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.

Precautions while applying for new passports and seeking jobs outside India.

• While applying for a new passport, fill up the application form and pay the money at the counter of the Passport office personally, instead of the self proclaimed agents loitering outside.
• There are no authorized agents appointed by the Passport Authority.
• Passports cannot be SOLD. Touts may try it on you, but remember traveling on a bogus Passport is Illegal.
• Look for the registration number of the recruiting agents on all advertisements for jobs outside India.
• Insist on seeing the original registration certificate of the agent and check its validity before handing over your passport.
• Get your passport, valid visa, travel tickets and ensure completion of all immigration formalities before handing over full payment.
• Payment should be made only to the authorized agents and receipt thereof must always be obtained.
• The job seeker should know that the agent is bound to give employment to the candidate within 60 days from making the final payment.
• Prior agreement should be made regarding the type of job and terms of agreement should be gone through carefully.
• In the event of any foul play, the job seeker should immediately contact the local police station

Tips For Relocating

1. Research the school district in the area to which you will be
moving. This will help you narrow down potential neighborhoods
for your home search. Most cities have school information
on-line which makes it easy to evaluate and compare school report
cards, academic programs, sports programs, music programs and
special needs. Write down phone numbers so that you can make a
personal visit to the school during your home hunting trip.
2. If you have children who have particular hobbies or play
sports, you may also want to research local facilities and
programs. This may also narrow your home search.
3. Locate a realtor that will be ready to help when you arrive.
A good realtor will ask the right questions in advance so that
they can show you homes in the neighborhoods that will best suit
your family's needs.
4. In advance of your home-hunting trip, get a list of the local
lenders from your realtor. Not only will it be important to have
a pre-approval letter with you in order to make an offer on a
home, but using a local lender can be a blessing if there are any
last minute issues at closing.
5. When you arrive for your home-hunting trip, use the time to
also check out daycare facilities, elderly care, after school
care, or any other special needs you may have.
6. Bring measurements of your furniture with you during your
home-hunting trip. It's highly unlikely that every piece of
furniture you own will suit your new home, but having the size of
the major pieces with you will certainly help wean out those that
will be completely unsuitable. Obviously, this means you need to
take a tape measure with you also!
7. Keep important papers in your possession - do not pack them!
Birth certificates, marriage licenses, stock certificates,
divorce decrees, custody papers, passports, social security
cards, etc. should all be brought with you. Anything that may be
required to register your children in school, close on your home,
or would be difficult to replace should be brought with you.
Shot records, social security numbers, birth certificates, and in
the case of divorce, child custody papers are generally a
requirement to register children in school.
8. Get copies of all medical records, including any important
x-rays such as mammograms, to bring with you to your new home.
There may be a small charge for this, but it is worth it for the
continuity of your medical history.
9. Ditto with school records; some schools will only send them
directly to the new school, but you can give them written
permission in advance to do this. The new school can of course
request the records at registration, but it is much better for
purposes of planning your child's curriculum to have them at the
new school as quickly as possible.
10. Make a list of the phone numbers of all the people/companies
you need to call to cancel service in your old home. This
includes cable, phone and utilities, but don't forget lawn care,
daycare, cleaning people, etc. When you are ready to leave and
all of your paperwork is packed and on a truck, you will not be
wracking your brain trying to remember who you are supposed to
call. Your realtor should be able to provide you with a list of
all the services you may need -cable, phone, electric, gas, etc.
- in your new home.

Article Source: http://EzineArticles.com/45711

1. Make and use lists. We all forget things, even after remembering them several times. Put them on that list during one of these times. Make a list of things to do before the move, including getting school documents transferred, filling out change of address forms, returning borrowed books and movies, transferring prescriptions, getting maps, and arranging utility shut offs and start ups.

2. Call the moving company and make the reservation a month ahead. You don't want to discover that they are booked up on the date you need them. We found out that the type of van we wanted wasn't available, but this was easily resolved because we started the process early.

3. Sell and throw away things. Carefully consider what you need to keep. Many people spend hundreds of dollars to move things that will probably be thrown away some day. It isn't just about the expense either, but also about the hassle. When you are moving and especially when you are relocating to another city - this is the best time to get rid of the things you really don't need.

4. Have a rummage sale. This is a good way to get rid of those things, and you might even raise enough money to pay for the move. Again, it is best to be rid of your things before the move. We went to a after-the-move rummage sale the other day. What a shame to pack and pay to move all those things just to have to work to sell them for pennies later.

5. Start packing early. not only is it difficult to predict how long it will take until you are doing it, but you never know how much time you'll have later. Starting early means avoiding running around looking for boxes and packing materials at the last moment.

6. Pack an "essentials" box for when you arrive at your new home. This should have the things you need to make your arrival easier, like toilet paper, paper plates, soap and such. Carry the box where it is easily accessible.

7. Let everyone know where you are relocating to. Give family and friends of your new address and phone number(s), and do this before you have the current phone shut off. Call all your credit card companies with your new address. Change the address on any subscriptions too.

8. Check weather reports for moving day. You don't want to arrive in a snowstorm with your coat packed away somewhere. You will also need to allow for extra moving time if the weather is going to slow down traffic.

9. Save all your receipts. Keep receipts for moving expenses, like gas, hotel rooms, and anything else related to moving and relocating. Ask your accountant or tax preparer if you are eligible for a tax deduction for moving expenses. Usually you are, if the move is for employment purposes.

10. When you move into your new home, try to reestablish your routines quickly. If Friday night is normally movie night, don't break with the tradition. Moving and relocating are less traumatic if you have some consistency in daily life. If you're moving with children, this could be one of the more important moving tips.