HOME LOAN

Overview

Meaning of Home Loan
To avail Loan for purchasing a new home, renovation of existing home, built home on own plot, purchase a plot, Extent current home.

Own a home is dream of every one and this dream loan knows as Home loan. Home loan is always valuable because of its long tenure repayment, cheap interest rate, and high loan amount, interest deduction in income tax, no pre payment charges and many more big benefits. Home loan is availed to own a new dream home.

Home loans criteria are very different for all banks and for all NBFC. Nationalized banks give maximum 85% of agreement. Beside Multinational banks doing up to 140-150% of agreement amount by including extra works. And NBFC goes up to 150% of agreement amount ( only in case of market value is more higher than agreement value then maximum 75% of market value). Rate of interest are differ as per bank. All banks and NBFC are working under the norms of RBI and only Home loan License holder NBFC can do home loans. Note that banks includes charges like Stamp Duty, Registration Charges, Auda, AEC etc, but not includes charge like maintenance, parking while considering the home loan amount eligibility.

Home loans are offered for small tenure to long tenure. You can avail it by your financial capacity and your age limit for 5 years to 30 years. You can also restructure your home loan by doing part payment or extra payment. Both two option are always open for your loan firstly to reconstruct you loan tenor or secondly reconstruct your EMI.

Before some year Home loan is offered by fix rate scheme or floating rate scheme. But now RBI change his norms and no bank can offer Home loan for fix rate for whole tenure. Bank can offer fix rate for first year or first three year but then after it convert in to floating rate. Floating rate is depends on base rate. So when there are any changes announced by RBI it directly affected to your home loan interest. If it is decreased then your rate is also decrease and if it is increase then it increase.

Pre payment penalty is totally reduced by RBI and it is compulsory for all banks and NBFC who are dealing in Home loan. But there is some condition applied by some banks and NBFC that if you prepay loan by your own fund then there is no penalty but if you takeover it to other financial institution then it will takes penalty of 2% to 4% depends on company’s internal policy.

Compare

Personalized Service: We only follow your profile and your requirement to well knowledge vendors who understand your profile and give you best.

Detailed Inquiry Form: We have prepared two types of inquiry form which helps you to take decision about your loan process. Our detailed application form submitted to our expert analyst and then result it within 24 hours. So you can easily know your eligibility, loan probability, and offers also.

Best Analyst – Zatpat loans has best analyst team which is highly educated, many years experienced and well knowledge of all bank policies. It helps you to platform your profile at right way.

Latest Offers – Zatpat loans updates immediately all new schemes running from all banks. So it is easy to choose best rate loan from all banks.

No consulting Charges – Zatpat loans itself and all vendors who are related to Zatpat loans do not take any consulting charges from customers.

Doorstep Services – Zatpat loans gives you doorstep services for all products from all banks. Vendor will come to you place from application to disbursement process. So it is easy to get best without investing time.

All Bank Offer At One Time – Every BANK and NBFC have different interest rate for different salary and profile. Zatpat loans give you the right platform where all bankers offer his best to particular profile. So it is for customer to select best option with best scheme.

Helpline – Zatpat loans has a customer care team and a virtual number who helps you take advice about loan and also help to increase your credit profile.

Stop Frauds – Some time customer are being part of fraud from vendors and of some executives. Zatpat loans give you surety of fraud free loans.

Interest Rates

Current Home Loan Interest Rates in India:

You have various options to get Home loan. Each bank has different interest rates different tenure and different loan amount criteria. Home loan amount and rate of interest is dependent on customers profile like working company, take home salary, Average bank balance, designation, Cibil score etc. Every banks give Home loan on bases Net salary and for businessmen on bases of last 3 years of It Returns.

Balance Transfer Scheme:

If you want to release your current burden of high interest rate or don’t want to take multiple EMI burden for new loan and also required best rate compare to your older loan than Balance transfer scheme is the right option for you. Some banks are giving best scheme for balance transfer like they are offer 6.75% to 7.5% interest rate and nill processing fees. They also offer top up amount by this way you can get new loan and keep only EMI from same bank even though you have get new funds.

Special Scheme:

If you are working with some reputed and super cat A company then always ask if there is any special scheme are live or not. Most of the banks are every month announce new scheme for super cat A companies or for reputed big companies or for some Higher designation employee. So when you get right scheme it is better to take immediate apply and choose the right bank.

Prepayment Condition and Charges:

Whenever you go for home loan firstly get detail about pre closer charges. As per RBI every bank has withdraw pre payment charges for Home loan only. But beside there is a hidden condition that if you going for Balance Transfer then some of banks are taking for closer charges. There are various offers in market who offers normal loans and with facility of pre payment with nil charges. You should have to decide first your purpose of your loan, your repayment capacity, your saving planning, your extra income like incentive and then after you have to decide that are you able to do pre payment before the tenure or not. If first you clear your perfect concept of loan then you can do best deal.

