Fulfill your Dreamhome With Home Loan

By: Aditya Jaiswal

Home Loan is also called house loan or mortgage loan. The loan is given for new home (house/ flat/ kothi/ apartment) purchase, to renovate/ furnish the house, to purchase the plot/ land to build the house etc. Home Loan of rupees half a million to rupees hundred millions can be given to Salaried/Businessman. ROI is 6.5% + Flat. It varies depending on person's profile and Bank's criteria. A processing fee of 0.05% to 3% of the loan amount is payable upfront. This fee will be deducted from the disbursal amount payable to you. You pay the loan in equated monthly installments. The loan will be paid through post-dated cheques or through Standing Instructions or through ECS to debit your Bank account through ECS with the EMI amount. The person applying for a loan can purchase the property anywhere in India, provided the lender bank has a facility to verify that property at that place. Every Lender/ Bank now keeps a list of pre approved properties of certain builders and developers. One can go and see the list for faster loan approval and disbursal. Now few of the banker's finance Freehold/ Leasehold properties and the properties on power of attorney. The applicant can confirm from the marketing executives the exact option and choose the property accordingly. One indirect but a big benefit of taking loan on home is that your property get verified by the qualified and experts of real estate business and also by the bankers. The loan eligibility is calculated by seven different methods such as Income, Track Basis, Banking, Liquid Income, Credit Card or LIC etc.

Following are the factors for home loan eligibility:

Age factors: You must be at least 23 years of age when the loan is sanctioned for salaried employee or a Professional & Self Employed Persons/Businessman. The repayment should be complete before attaining the age of 65. Other cases can be taken up as special case and subject to approval of higher authorities of the bank. The loan applications in which point no. I and II are not satisfied a guarantor is taken as additional co applicant satisfying the criteria.

Income factor: Net Income of the concern should be greater than Rs. 100,000 P.A for salaried employees/Professional & Self Employed Persons/Businessman. Maximum of two person's income of the partners/directors holding a minimum of 25% stake each can be clubbed to the income of the concern. It can be increased/ Enhanced by Clubbing Income of Maximum Three Persons Which Can be family members in tree or chain, co-partner in business or co-partner in property.

Below Appended is the details of home loan Documentation, required to get a home loan.

Appointment Letter / Salary Certificate, Passport / Driving License / PAN Card / Election ID card, Passport / Driving License / PAN Card / Bank's Verification, Telephone Bill or Water Bill or Electricity Bill / Lease Deed Rent Agreement if rented / Passport, Lease Deed/ Registry or Other Ownership Proof / Electricity/ water Bill / Property Tax receipt, Appointment Letter / Salary Certificate, Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear. Profit/Loss Account & Balance Sheet or Auditor's report is required wherever applicable. Bank Statement of Last 6 Months of Individual/ savings Form 16 of Last 2 years should be provided*. *[these are all mandatory]. Loan Schedule/ Track of All Loans Showing EMI/ECS in Bank statement, Property Documents of Proposed Property to be purchased or to be pledged with Last 13 Years Chain and Application Form to be filled and signed, Bank Statement, and Signature Verification.

Al these things are very important factors in getting a home loan from any bank.

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