HOME LOAN

---

These type of loans are  provided for purchase of ready to move or resale properties. Loan amount approved by the financial institution is based on the registered value of the property, market value of the property and profile of the customer.

These type of loans are provided when the property being purchased is being sold by the builder directly. Generally offered for purchase of High Rise Apartments, loan amount depends upon the value of the builder buyer agreement (BBA). Typically customer has to pay a margin tot he builder ranging from 10% - 25% depending upon the cost of the property and rest can be funded by the financial institution.

This type of loan is basically a mechanism of transferring an existing Home Loan to a different lender who is offering better terms and conditions with possibly a lower interest rate. These type of loans offer a proposition to reduce the interest burden on the customer given that there are Nil Foreclosure charges on closure of  Home Loans.

These type of loans are provided for under construction properties like High rise Apartments where payment to the builder is to be done basis completion of the project. Slab wise disbursements  with customized repayment options are the unique features of this product.

These type of loans are generally provided where customer wants to purchase a residential land parcel to build the structure himself. In Composite Loans, plot purchase loan is provided on the basis of the registry value of the property along with a separate loan being booked for construction which can be availed when the customer starts construction of the property. 

These type of loans are provided when the property is already registered in the name of the customer and customer wants additional funding for re-construction of the property, repairs and renovations and getting additional construction done in the property.

Top up Loans are provided when a customer is already running a Home Loan from a financial institution and requires additional funds for personal/business use like higher education of children, marriage, furniture and fixtures, expanding the business. Many banks also have an option of providing a Drop Line Overdraft (DOD) to the customer availing a top up loan. End use of the loan is to be properly justified while availing this kind of a loan. The processing fees is generally a bit higher in these kind of loans.

• PAN Card (mandatory) and any one of the below documents:
• Copy of Passport / Voters ID / Aadhaar card / Driver`s license

• Copy of last 3 months salary slips
• Copy of last 12 months bank statements in pdf Format - showing salary credits
• Copy of last 2 Years Form-16 both Part A & B or Income Tax Returns with Acknowledgment

• Copy of entire chain of property documents
• Property Tax paid Receipt
• Sanction Map approved by requisite authority- only of applicable

• Last 12 months Bank Statements in pdf format showing repayment of any ongoing loans
• Appointment letter or employment contract in case current employment is less than a year old
• A photograph of all applicants/co-applicants.
• Repayment schedules for any ongoing loan
• Sanction letter of any OD/CC limit availed from any financial institution
• Login Fees Cheque along with duly filled application form

Individual

• PAN Card (mandatory) and any one of the below documents:
• Copy of Passport / Voters ID / Aadhaar card / Driver`s license

For Proprietorship/Partnership/Private Limited Firms

• PAN Card of the Firm- in case of Partnership firm or Pvt Ltd Company
• GST Registration Certificate- For Proprietorship/Partnership/Private Limited Firm
• Partnership Deed- in case of Partnership Firms
• MOA, AOA, Latest CA attested list of directors and shareholders- in case of Private Limited Company

Individual

• Latest 3 Assessment Year Income Tax Return Acknowledgment and  Computation of Income for all Partners/Directors
• Latest 12 Months Savings Account Statements in pdf format for all partners/directors

For Proprietorship/Partnership/Private Limited Firms

• Income Tax Return  Acknowledgment along with the Computation of 3 Assessment Years
• Balance Sheet and Profit & Loss account (with schedules and audit report) – audited or CA Certified
• GST Returns 3B for last 12 Months in pdf Format
• Tax Audit Report for Latest 3 Assessment Years
• Latest 3 Years Individual Director Report- For Pvt Ltd Company
• Copy of last 12 months Current Account statement and OD Account statement, if any, in pdf format of the business entity

• Copy of entire chain of property documents
• Property Tax paid Receipt
• Sanction Map approved by requisite authority- only if applicable

• Last 12 months Bank Statements in pdf format showing repayment of any ongoing loans
• A photograph of all applicants/co-applicants.
• Repayment schedules for any ongoing loan
• Sanction letter of any OD/CC limit availed from any financial institution
• Login Fees Cheque along with duly filled application form