Difference between Flat Rate and Reducing Rate:

Major customer does not understand what is difference between flat interest rate and reducing interest rate? There is only calculation difference between flat interest rate and reducing interest rate. If you go for the flat rate then reducing will be Flat rate * 1.75 Example if your flat rate is 10% yearly then your reducing will come 10% * 1.75 = 17.5% reducing yearly. Both are same but some people misguide customer with flat and reducing interest rate.

Eligibility Criteria

There are some different criteria for Home loan. It is different for both profile salaried and businessman. Most of Bank is generally follows below criteria for Home loan.

For Salaried: (Normal Profile)
• Applicant should be Indian Citizens
• Applicant must be Minimum age required is 21 years and Maximum 55 years.
• Applicant must be working in Limited, Pvt. Ltd, Government, LLP, MNC company
• Applicant must be working in current companies from last 6 months and 3 years overall but if customer is working with cat A company then stability is not necessary.
• Customer is must having a salary account.
• Salary must be credited in salary account by ECS or NEFT
• Needful deduction from salary like PF, PT, TDS must required
• If customer is highly educated or working with super Cat A companies then some banks will give loan him even if it is his first job or 3 rd salary.
• If customer is working with Super Cat A company then Minimum take home salary required – Rs.15,000/- and above per month. If customer is working with Cat A or any listed company in bank’s approved list then Minimum take home salary required – Rs.15, 000/- and above per month. If customer is working with any small Pvt. Ltd company, LLP or with government sector then Minimum take home salary required – Rs.20, 000/- and above per month.
• Residence-either Owned, rented or company provided.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• CIBIL having score of minimum 700 and above ( CIBIL score between 650 to 700 can be considered in some profile with proper justification)

For Salaried (Normal Plus Profile)
• Applicant should be Indian Citizens
• Applicant must be Minimum age required is 21 years and Maximum 55 years.
• Applicant must be working in Limited, Pvt. Ltd, Government, LLP, MNC, Partnership, Proprietorship, Trust, NGO, Semi Government Company.
• Applicant must be working in current companies from last 6 months and 3 years overall but if customer is working with cat A company then stability is not necessary.
• Salary must be credited in account by ECS, NEFT, IMPS, Bank Transfer
• Any one deduction from salary like PF, PT, TDS must required (Salary with no deduction is also accepted with some other parameter
• Minimum required salary is Rs. 15000/- and above
• Residence-either Owned, rented or company provided.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• CIBIL having score of minimum 700 and above ( CIBIL score between 650 to 700 can be considered in some profile with proper justification)

For Salaried (Affordable Profile)
• Applicant should be Indian Citizens
• Applicant must be Minimum age required is 21 years and Maximum 55 years.
• Applicant must be working in Limited, Pvt. Ltd, Government, LLP, MNC, Partnership, Proprietorship, Trust, NGO, Semi Government Company. Even Individual company is also accepted
• Applicant must be working in current companies from last 6 months and 3 years overall but if customer is working with cat A company then stability is not necessary.
• Salary must be credited in account by ECS, NEFT, IMPS, and Bank Transfer. Cash salary is Also accepted
• Salary with deduction and without deduction both are accepted
• Minimum required salary is Rs. 15000/- and above. For cash salary maximum salary Rs. 25000/- is accepted. Salary more than Rs. 25000/- in cash will not be considered.
• Residence-either Owned, rented or company provided.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• CIBIL having score of minimum 600 and above

For Self Employed: (Prime Profile)
• Minimum 4 Years old business required ( Complete 3 Financial year is accepted)
• Minimum turnover is required more than 5 lacks
• Manufacturing, Trading, Wholesaler, Retails, Distributor, Service provider, Consultancy, Self employed profession are accepted
• 1 year old current account required. Loan amount calculation is as per DSTR calculator
• Loan amount is depends on average IT Return of last two years.
• 3 Year old Business registration must require just like Shop Establishment, VAT, CST, GST, Excise, Import – Export License, Food License or any other government proof.
• IT Return must be increased rather than last year.
• No EMI Bounce allowed in last 3 Month and 1 allowed in last 6 Month
• Inward cheque return should not be more than 2% of total Transaction.
• Banking should not be deep more than 30% of Total Turnover
• Average bank balance must be is equal to or more then applied EMI for new loan.
• For Private Limited company and Partnership firm minimum 60% share holding must required.
• Residence and office premises both required. (Residence cum office is not considered)
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• Valid Business Address proof required for business premises like rent agreement, Any Utility bill, Mobile bill, Bank statement
• CIBIL having score of minimum 700 and above ( CIBIL score between 650 to 700 can be considered in some profile with proper justification)

