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When can I apply for a home loan?

If you are at-least 21 years of age or 2 years minimum employment or self employed with regular income. In fact, you can even apply for the loan, before you have identified your home/apartment.

What are the minimum and maximum loan amounts?

You can avail Home loans ranging from Rs.2 lakhs to Rs.10 crores depending on your eligibility viz., income and repayment capacity.

For What purpose can any-one avail Home Loan?

You can avail Loan

  • For Purchase of an ready-built Apartment/Apartment under construction/Re-sale of an Apartment

  • For Purchase of ready built house/house under-construction/re-sale of House

  • For purchase of Land-cum-construction

  • For renovation and extension of existing Home

How many persons can be co-applicants and whether their income can be clubbed for taking Home loan?

In case of home loan, the loan eligibility can be increased/ enhanced by clubbing income of maximum three persons which can be Father/Mother/Spouse. Some Institutions accept brother also as co-applicant and include his income for eligibility purpose.

What will be the repayment period for Home loan?

The maximum repayment period for the loans is

  • Home Loan: 20 years. Some Institutions now even consider Home Loans up to 25 years.

  • Home extension Loan: 15 years.

  • Home improvement Loan: 8 to 15 years.

  • Loan Against Home: Up to 15 years for all applicants.

  • Land Finance: 10years (Selected Banks offer 15 years)

  • NRI loan: Up to 15 years for all applicants. The tenor varies from Bank to Bank.

Mode of Repayment?

The repayment period of your loan should not exceed your retirement age or 65 years , whichever is earlier.

Mode of repayment will be through Post-Dated Cheques or ECS or Standing instructions through your account. (If you are an existing customer)

What will be the pre-payment/part-payment penalty?

Most of the Banks charge 2% and above towards pre-payment if the loan is shifted to some other Bank/Institution.
Some Banks has certain restrictions reg. pre-payment period.

Some Banks charge part-payment penalty. They also have restriction on the number of times re-payments are accepted in a year.

Do I have to provide any specific security?

The primary security for the loan shall be first mortgage of the home being purchased / constructed. It is in your interest to ensure that the title of the house is clear, marketable and free from encumbrances. All the Nationalized Banks insist for Registration of Mortgage for which the Fees are to be borne by the borrowers.

Whether Guarantor is required for availing Home Loan?

While Guarantor is not mandatory, lender will insist for Guarantor on case-to-case basis.

What documents will I require while applying for the loan?

The following list of documents will be required

Personal Documents

  • Age, Identity & Signature Proof, which can be established from the Pan Card/ Passport/ Election ID / Driving License/ Employers ID.

  • Current Residence Proof : Passport/Telephone Bill/ Mobile Bill/ Credit card statements/ Bank Statements/ Lease Agreement / Employer Certificate

  • Latest Colour Photographs

Income Documents

For salaried individuals

  • Latest 3 months salary slip

  • Bank statement for the last six months. (Salary credit and if any account also )

For self employed individuals

  • Last 3 years ITR ( Certified copies of the Balance Sheet and Profit & Loss Account, saral copy, Depreciation schedule, Form 3CB,3CD)

  • Profile of the company

How do I repay the loan?

  • Repayment of your loan will be in Equated Monthly Installments (EMIs), comprising of principal and interest calculated on a monthly rate basis.

  • The EMIs will commence after the final disbursement, Till such time you have to pay only interest till final disbursement.

  • The EMIs are payable every month and will be collected on diminishing balance.

How will my loan get disbursed?

Once you accept the sanction letter, your home loan will be disbursed upon

  • Selection of the property

  • Submission of legal and property documents

  • After Payment of your own contribution

  • Execution of Loan Documents by the Applicant & Co-applicant.

  • The loan amount will be disbursed in full or in installments depending on the progress of construction.

What will be the rate of interest and fees applicable?

Rates and Fees vary from Bank to Bank and is given separately which may be referred.

Are my property documents safe?

Most of the Banks/Home finance companies keep the documents in a centralized vault.

Should I obtain Legal Opinion from an Advocate even if I purchase through a Builder/Developer of Repute?

Of-course! It is advisable to obtain a legal opinion from an Advocate and this will help in obtaining a second opinion over and above the opinion provided by the Builder/Developer and also the Lender.

What are the other parameters for Banks and Housing Finance Companies to consider the Loan?

  • Physical Verification of Your Office & Residence, Salary Slip & Bank Statements.

  • Phone Verification Residence and Office.

  • Verification through your references provided in the Application Form.

  • Credit Check through CIBIL

  • If you have already availed Loans from Banks/Housing Finance Companies or NBFCs, Banks will ensure your repayment track for the same and also verify your Credit Status.

Whether an NRI Loan will be converted into Resident Indian Loan if the borrower is back to India for good?

Based on the revised Income, the repayment is re-scheduled. It will be done on the outstanding balance as on that particular date.