Home Loan

First Asked Questions

Q. What are the eligibility criteria for availing Home loan?

A. A person in the age group of 18 to 55 including Non Residents Indians (NRIs) can avail home loan: a)if they are salaried individuals with minimum service of 3 years and b)individuals engaged in business & self employed like Doctors, CAs etc. Further, the bank will check your eligibility in terms of your Income, Income tax return, repayment of past loans, assets & liabilities etc. Further, the loan will be sanctioned for 80% of the market value of the property given it has an approved map and registered.

Q. What is the minimum and maximum tenure for repayment of home loan?

A. The tenure ranges from 10 years to 30 years

Q. For what purposes can home loan is sanctioned?

A. The home loan is sanctioned for the following purposes:

 For construction of house/flat
 For purchase of plots
 For undertaking expansion of existing units or for repairs and renovations.

Q. How many days will be required for disbursement of loan?

A. From the day of submitting your complete documents to our executive to loan disbursement by bank, it will take around 7 to 15 days.

Q. Is there an option of prepayment of home loan?

A. Yes you can prepay your home loan with no charges applicable in case your loan is on floating interest rate; however some charges may apply in case your loan is on a fixed rate of interest which varies across the banks.

Q. From which month my EMI will be start deducting from my account?

A. The EMI will start from the next month of loan disbursal. For example, if your loan gets disbursed on 1st May, then your EMI will start from 1st June. Further, after six months of payment of EMI you can take top up on your home loan.

Q. What are the documents required in order to apply for a home loan?

 Last 3 Months Salary Slip (For Salaried)
 Last 2 Years ITR with computation of Income (For Self Employed)
 Last 1 year Bank statement (For Self Employed )
 Last 6 months Bank statement (For Salaried)
 Form-16 (For Salaried)
 Pan Card
 Aadhaar card
 Co. Applicant Photograph
 Co. Applicant ID Proof & Address Proof
 Approved Map of the house
 Property Papers Chain
 Builder Buy Agreement
 Processing Fee Cheque