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Home, sweet home, built out of your dreams. A place where you return after a hard day's work and relax, a place where you share precious moments with your family. A place that gives you a sense of belonging. We are here to help you realize your long cherished dream of owning your home through hassle free and customer friendly home loans. Features:
• Minimum Age : 23 years
• Minimum Gross Annual Income (Rs): 65 years or retirement, whichever is
earlier
• Minimum stay at current residence: 1 year
• Total work or business experience
• For Salaried:
- 2 years (for loans up to Rs 1 crore)
- 4 years (for loans greater than Rs 1 crore)
• For Self Employed
- 2 years (for loans up to Rs 1 crore)
- 5 years (for loans greater than Rs 1 crore)
• Telephone: Mandatory for both residence and office
Loan
Amount
The home loan amount depends on your repayment capability and is restricted
to a maximum of 85% of the cost of the property or the cost of construction
as applicable.
Documentation |
Salaried |
Self-employed |
| Financials | Salary slip of last one month or latest salary certificate showing all deductions and loans outstanding | Income Tax returns for the last 2 years |
| Form 16 | Profit & Loss Account along with computation of Income and Balance Sheet for last 2 years, duly certified by a CA | |
| HR certification showing all allowances and reimbursements (if any) | Proof of business continuity for last 3 years | |
| Copy of bank statement (main account) for last 6 months | Copy of bank statement (main account) for last 6 months | |
| Short note on the nature of business, form of organisation, clients and suppliers, etc. | ||
| Photo Identity (any one) | Passport / Photo PAN Card/ | Passport / Photo PAN Card/ |
| Defence/ Govt ID Card / Voter's ID Card / Driving License | Voter's ID Card / Driving Licence | |
| Proof of Signature (any one) | Passport/ Banker's Certificate/ Driving Licence /PAN Card | - Passport / Telephone Bill (landline)/ Electricity Bill/ Voter's ID Card/ Driving Licence |
| Proof of Residence (any one) | Passport/ Telephone Bill (landline)/ Electricity Bill/ Voter's ID Card/ Driving Licence | - Passport / Telephone Bill (landline)/ Electricity Bill/ Voter's ID Card/ Driving Licence |
| Proof of Age (any one) | Passport/ Voter's ID Card/ PAN Card/ Birth Certificate/ Life Insurance Policy or premium receipt clearly stating age/DoB | Passport/ Voter's ID Card/ PAN Card/ Birth Certificate/ Life Insurance Policy or premium receipt clearly stating age/DoB |
Description of Charges |
Home Loans |
| Processing Fees | 0% |
| Administration Fees | Up to 1% of loan amount |
| Default Interest Rate | 24% per annum |
| Loan Prepayment Penalties | Prepayment is allowed only after 6 months from the date of loan disbursal |
| Fixed rate loan: 2% penalty on amount prepaid | |
| Floating rate loan: Pre-closure charges will be levied at the rate of 2%. This amount is charged on loan outstanding at the time of loan closure & all partial prepayments made during the last 12 months prior to loan closure. | |
| Switch Fee / Rescheduling / Repricing Charges | If fixed to floating: 1.5% of Principal O/S If floating to fixed: 1.5% of Principal O/S |
Know the Rate of interest charged by major banks for Home Loan.
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