Home Loan Guide
A home loan is a secured loan wherein a bank or a financial institution lends you money to help you purchase your dream home. It is generally given for a longer duration compared to other loan types because the amount borrowed is usually higher and requires a longer repayment plan.
Types of home loans
There is a home loan for every requirement, take a look:
- Home Purchase Loans: Avail these when buying a new home
- Land Purchase Loans: Choose them when you buy property for either investment or construction purposes
- Home Construction Loans: Opt for a home construction loan, if you plan to build a house over an already owned land.
- Home Improvement Loans: Avail these when you are about to start a home repair or renovation project
- Home Conversion Loans: Transfer your existing home loan into a new loan amount by availing a home conversion loan when you wish to buy a new house but already have a home loan over an existing property
- Home Extension Loans: Opt for this loan type when you plan to extend your existing home
- Bridge Loans: Opt for a bridge loan when you plan to buy a new house while looking for the right buyer to sell off your already existing home
Salaried individuals, individuals engaged in business / professionals and self-employed persons.
- Persons above the age of 55 years are also eligible subject to certain stipulations of RBI.
- Mortgage of House / Flat
- Documents / Formalities:
For more details, please visit our office or call to 7034335335
- Stipulated Loan Application with 2 passport size photos of applicant / guarantor
- Sale Deed
- Agreement for Sale
- Copy of the approved plan for the proposed construction / extension / addition
- Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
- Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
- Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
- Salary Certificate and Form No.16 (in case of salaried persons)
- IT Returns filed for the past two years (in case of non-salaried persons)
- A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
- Balance Sheet and P&L Account for the past three years (in case of self-employed)