Home Loan
Document Criteria
AN EASY LOAN FOR YOUR DREAM HOME
Features
- Loan of up to Rs. 5 Crores*: Banks and financial institutions in India offer home loans that cover a substantial portion of the property cost, depending on the eligibility of the borrower and the value of the property.
- Low interest rates: The interest rates on home loans in India can be fixed, floating or a combination of both. Fixed rate loans offer stability with constant interest rates throughout the tenure, while floating rate loans can fluctuate depending on market conditions.
- Extended Tenure up to 30 Years: Enjoy the flexibility of a 30-year term that gives you ample time to repay the loan at your own pace and according to your wishes, while maximizing the appreciation potential of your property.
- Tax Benefits Upto 3.5 Lacs: With a home loan, you can claim income tax deductions on the interest due and the principal amount. Under the Income Tax Act, 1961, you can claim up to 1.5 lacs on the repayment of principal under Section 80C and up to 2 lacs on the repayment of interest under Section 24B. You can also avail other tax benefits through a home loan.
- Doorstep Services: Our doorstep service helps to skip branch visit and application process with requires minimal documentation, making it easier and faster for you to get your loan.
- No early repayment and foreclosure: Borrowers have the option to make partial repayments or cancel the loan before the end of the term. Some lenders charge prepayment penalties, while others offer the option of early repayment with no additional fees.
- Property Due Diligence: When you apply for a home loan, banks check the property from a legal perspective and make sure that the documents are valid and the ownership is clear. This step can save you from being cheated and passing this due diligence can validate your property.
- Insurance options: Protect your loan with optional insurance. Lenders may offer insurance products such as home loan insurance or mortgage protection insurance to provide borrowers and their families with financial security in the event of unforeseen events such as disability, serious illness or death.
- Capital appreciation: This refers to the increase in value of the property over time. With an "Enjoy Capital Appreciation Home Loan," the borrower can benefit from the potential appreciation of the property and build equity.
Eligibility Criteria
| Occupation | Age | Income | Employment | Credit Score |
|---|---|---|---|---|
|
Salaried |
21 years to 58 years |
Minimum Rs. 8,000 per month |
Minimum 2 to 3 years of Experience |
650+ |
|
Self-Employed (SENP & SEP) |
25 years to 65 years |
Minimum Rs. 2,00,000 per year |
Minimum 3 years Business Vintage |
700+ |
Additional Documentation
| Income Proof | |
|---|---|
|
Salaried |
1. Latest 3 month’s salary slips. 2. Latest 2 years Form16. 3. Latest 6 month’s salary account Bank statement required. 4. Copy of increment letter (If applicable) 5. If current employment is less than 1 year then total 3 years work exp. Proof ‘required – Latest employment Appointment Letter/ CTC) 6. Copy of repayment track record / statement of account is required if any existing loan. |
|
Self-Employed (SENP/SENP) |
1. Latest 2 years Income Tax Returns along with 2. Copy of Computation of Income, Profit and Loss A/C, Balance Sheet & Audit Report attested by C.A 3. Company profile / Website 4. Updated 1 year Current A/C & Saving A/C Bank statement as mentioned in Balance Sheet. 5. Partnership Deed (In case of Partnership company) 6. MOA / AOA (In case of Pvt Ltd company) 7. TDS certificate (If applicable) 8. Copy of Degree Certificate in case of professional. 9. Shop Establishment License / Gumasta /Udyam Registration / GST / VAT for Business proof. 10. Copy of repayment track record / statement of account is required if any existing loan. |
|
NRI |
1. Latest 6 month salary slip or salary certificate along with appointment letter or contract letter. 2. Latest 6 month salary credit reflected updated Bank statement and 6 month remittance reflected NRE a/c Bank statement. 3. Copy of repayment track record statement is required if any existing Loan. 4. Latest 3 years CDC (If applicable) 5. Latest Passport & Visa copy 6. Equifax report & W2 form (Not applicable for Gulf countries) 7. Work Permit OR Labour Card (If applicable) 8. Power of Attorney in Bank/NBFC’s format. 9. Overseas Residence Proof e.g. Any utility Bill, Rent Agreement, Allotment letter. |
Additional requirements with Application Form
- Processing fees cheque in favour of Banks/NBFC’s.
- Additional documents as per the Credit of Bank.
Documents required for Legal, Search & Valuation
Builder Purchase: - For individual legal / search & technical AND for APF
- Allotment letter along with draft agreement OR copy of registered purchase agreement.
- Copy of registered development agreement.
- Copy of power of attorney.
- Copy of ULC / NA order & IOD.
- Copy of latest title certificate along with search report.
- Approved plan / construction commencement certificate.
- Certificate of Occupancy (if any)
- Copy of extract 7/12 OR Property card.
- Additional documents as per legal requirements.
- Copy of registered tripartite agreement and registered lease agreement (in case of Navi Mumbai Property)
Resale Case : - For individual legal / search & technical
1. Copy of Previous chain of agreement/s along with stamp-duty receipt, registration receipt & Index II.
2. Copy of Current Draft Agreement.
3. Copy of Share Certificate (front and back).
4. Copy of Occupation certificate.
5. Copy of Society Registration Certificate.
6. Copy of latest property tax paid bill.
7. Copy of latest electricity bill and maintenance bill.
8. Additional documents as per the legal requirement.
Documents required for disbursement process:-
- Original Current agreement along with the stamp duty, registration receipt and Index II.
- Original Chain of agreement along with stamp duty and registration receipt (If Resale case)
- Original own contribution receipt together with the bank statement.
- Original share certificate. (In case of resale)
- Original NOC from Builder OR Society in Axis Bank format.
- Original demand letter from the developer.
- Letter / Mail from customer in favour of – Seller / Builder / Bank Name with Account No.
- Accepted Sanction Letter, all pages must be signed by all applicants.
- The loan agreement is to be signed by the applicant and co-applicant in BLACK INK only.
- In case of eNACH: 1 Pre EMI cheque, 1 security cheque, 1 cancelled
- Property insurance cheque along with form and calculation
- Life Insurance (completed form and calculation sheet required)
- Applicable Equitable Mortgage charges to be Banked & cleared prior to disbursement. (0.3% of the loan amount) fav. Bank/NBFC's
- Applicable Balance Processing fees & CERSAI charges of Rs. 118/- to be paid before disbursement. fav. Bank/NBFC's
- Additional documents are required according to legal requirements OR bank credit.
- PSD terms and conditions (if any – see 2nd page of sanction letter)
- OCR, NOC to verify (RCU)
- TDS undertaking
FAQs:
A home loan, or mortgage, is money borrowed from a bank or lender to buy a house. You pay back the loan over time, plus interest.
To qualify, you generally need a steady income, good credit history, and some savings for a down payment and closing costs.
A down payment is the initial payment you make when buying a home. It’s usually a percentage of the home’s price, typically ranging from 3% to 20%.
Yes, many loans allow you to pay off the loan early without penalties. Check your loan terms to be sure.
You’ll typically need proof of income, ID, bank statements, and information about the property you’re buying.
It may be more challenging, but some lenders offer loans to borrowers with less-than-perfect credit. You may need to pay a higher interest rate or make a larger down payment.
Principal is the amount of money you borrowed, while interest is the cost of borrowing that money. Your monthly mortgage payment typically includes both principal and interest.
Missing a mortgage payment can result in late fees, damage to your credit score, and potential foreclosure proceedings. It’s crucial to communicate with your lender if you’re experiencing financial difficulties to explore options such as loan modification or forbearance.
