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Home Loans

A home loan is an amount an individual borrows from a financial institution such as a housing finance company to buy a new or a resale home, construct a home or renovate or extend an existing one. The money is borrowed at a specific interest rate and repaid within a particular duration in smaller instalments known as EMIs (Equated monthly instalments).

Since the home loan is a secured loan given to build or buy a house, the lending institution will hold the original property related documents until the loan amount is fully repaid along with interest.

Owning a home is a universal goal, and a home loan is the bridge that turns that goal into reality. The essence of a home loan lies in its extended repayment period, affordable interest rates, substantial loan amounts, tax benefits, and the absence of prepayment penalties. It's the key that unlocks the door to your dream home.

  • Home Loans -buying a new apartment, row house, or bungalow, from a developer or a development authority.
  • Home Construction Loan - already own a plot and require funds for the construction of the house on that land.
  • House Renovation Loan -already own a house and want to renovate it
  • Home Extension Loan - fund the cost of adding a new room/floor to your home, extending the kitchen, building a new bathroom, etc.
  • Plot Loan -buy a plot with the intention of constructing your own home in the future
  • Balance Transfer Loan -allows you to transfer your existing home loan from one lender to another.

KYC Documents:

  • PAN Card
  • Aadhaar Card
  • Passport size photos-3 copies

Income Documents (Salaried):

  • Salary Slips of Last 6 Months
  • Form - 16 Last 2 Years
  • All Bank Statements of 1 Year from Till Date
  • Compnay ID Card Copy
  • Job Offer Later Copy

Income Documents (Self-Employed/Business):

  • Last 3 years IT-returns.
  • Balance Sheet - Computation & Profit-loss.
  • All Bank Statements of 1 Year from Till Date.(Current & Saving)
  • Udhyog-Aadhar, GST Certificate
  • Light-Bill of Business / Rent Agreement (If Rented)
  • Property Paper Copy (Master File)

Other Documents:

  • Last year Statement of account of Previous Loan
  • Sanction Letter of Loan
  • Latest Electricity Bill Copy
  • Rent Agreement (If Rented)

For Salaried Individuals (Normal Profile)

  • Indian citizenship is a must.
  • Age should be between 21 to 55 years.
  • Employment with Limited, Pvt. Ltd, Government, LLP, MNC, and certain other companies.
  • Minimum 6 months with the current company and 3 years overall (exceptions for Cat A companies).
  • Salary account required with ECS/NEFT salary credits.
  • Deductions like PF, PT, TDS from salary are needed.
  • CIBIL score of 700 or above.

For Salaried Individuals (Affordable Profile)

  • Indian citizenship is a must.
  • Age should be between 21 to 55 years.
  • Employment with Limited, Pvt. Ltd, Government, LLP, MNC, and certain other companies.
  • Minimum 6 months with the current company and 3 years overall (exceptions for Cat A companies).
  • ECS, NEFT, IMPS, or Bank Transfer salary credits, including cash salary.
  • Minimum salary of Rs. 15,000/- (Rs. 25,000/- for cash salary).
  • CIBIL score of 600 or above.

For Self-Employed Individuals (Prime Profile)

  • Minimum 4-year-old business (complete 3 financial years).
  • Minimum turnover of more than Rs. 5 lakhs.
  • Various business categories accepted.
  • Loan amount calculation follows the DSTR calculator.
  • 1-year-old current account required.
  • Loan amount based on average IT Return of last two years.
  • CIBIL score of 700 or above.

For Self-Employed Individuals (Affordable Profile)

  • Minimum 3-year-old business (complete 2 financial years).
  • Minimum turnover of more than Rs. 5 lakhs.
  • Multiple business categories accepted.
  • 1-year-old current or savings account required.
  • Average IT Return determines loan amount.
  • CIBIL score of 600 or above.
 
     
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