Home Loans

OVERVIEW

To avail Loan for purchasing a new home, renovation of existing home, built home on own plot, purchase a plot, Extent current home.
Owning a home is dream of every one and this dream loan knows as Home loan. Home loan is always valuable because of its long tenure repayment, cheap interest rate, and high loan amount, interest deduction in income tax, no pre payment charges and many more big benefits. Home loan is availed to own a new dream home.

Home loans criteria are very different for all banks and for all NBFC. Nationalized banks give maximum 85% of agreement. Beside Multinational banks doing up to 140-150% of agreement amount by including extra works. And NBFC goes up to 150% of agreement amount (only in case of market value is more higher than agreement value then maximum 75% of market value). Rate of interest are differ as per bank. All banks and NBFC are working under the norms of RBI and only Home loan License holder NBFC can do home loans. Note that banks includes charges like Stamp Duty, Registration Charges, etc but not includes charge like maintenance, parking while considering the home loan amount eligibility.

Home loans are offered for small tenure to long tenure. You can avail it by your financial capacity and your age limit for 5 years to 30 years. You can also restructure your home loan by doing part payment or extra payment. Both two option are always open for your loan firstly to reconstruct you loan tenor or secondly reconstruct your EMI.

Before some year home loans is offered by fix rate scheme or floating rate scheme. But now RBI change his norms and no bank can offer Home loan for fix rate for whole tenure. Bank can offer fix rate for first year or first three year but then after it convert in to floating rate. Floating rate is depends on base rate. So when there are any changes announced by RBI it directly affected to your home loan interest. If it is decreased then your rate is also decrease and if it is increase then it increase.

Pre payment penalty is totally reduced by RBI and it is compulsory for all banks and NBFC who are dealing in Home loan. But there is some condition applied by some banks and NBFC that if you prepay loan by your own fund then there is no penalty but if you takeover it to other financial institution then it will takes penalty of 2% to 4% depends on company’s internal policy.

DOCUMENT FOR HOME LOAN (SALARIED)

  • 3 Month Salary slip Latest
  • 6 Month salary Bank account
  • Company Appointment Letter
  • Last two year form no. 16 or 26AS
  • 3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
  • Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
  • Resident light bill latest
  • Rent Agreement (If Rented)
  • If any loan live then welcome letter of all
  • 1 Passport size photo (Applicant + Co- Applicant)
  • Visiting card
  • Office I-card
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Banakhat copy or Draft sale deed or Booking letter
  • Property Master file copy

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

BALANCE TRANSFER AND TOP UP DOCUMENT FOR HOME LOAN (SALARIED)

  • 3 Month Salary slip Latest
  • 6 Month salary Bank account
  • Company Appointment Letter
  • Last two year form no. 16
  • 3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
  • Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
  • Resident light bill latest
  • Rent Agreement (If Rented)
  • If any loan live then welcome letter of all
  • 1 Passport size photo (Applicant + Co- Applicant)
  • Visiting card
  • Office I-card
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Property Master file copy
  • Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
  • List of Document from current loan bank (LOD)
  • Foreclosure letter from current Loan bank.

PROPERTY DOCUMENT LIST (XEROX COPY)

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

HOME LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

  • 3 years ITR with profit and loss amount, balance sheet and statement of income (audit report if audited)
  • 12 months current account statement (All account mentioned in Audit report and IT return)
  • 12 months saving bank account
  • Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
  • Pan card copy and Aadhar card copy
  • Welcome latter of all current live loans
  • 2 photographs passport size
  • 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
  • Current year provision P&L and balance sheet
  • GST return of current year
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Banakhat copy or Draft sale deed or Booking letter
  • Property Master file copy

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

BALANCE TRANSFER AND TOP UP DOCUMENT FOR HOME LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

  • 3 years ITR with profit and loss amount, balance sheet and statement of income (audit report if audited)
  • 12 months current account statement (All account mentioned in Audit report and IT return)
  • 12 months saving bank account
  • Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
  • Pan card copy and Aadhar card copy
  • Welcome latter of all current live loans
  • 2 photographs passport size
  • 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
  • Current year provision P&L and balance sheet
  • GST return of current year
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Property Master files Xerox copy
  • Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
  • List of Document from current loan bank (LOD)
  • Foreclosure letter from current Loan bank.

