Sunday, August 3, 2014

Home Loan Eligibility and documents

Loan Details
  • Rate of Interest differs according to the profile of the customer i.e company name, Salary.
  • Loan amount varies from 50,000 to 35,00,000
  • Processing Fees is the charges which bank incur while processing of Loan. It's between 1% - 4% of the loan amount.
  • Personal loan has a specific repayment schedule 1 to 5 years
  • Equated monthly Installment (EMI) comprise of Principal and Interest it is a fixed payment owed each month to repay the Loan
Eligibility Criteria
  • You should be either salaried , self employed or professional
  • You must be aged between 22 - 59, have a bank account and have some monthly Income
  • You must not have a history of bad credit or your loan should not be declined in Last 3 months
  • You should have some monthly repaying capacity
  • if you decide not to proceed with your Personal Loan application, Our Home loan/ Auto Loan/ Loan Against Property could help you get the money you need.
  • You can improve your Credit Score by maintaining a good credit history. This will be viewed favorably by lenders and it can be done with 6 simple rules:
    1. Always pay your dues on time
      Late payments are viewed negatively by lenders
       
    2. Keep your balances low
      Always prudent to not use too much credit, control your utilization
       
    3. Maintain a healthy mix of credit 
      It is better to have a healthy mix of secured (such as home loan, auto loan) and unsecured loans (such as personal loan, credit cards). Too many unsecured loans may be viewed negatively.
       
    4. Apply for new credit in moderation
      You don’t want to seem Credit Hungry; apply for new credit cautiously
       
    5. Monitor your co-signed, guaranteed and joint accounts monthly 
      In co-signed, guaranteed or jointly held accounts, you are held equally liable for missed payments. Your joint holder’s (or the guaranteed individual) negligence could affect your ability to access credit when you need it
       
    6. Review you credit history frequently throughout the year 
      Purchase your CIR from time to time to avoid unpleasant surprises in the form of a rejected loan application
Home Loan documents
Salaried Individuals
  • Salary slip/Form 16 A.
  • A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills.
  • A photocopy of Investments (FD Certificates, Shares, any fixed asset etc. or any other documents supporting the financial background of the borrower.
  • A photocopy of LIC policies with the latest premium payment receipts (if any).
  • Photographs (as applicable).
  • A photocopy of bank statement for the last six months.
Self-Employed/Businessmen
  • A brief introduction of Business/Profession.
  • Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA.
  • A photocopy of Advance Tax payments (if applicable).
  • A photocopy of Registration Certificate of estatblishment under shops and Establishments Act/Factories Act.
  • A photocopy of Registration Certificate for deduction of Profession Tax (if applicable).
  • Bank statements of Current and Saving accounts for the last 6 months.
  • A photocopy of Certificate of Practice(if applicable).
  • A photocopy of any bank loan (if applicable).
  • A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
  • A photocopy of LIC policy (if applicable).
  • A photocopy of LIC policy (if applicable).
If a flat is purchased from the builder
  • Original copy of your agreement with the builder.
  • 7/12 extract or property register card of the land under construction.
  • Index II extract of your agreement with the builder.
  • Copy of N.A. permission for the land from the collector.
  • Search and title report (with the details of documents) for the last 30 years.
  • Development agreement between the owner of land and the builder.
  • Copy of order under the Urban Land Ceiling Act.
  • Copy of building plans sanctioned by the competent authority.
  • Commencement certificate granted by Corporation / Nagar Palika.
  • Building completion certificate(if available).
  • The latest receipts of taxes paid.
  • Partnership deed or memorandum of association of the builders firm.
If the property is being purchased is in a Cooperative Society
  • Original share certificate of the Society.
  • Allotment letter from the society in your name.
  • Copy of the lease deed, if executed .
  • Certificate of the registration of the society.
  • Copy of the byelaws of the society.
  • No objection certificate from the society.
  • 7/12 extract or property register card in the society's name.
  • Copy of N.A permission for the land from the collector.
  • Search and title report(with the details of documents) for the last 30 years.
  • Copy of order under the Urban Land Ceiling Act.
  • Copy of the building plans sanctioned by the competent authority.
  • Commencement certificate granted by Corporation / Nagar Palika.
  • The latest receipts of taxes paid.
  • Original Agreement to assign / Deed of assignment.
If constructing on own land
  • Original sale deed of land and extract of Index II.
  • 12 extract or property register card in your name.
  • Copy of N.A. permission for land from the collector.
  • Search and title report (with the details of documents) for the last 30 years.
  • Copy of order under Urban Land Ceiling Act.
  • Copy of the building plans sanctioned by the competent authority.
  • Building permission granted by Corporation / Nagar Palika.
  • The latest receipts of taxes paid.
  • Estimate of cost of construction certified by the architect.
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