Finsure

Lenders generally finance for loan acquired from an institution.

Buying under – construction / new or resale residential property.
Construction of house
Buying a plot of land for construction of dwelling unit.
Renovation and extension of existing residential property.
Refinance of existing home loan.

Loan Amount

Normally financial institutes finance maximum up to 80 to 90 % of the agreement value or market value of the property whichever is lower. As per RBI notification, banks/NBFCs do not fund stamp duty and registration charges anymore. This means that your down payment will have to be at least 10 to 20% of the agreement value of the property plus 100% of other costs such as stamp duty, registration charges, etc.

The final loan amount is dependent on host of other factors like income and regular outgoings existing loans, repayment track record, valuation of the property by the lender etc.

Interest Type

Very few financial institutes offer pure “Fixed” interest rate that remains fixed for the entire duration of loan. Nowadays some lenders offer “ Dual rate” where the interest rate remains fixed for duration 1 – 10 years and then gets converted to floating rate of interest.

In “ Floating” rate , the interest rate fluctuates with market conditions. The rate of interest is tied up with the Base rate (BR) of the bank or Prime lending rate (PLR) of the Housing Finance Companies and gets affected whenever there are changes in the repo rates announced by RBI or any changes in Base rate / PLR of the lender.

Repayment Term

Most lenders offer maximum tenure of 30 years but it is also restricted by the borrower’s age at the end of the tenure so as to ensure that the loan repayment ends on or before the retirement age of the borrower which is usually 60 years for salaried and 65 years for self - employed borrowers.

Fees & Charges

Every loan has a costs attached to it like processing fees or administrative fees which are non - refundable, Legal fees payable to the lender or to the legal consultants of the lender, Stamp duty on creation of mortgage, etc. Foreclosure charges are applicable only on fixed rate loans taken from Bank/NBFCs.

Home Loans of upto Rs. 10 Crores
Flexible tenure of upto 30 years
Minimal documentation and faster approvals
Easy Home Loan available wherein you can save interest by maintaining balance in a linked account
Convenient loan disbursement process
Insurance options to cover your home loans at attractive premium
Balance Transfer and TOP UP options

Home Loan can be availed by salaried Individuals, self-employed individuals and self-employed professionals.

Salaried Individuals

Minimum net income of Rs. 120,000 per annum.
Minimum age at loan sanction – 24 years. Maximum age at loan maturity – 60 years.
Work Experience of minimum 1 year at current job and 2 years of total experience. If current job is less than 1 year, then 3 years of total experience required.

Self-Employed and Professionals

Minimum net annual income as per latest year ITR / Financials of Rs. 150,000.
Minimum age at loan sanction – 24 years. Maximum age at loan sanction – 65 years.
Business continuity of last three years in the same field.

For Salaried

PAN Card and Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
Last 2 years Income tax returns or Latest 3 month salary slip and last 2 Form 16 issued by the employer.
Agreement for sale and other property documents.

For Self-Employed

PAN Card and Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
PAN card, Partnership deed/ MOA, (for Partnership firm & Pvt. Ltd Company)
Latest audited ITR and financials for the last 3 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
Bank statements from the borrower's all account/s for last 6 months
Agreement for sale and other property documents.

For Self-Employed Professionals

PAN Card and Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or SaleAgreement / Bank Statement)
Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) Bank statements from the borrower's all account/s for last 6 months
Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.)
Agreement for sale and other property documents.

Note : Co – applicant is mandatory for all loans. Further documents may require after perusal of all documents. Terms & Conditions apply at the sole discretion of respective financial institution.

What is the maximum amount I can borrow?

You can borrow up to 80 to 90% of the cost of the property in case of Home Loans. However, in case of Commercial Loans against Property or Loans against an existing property you can borrow up to 60% of the cost of the property.

How will my loan eligibility be determined?

Your repayment capacity as determined by financial institutions will helpto decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability and continuity of occupation.

Home Loan