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

CASH SALARY HOME LOAN DOCUMENT LIST

  • Salary certificate with current date and current monthly salary
  • Experience certificate with total job experience with current company
  • 3 years old job continuity proof ( If not working with current company from 3 years)
  • 12 month bank statement
  • Applicant + co-applicant pan card copy
  • Applicant + co-applicant Aadhar card copy
  • Current Residence proof latest (rent agreement, Aadhar card, Driving License, Light Bill with applicant Name, Bank passbook, Telephone or mobile bill)
  • 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
  • Current year provision P&L and balance sheet
  • Any live loan then welcome letter
  • 2 + 2 passport size photo (Applicant + Co-Applicant)
  • 1 Login cheque (In favor of Bank name)
  • Property Master file copy
  • Banakhat copy or Draft sale deed copy

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

DOCUMENTS FOR HOME LOAN FOR BUSINESSMEN (PVT.LTD COMPANY)

  • 3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
  • 12 month current account statement
  • 12 month saving bank account
  • Resident latest light bill and telephone bill
  • Office latest light bill and telephone bill (Rent agreement if rented)
  • Pan card copy of all Directors and company
  • Company MOA and AOA`
  • Latest share holding pattern and List of Director on company letter head
  • Welcome letter of all current live loans
  • 2 photograph passport size
  • 5 years old business continuity proof
  • Current year provision P& L and balance sheet
  • GST Return of current year
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Banakhat copy or Draft sale deed or Booking letter
  • Property Master file copy

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

BALANCE TRANSFER AND TOP UP DOCUMENTS FOR HOME LOAN FOR BUSINESSMEN (PVT.LTD COMPANY)

  • 3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
  • 12 month current account statement
  • 12 month saving bank account
  • Resident latest light bill and telephone bill
  • Office latest light bill and telephone bill (Rent agreement if rented)
  • Pan card copy of all Directors and company
  • Company MOA and AOA`
  • Latest share holding pattern and List of Director on company letter head
  • Welcome letter of all current live loans
  • 2 photograph passport size
  • 5 years old business continuity proof
  • Current year provision P& L and balance sheet
  • GST Return of current year
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Property Master file copy
  • Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
  • List of Document from current loan bank (LOD)
  • Foreclosure letter from current Loan bank.

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

DOCUMENTS FOR HOME LOAN FOR BUSINESSMEN (PARTNERSHIP FIRM)

  • 3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
  • 2 Years Individual IT return of All Partners
  • 12 months current account statement (All account mentioned in Audit report and IT return)
  • 12 months saving bank account Individual Partners
  • Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
  • Pan card copy and Aadhar card copy of all partners and pan card of company
  • Partnership deed
  • Welcome latter of all current live loans
  • 2 photograph passport size
  • 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
  • Current year provision P&L and balance sheet
  • GST return of current year
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Banakhat copy or Draft sale deed or Booking letter
  • Property Master file copy

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

BALANCE TRANSFER AND TOP UP DOCUMENTS FOR HOME LOAN FOR BUSINESSMEN (PARTNERSHIP FIRM)

  • 3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
  • 2 Years Individual IT return of All Partners
  • 12 months current account statement (All account mentioned in Audit report and IT return)
  • 12 months saving bank account Individual Partners
  • Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
  • Pan card copy and Aadhar card copy of all partners and pan card of company
  • Partnership deed
  • Welcome latter of all current live loans
  • 2 photograph passport size
  • 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
  • Current year provision P&L and balance sheet
  • GST return of current year
  • 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
  • Property Master file copy
  • Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
  • List of Document from current loan bank (LOD)
  • Foreclosure letter from current Loan bank.

PROPERTY DOCUMENT LIST

  • Builder agreement
  • Society registration permission letter
  • Society registration certificate
  • Unit plan and Layout Plan
  • N.A Permission
  • Permission of construction
  • Allotment letter
  • Possession letter
  • Payment receipts
  • Share certificate
  • Agreement with builder
  • Village no. 6
  • Village no. 7 x 12

Type of Home Loan

  • Home loan for buying House/flat/Row house/Bungalow/ Tenament
  • Home Loan Balance Transfer (BT Loan)
  • Home Loan for Plot Purchase
  • Home Loan for construction of House
  • Plot Plus Construction Loan
  • Home Loan for Home Expansion or Extension
  • Home Renovation Loan
  • Home Loan For NRI