
ü Photocopies of challans evidencing payment of Advance Income Tax.
ü Acknowledged copies of three years I.T. returns/ Assessment Orders.
For guarantor (wherever applicable):
ü Personal Assets and Liabilities Statement
ü 2 passport size photographs
ü Proof of identification as above
ü Proof of residence as above
ü Proof of business address as above
ü Signature identification from his/her present bankers
FAQs
When can you apply for a loan?
You can apply for a home loan through filling an application for a Home Loan with our company, one you are set to buy your new home or you may apply before you finalize the property. Home loan will be approved depending upon your repayment capability.
What are the eligibility condition for a home loan?
The eligibility condition for a home loan is depicted below:
1) An Indian Resident or NRI
2)Either self employed or salaried
3) Above 21 years of age at the commencement of the loan.
4) Below 65 years when the loan matures.
What are the securities/ collaterals you need to provide?
Immovable property owned by the applicants. The applicant's title to the
property should be clear, marketable and free from any encumbrances. The
security created on property shall be first and exclusive. Such security will
be created by deposit of original title documents of the said property.
What are the Tax Benefits of home loans?
Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is ` 2,00,000/- for the interest amount paid in the financial year and up to ` 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
What are the interest rates offered for home loans?
Interest rate varies as per the market conditions whereas interest rates are dynamic in nature. The interest on home loans in India is usually calculated either on yearly reducing basis, daily reducing basis or monthly reducing basis.
What is fixed rate of interest and floating rate of interest?
Fixed rate of interest refers to the rate of interest that remains unchanged for the entire duration of the loan. On the other hand, floating rate of interest refers to the rate of interest that fluctuates based on the market lending rate.
Who can be the co-applicants for the loan?
Your Life Partner (Spouse)
Co-owner has to be necessarily co-applicant in the loan.
Any of your blood relative (immediate family members).
What is an amortization schedule?
An amortization schedule is a table that gives the reduction of your loan amount by monthly installments. It offers you the break-up of every EMI towards outstanding principal of your loan and the repayment interest of your loan.
Are Securities required for home loans?
Many institutions ask for additional security such as FD receipts, saving certificates, shares and insurance policies. Whereas some consider the property to be purchased as security and is mortgaged to the institution till the entire loan is repaid. We ask for securities depending on the cases we receive.
What is the time required for home loan disbursement? And, what is the procedure for it?
Usually, loans are disbursed within 5-15 days after complete documentation and completion of all relevant procedures.
Once you accept our loan offer formally, a detailed scrutiny of steps like Home Loan Eligibility assessment, conditional home loan assessment, and security assessment are conducted by our team members in order to ensure accuracy of the entire process. After this process is completed, you will be required to submit the final processing fee cheque favoring “our company name” to our representative.
After clearance of the final processing fees cheque, the disbursement cheque for the approved home loan amount is prepared by the Operations Manager and it is handed over to you.
What is an EMI?What is Pre-EMI Interest?
You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest.
The interest that is charged on partially disbursed loan amount is Pre-EMI interest. And, that partially disbursed loan amount before the start of actual EMI is called Pre-EMI. Usually, this occurs in Construction Stage Linked disbursals.
What are the other costs that comes with home loan?
Below depicted are some of the costs that follows home loan:
1) Processing charge is a fee payable to our company on applying for a home loan.
2) Other Miscellaneous costs for standard documentation charges.
What is the repayment period options?
Repayment period options range usually from 5 to 20 years.
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