Yes, you can avail of a Home Loan (balance copy).
List of Housing Finance Institutions (HFIs) as follows :-
- LIC Home Finance
- GIC Home Finance
- Standard Chartered Grindlays
- CITI Bank
- SBI Home Finance
You can get a Home Loan of 80% of your purchase price upon qualification.
You can include your spouse as a co-applicant for the home loan and we shall include his/her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.
You have the option of selecting a term you are comfortable with, up to 15 years. The term does not extend beyond retirement age or on your reaching 65 years of age whichever is earlier.
The home loan repayment is by Equated Monthly Installments (EMIs) comprising of interest and principal amount calculated on annual rests. EMIs can be paid by Post Dated Cheques or being directly deducted from your salary.
In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called Pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMIs would commence.
You need to provide security of the property and/or such other additional /collateral security as may be mutually agreed.
Most of the Home Loan Companies (HFIs) are giving services at your Doorstep. All you have to do is to give a call and present the proof of your income, employment, balance sheet and other related papers and the loan is sanctioned quickly sanctioned.
Our representative will discuss the documents you are required to submit in detail. An indicative list is given below:
- Passport size photograph of all applicants.
- Residence and age verification, Which may be established from the PAN card, election ID ,passport, driving license and ration card.
- Bank statements for the last six months.
- Latest salary slip/ statements showing all deductions in case of employed applicants.
- Certified copies of Balance sheets and profit and loss accounts., IT acknowledgement, advance tax challans ( for both Company/ Firm and Personal account ) for the last three years in case of self employed applicants.
- Memorandum / Articles of association for companies, partnership deeds for firms and a brief profile of your company /firm in case of self employed applicants.
Your loan will be disbursed on :
- Your identification and selection of the property.
- Submission of legal documents.
- Legal and technical clearance of your property.
On satisfactory completion of the above and on your investment of your own contribution , the loan amount (as warranted at the stage of construction) will be disbursed.
Tax benefits are available on the principal and interest components of a loan as per the Income Tax Act,1961. As the benefits could vary from year to year , please do check out the current benefits available.