The right loan could mean getting your dream home cheaper

To own a property was a dream to our parents and was achieved in the last years of their career… and getting a home loan was herculean task which will involve months to get… times have changed so the priority of this generation… the first asset most of the new generation looks at is purchasing a home for himself…and it very clear from the fact that the average buyer’s age is reduced to below 30 years and still reducing.

Banks and HFC’s have designed products clearly adapting to this change, and today choices are many, which for the customer is difficult to understand and decide.. and many times take the wrong decision.

We understand this fact and hence have trained our relationship officers to give the right choices either in getting the maximum loan amount, best rate of interest and flexible part-payment and foreclosure clauses..

We do a need based analysis and give the best comparison of products, guide you to decide on the best product… and give tailor made services till the final disbursement and property registration.

Product Details

Purchase of Ready to occupy House / Villa / Apartment

  • Customer can avail a loan to purchase a ready to occupy house/ villa / apartment, the maximum funding is up-to 80% of agreed value between seller and buyer OR 80% of value as assessed by the panel valuer of bank.,(whichever is lesser).
  • Loan will be disbursed to the seller during property registration.
  • Customer is entitled to get income tax benefits as per IT act.

Purchase of Plot and Construct (Composite Loans)

  • Customer can avail a loan to purchase a plot and construction thereafter, the maximum funding is up-to 70% of agreed value of plot between seller and buyer OR 70% of value as assessed by the panel valuer of bank., (whichever is lesser).
  • Loan will be disbursed to the seller during property registration.
  • After the property is registered, customer has to get the Khata transferred to his name, pay the latest property tax, apply for sanction plan and get an estimate from his engineer/architect.
  • The maximum funding is up-to 80% of estimate OR 80% of value of construction as assessed by the panel valuer of bank, (whichever is lesser).
  • Customer needs to invest 20% margin on construction post which bank will release the construction loan to customer directly in stages as per progress.
  • Customer is entitled to get income tax benefits as per IT act.
  • ** Customer needs to start the construction within the maximum time stipulated as per bank; else will attract additional interest rate.

Purchase of Under Construction Apartment / Villa

  • Customer can finalise a property which is under-construction apartment/villa from builders, the maximum funding is up-to 80% of agreed value between seller and buyer OR 80% of value as assessed by the panel valuer of bank, (whichever is lesser).
  • Loan will be disbursed to the Builder as per construction schedule mentioned in the agreement and as per satisfactory report from panel valuer of bank which is done periodically till project completion.
  • Property will be registered in favour of customer after the property is complete and all dues paid to the builder in case of apartment/ villa; and in case of villa some builders will register the plot in favour of customer initially and then construct the villa.
  • Customer is entitled to get income tax benefits as per IT act.

Extension / Renovation of Existing Home

  • Customer can avail a Home loan to extend his present house or to renovate his house, the maximum funding can go up-to 100% of estimate OR 80% of value as assessed by the panel valuer of bank.,(whichever is lesser).
  • Extension Loan: Customer needs to pay the latest property tax, apply for sanction plan and get an estimate from his engineer/architect; Loan will be disbursed to the customer in stages as per progress in construction.
  • Renovation Loan: Customer needs to get an estimate from his engineer/architect; only renovation work which will add value to the property will be considered like civil renovation work, fixed interiors, kitchen cabinets etc..
  • Customer is entitled to get income tax benefits for Extension loan as per IT act.

Home Loan Balance Transfer

  • Here the customer can transfer his present Home loan from the present bank to a different bank to get the benefit of a Lower Interest Rate or to get additional loan.
  • Loan will be disbursed to the present bank directly and the new bank will collect the property original documents, the process to take over the loan is usually 15 days as the property documents will be in a safe of the present bank in a different location.
  • Customer can also avail Unmonitored Top-up by leveraging the appreciated value of property, the Top-up amount can be utilised as a personal loan by the customer; advantage is that the customer will get a 15 years loan at a lower rate of interest considering the personal loan Rate of interest and hence reducing the emi amount.
  • Customer is entitled to get income tax benefits for the Home Loan part as per IT act.

Purchase of Plot

  • Customer can avail a loan to purchase a Residential Plot in the City jurisdiction as per policy of Bank, the maximum funding is up-to 70% of agreed value between seller and buyer OR 70% of value as assessed by the panel valuer of bank.,(whichever is lesser).
  • Loan will be disbursed to the seller during property registration.
  • Customer is NOT entitled to get income tax benefits as per IT act.
  • Customer needs to start the construction within the maximum time stipulated as per bank; else will attract additional interest rate.
  • Customer has an option to convert the Plot loan to Composite loan by availing additional loan for Construction.

General checklist

Salaried

  • Application form to be filled and signed by applicant and co-applicant.
  • One Passport Size photo of applicant and co-applicant.
  • Copy of Latest Telephone bill for residence address proof.
  • Copy of Pan Card of applicant and co-applicant.
  • Copy of last 3 months payslip and CTC letter.
  • Copy of last 2 years Form 16 and Saral.
  • Copy of last 6 months bank stmt where salary is credited.
  • Processing fee cheque in favour of Bank/ HFC’s.
  • Details of Present loans with sanction letter and repayment track record.

Self –Employed

  • Application form to be filled and signed by applicant and coapplicant.
  • One Passport Size photo of applicant and coapplicant.
  • Copy of Latest Telephone bill for residence address proof.
  • Copy of Pan Card of applicant and co-applicant.
  • Copy of Registration certificate of firm.
  • Copy of last 2 years ITRs with Statement of Income, Profit & Loss Account, Balance sheet with Form 3cb & 3cd.
  • Copy of last 12 months bank stmt
  • Copy of Partnership deed in case of partnership firm.
  • Copy of MOA & AOA in case of Pvt ltd co.
  • Processing fee cheque in favour of Bank/ HFC’s.
  • Details of Present loans with sanction letter and repayment track record.

Additional Documents

Pre-Approved Projects (Direct Purchase from builder)

  • Copy of Allotment letter.
  • Copy of Cost Breakup letter.
  • Copy of Sale and Construction agreement.
  • Copy of Assignment agreement (if transferred from assignor)

Un- approved Projects (Direct Purchase from builder)

  • Copy of legal documents of the project.
  • Copy of approved plan for the project.
  • Copy of Allotment letter.
  • Copy of Cost Breakup letter.
  • Copy of Sale and Construction agreement.
  • Copy of Assignment agreement ( if transferred from assignor).

Individual Resale house:

  • Copy of legal documents of the property.
  • Copy of approved plan for the property.

Plot Purchase:

Pre-Approved project:

  • Copy of Allotment letter.
  • Copy of Cost Breakup letter.
  • Copy of Sale agreement.

Un- approved Projects:

  • Copy of legal documents of the project.
  • Copy of approved plan for the project.
  • Copy of Allotment letter.
  • Copy of Cost Breakup letter.
  • Copy of Sale agreement.

Balance Transfer loans:

  • List of original documents held in bank
  • Foreclosure-Quote.
  • Loan sanction letter and Repayment track record.
 
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