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1.
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Issuing of application to the party. |
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2.
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Receive
back the filled application |
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with
Applicant Salary Certificate |
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guranter
form: |
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3.
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Interview
with agent and staff |
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4.
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Agreement
submission |
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a.
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Construction
agreement |
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b.
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Agreement
of sale |
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c.
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Parent
document |
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d.
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E.C.
upto date |
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e.
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Plan
copy and plan permit |
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5.
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Counselling
at loan office |
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6.
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Payment
of processing fee according to the loan amount |
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7.
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Legal
process and title verification |
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8.
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Loan
offer |
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9.
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Site
inspection |
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10.
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Payment
of administrative fee |
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11.
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Documentation |
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12.
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Post
dated cheque |
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13.
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Deed
of guarantor |
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14.
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Loan disbursement |
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stage1
stage2
stage3
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| Home
Loans can be applied for by either individually or jointly. Proposed
owners of the property, in respect of which the loan is being sought,
will have to be co-applicants. However, the co-applicants need not
be co-owners. |
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| Loans
can be availed upto a maximum of 85% of the cost of the property (including
the cost of the land). Institutions lend upto a maximum of Rs.1,00,00,000
on a Home Loan to an individual. You can repay the loan over a maximum
period of 20 years. |
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You
must be at least 21 years of age when the loan is sanctioned. |
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The
loan must terminate before or when you turn 65 years of age or before
retirement, whichever is earlier. |
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You
must be employed or self-employed with a regular source of income.
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| Loan
Amount |
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| A number
of factors are taken into account when assessing your repayment capacity.
Your income, age, number of dependants, qualifications, assets and
liabilities, stability/ continuity of your employment/ business are
some of them. |
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| However,
there are ways by which you can enhance your eligibility. |
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If
your spouse is earning, put him/her as a co-applicant. The additional
income shall be included to enhance your loan amount. Incidentally,
if there are any co-owners they must necessarily be co-applicants.
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Did
you know that your fiancée's income can also be considered
for sanctioning the loan on your combined income? The disbursement
of the loan, however, will be done only after you submit proof of
your marriage. |
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Providing
additional security like bonds, fixed deposits and LIC policies may
also help to enhance eligibility. |
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| The
final amount to be sanctioned will depend on your repayment capacity.
However, what you ultimately are entitled to will have to conform
within the limits fixed for each loan. |
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| Also,
when the company looks at the total cost, registration charges, transfer
charges and stamp duty costs are included. |
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