About Home loan
Everyone would like to have their own earned home whether it could be in city or town or even in village, now the builders are many in the cities or villages area but the home buyers are less to buy with instant cash, thus, builders are ready to sell the constructed home or villa or apartment by getting payment from the buyer via bank every month in EMI to ease everyone's burden and this is become a normal business in every city or town across India. This is one way called dream home or earned home which is a part of their own future filled in with many features.
General info on home loan
To avail home loan, one must remember to keep some general information such as the self assessment for applying home loan and matching eligibility of the documents required by the bank in India. In order to quicken the bank loan for home, each bank has its own terms and condition for requesting documents from its customer and it may vary from one bank to another also it is depend on the type of loan, purpose of the loan, total tenure and requested loan amount etc.
Who can apply for home loan
Any eligible applicant can apply home loan at various bank as per their own individual survey of calculation on the tenure and required amount – it is possible that you may get more or less amount that you are going to pay completely once it is loaned and returned. To apply home loan, minimum age should be 22 years and above and the maximum age varies between 55 to 65 years, you may get home loan for 15 years tenure only.
How much loan can bank pay to approved applicant
Bank can pay home loan amount for the selected applicant with maximum of 60% to 85% of the agreement's value of the property. For example, if you are buying a flat for Rs 35 lakhs but the agreement value is only 25 lakhs, you may get home loan up to maximum of Rs 21.25 lakhs (85% of Rs 25 lakhs). The difference between the agreement value and the value you pay may be on account of legal charges, stamp duty and valuation etc. these value can also be deducted on you loan amount based on your agreement on loan at Bank.
What are the documents need to be submitted by home loan applicants?
The following documents required to furnish for home loan at the bank;
1. Application form duly filled in
2. Application Processing fee (it is depend on bank's rules)
3. Applicant and co-applicant's Photographs
4. Income evidence
5. Employment form issued by employer
6. Copies of pay slips of the last six months or few months
7. Latest Form 16 issued by employer
8. Bank statements (at least six months transaction)
9. Address and Identity proof
10. For self-employed, a small note on the nature of business for self-employed, years of establishment, present bankers, form of organization and the capacity in which the applicant is engaged
11. Statement of total income, income tax assessment orders, and returns for the last few years
12. Balance sheet and profit and loss account for the last few years
13. Copy of partnership deed if it is a partnership firm, or copy of memorandum of association and articles of association if it is a company
Other general documents for all (regardless of the profession or business)
14. Net worth statement of applicant and co-applicant
15. Copies of LIC or other policies
16. Particulars of family members in the prescribed format – name, age, relationship, occupation and income
17. Particulars of gurarantor in the prescribed format with proof of income
18. Original agreement with the developer
19. Certified true copy of approved loan
20. Copies of receipts of payments made to developer
21. Certified copies of all documents pertaining to the property
Hafeezur Rahman has joined ISC in 2009 and he is a Job Editor at ISC since 2010, he also a Blogger. Hafeez continue to contribute in various sections of ISC and its sister sites like Techulator, NewRecruitments & Goaspider etc. He is a renowned feature writer & social enthusiast. He loves to write in a simple manner and share his visionary write-ups with the readers on the topics related to his field of interests and different niche. All his write-ups have been popularly read & shared by global readers.
Follow Hafeezur Rahman P or read 287 articles authored by Hafeezur Rahman P