Information for Home Loans
When applying for a loan?
You can apply for a loan any time after the acquisition or construction of a property or even if you have not selected the property or not yet begun construction.
Eligibility conditions
The HFC will always determine your repayment capacity based on your age, income, income of spouse, number of dependents, assets, liabilities, stability and continuity of occupation and your savings history.
How to apply for a home loan?
On stage before the admission, you must submit certain documents as Proof of Age "," Copy of Bank A / C statements for the last 6 months, a copy of the last credit card statement and passport photograph. Furthermore, when an employee you must have your salary and TDS certificate, last pay slip and letter will present employer. If you are self-employed or an entrepreneur, you will find a copy of the audited financial statements for the last 2 years and need a copy of the registration certificate of establishment under shops and establishments Act / Act factories.
Maximum loan amount
After assessing your loan application of HFCs in-principle will sanction your loan amount. In most cases, the maximum loan amount is 75% -80% of the asset, which can vary between Rs. 1 lakh to Rs 1 crore depending on the housing finance company.
Repayment period options
Repayment is made by EMI and the term is usually for 5-15 years.They can be a longer term of 20 years but offered at a higher interest rate.
Security
The property is purchased, the security and is mortgaged to the HFC for the entire loan term. But in some cases, such as where the property is located in the structure of the HFC can for additional security such as the assignment of life insurance policies, pledge of shares and units of investment funds, bank deposits or other investments to ask.
Fees and charges
Apart from the application processing fee may be a prepayment penalty for early retirement of loans, commitment fees, consulting fees etc
