B - 146 Jai Ganesh Vision Akurdi
Pune - 411035
Home loan is a secured loan that is obtained to purchase/construct a property by offering it as a collateral. Home loan offers high-value funding at economical interest rates and for long tenors. The property can be a ready one or an under-construction property from a developer, a resale property, construction of a unit on a plot of land and also home loans can be availed to make improvements and extensions to an already existing unit and to transfer existing home loan from one financial institution to another. A home loan is repaid through EMI (Equated monthly installments) which consists of a portion of the principal borrowed and the interest accrued on the same.
| Criteria | Details |
| Age | 21-65 years |
| Profession | Salaried/Self-employed |
| Nationality | Indian Residents/ Non-Resident Indians(NRIs), Persons of Indian Origin |
| Repayment Tenure | The tenure of the home loan varies from maximum 20yrs-30yrs. But it all depends on your profile, age of the borrower at the time of maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as opted by the borrower etc. |
| Loan Amount | Maximum upto 95% of the property value also depending upon your credit profile and property profile. |
| Loan eligibility | The loan eligibility amount is calculated on the basis of IIR (Interest to Income ratio) of 0.40 -0.45 and in case of any other existing loans it is calculated on the basis of FOIR (Fixed obligation including new loan EMI to Income ratio) of 0.50. |
| Credit score | Interest rate may vary depending upon your credit score. |
| Co-Applicant | Adding Co-Applicant helps in maximizing the loan amount, adding women as Co-owner helps in getting better interest rate. Generally co-applicants are close family members. |
| For Salaried Applicant | For Self Employed / Business (Personal & Firms) |
Salary Slips – 3 Months (or Salary Certificate) Form16 – last 2 years Employer Certificate / Appointment / Increment Letter Employee ID Card If present job is less than 2 years, reliving letter fromlastemployer. Saving & Investment like FD, RD, Dematstatement, MFLIC. | IT returns – last 3 years Balance Sheet & Profit & loss A/c - last 3 years Gomasta License / Sales Tax Registration TDS Certificate (Form 16A, if applicable) Business profile Certificate of qualification (for C.A. / Doctor) |
| Property Document | Property documents for Loan Takeover |
NOC from Society / Builder Registered Agreement for Sale+Index II Occupancy Certificate Share Certificate, Maintenance Bill, Electicity Bill, property tax receipt Approved Plan copy (Xerox Blueprint) & Registered De-velopment agreement of the builder, Conveyance Deed (For New Property) Chain of all old Agreements for sale Payment Receipts Bank A/C Statement showing all the payments made to Builder / Seller Commencement Certificate & occupancy Certificate if applicable. | List of original document sheldat Bank Foreclosure letter from Bank with penalty Loan a/c statement from the Beginning Sanction Letter NOC from Society / Builder Registered agreement for sale Index-II of property Occupancy Certificate Share Certificate, Maintenance Bill, Elect or MTNL bill, property tax receipt Chain of all old Agreements for sale |