For Self Employed: (Prime Plus Profile)
• Minimum 3 Years old business required ( Complete 3 Financial year is accepted)
• Minimum turnover is required more than 5 lacks
• Manufacturing, Trading, Wholesaler, Retails, Distributor, Service provider, Consultancy, Self employed profession are accepted. Other major all categories are accepted
• 1 year old current account required. Saving account with business transaction is accepted
• Loan amount is depends on average IT Return of last two years.
• 3 Year old Business registration must require just like Shop Establishment, VAT, CST, GST, Excise, Import – Export License, Food License or any other government proof. Udhyog Aadhar is also accepted. For Company partnership deep, MOA also can considered as business proof. Even there is no any government proof then 3 year old Current account then IT return of 4 years with proper timely filled is also accepted
• IT Return must be increased rather than last year.
• No EMI Bounce allowed in last 3 Month and 1 allowed in last 6 Month
• Inward cheque return should not be more than 2% of total Transaction.
• Average bank balance must be is equal to or half then applied EMI for new loan.
• For Private Limited company and Partnership firm minimum 60% share holding must required.
• Residence and office premises both required. Residence cum office is also considered with business activity or business setup.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• Valid Business Address proof required for business premises like rent agreement, Any Utility bill, Mobile bill, Bank statement
• CIBIL having score of minimum 600 and above ( CIBIL score between 600 to 650 can be considered in some profile with proper justification)

For Self Employed: (Affordable Profile)
• Minimum 3 Years old business required ( Complete 2 Financial year is accepted)
• Minimum turnover is required more than 5 lacks
• Manufacturing, Trading, Wholesaler, Retails, Distributor, Service provider, Consultancy, Self employed profession are accepted. Other major all categories are accepted
• Current or saving, any type of 1 year old account required. Loan amount is depends on average IT Return of last two years.
• No business proof required
• No EMI Bounce allowed in last 3 Month and 1 allowed in last 6 Month
• Inward cheque return should not be more than 5% of total Transaction.
• Average bank balance must be is equal to or half then applied EMI for new loan.
• For Private Limited company and Partnership firm minimum 60% share holding must required.
• Residence and office premises both required. Residence cum office is also considered with business activity or business setup.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• Valid Business Address proof required for business premises like rent agreement, Any Utility bill, Mobile bill, Bank statement
• CIBIL having score of minimum 600 and above

Documents

DOCUMENT FOR HOME LOAN (SALARIED)

English

DOCUMENT FOR HOME LOAN (SALARIED)

1) 3 Month Salary slip Latest
2) 6 Month salary Bank account
3) Company Appointment Letter
4) Last two year form no. 16 or 26AS
5) 3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
6) Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
7) Resident light bill latest
8) Rent Agreement (If Rented)
9) If any loan live then welcome letter of all
10) 1 Passport size photo (Applicant + Co- Applicant)
11) Visiting card
12) Office I-card
13) 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
14) Banakhat copy or Draft sale deed or Booking letter
15) Property Master file copy

Property Document list
1) Builder agreement
2) Society registration permission letter
3) Society registration certificate
4) Unit plan and Layout Plan
5) N.A Permission
6) Permission of construction
7) Allotment letter
8) Possession letter
9) Payment receipts
10) Share certificate
11) Agreement with builder
12) Village no. 6
13) Village no. 7 x 12

Gujarati

પગારદાર વ્યક્તિના હોમ લોન ડોક્યુમેન્ટ્સ લિસ્ટ

1. તાજેતરના 3 મહિનાની પગાર ની સ્લીપ
2. 6 મહિનાનો પગાર બેંક ખાતા નું સ્ટેટમેંટ
3. કંપની નિમણૂક પત્ર
4. છેલ્લા 2 વર્ષના ફોર્મ નં.16
5. 3 વર્ષ જૂનું જોબ પ્રુફ (જુના નિમણૂક પત્ર, ફોર્મ નંબર. 16, રિલીવિંગ લેટર)
6. પાનકાર્ડની નકલ અને આધારકાર્ડની નકલ (અરજદાર + સહ-અરજદાર)
7. ઘરનું તાજેતરનું લાઇટ બિલ અથવા ટેલિફોન બિલ (ભાડે હોય તો ભાડા કરાર)
8. બધી વર્તમાન જીવંત લોનના વેલકમ લેટર અથવા લોન મંજૂર પત્ર
9. 2 ફોટોગ્રાફ પાસપોર્ટ સાઇઝ
10. વિઝિટિંગ કાર્ડ
11. ઓફિસ આઇ-કાર્ડ (જો લાગુ પડતું હોય તો)
12. બેંક ના નામ નો ચેક (5900 / – કરતા વધારે નહીં) જે પ્રોસેસિંગ ફીમાં કપાત કરવામાં આવશે
13. બાનાખત અથવા ડ્રાફ્ટ વેચાણ ડીડ અથવા બુકિંગ લેટર
14. સંપત્તિ માસ્ટર ફાઇલ કોપી

પ્રોપર્ટિની સંપૂર્ણ માસ્ટર ફાઇલ કૉપી
1) બિલ્ડરનો જમીન નો વેચાણ દસ્તાવેજ
2) સોસાયટી નોંધણી પરવાનગી પત્ર
3) સોસાયટી નોંધણી પ્રમાણપત્ર
4) યુનિટ પ્લાનની કૉપી અને લેયઆઉટ પ્લાનની કૉપી
5) એન.એ.ની પરવાનગી
6) બાંધકામની મંજૂરી
7) ફાળવણી પત્ર
8) પઝેશન પત્ર
9) પૈસાની ચુકવણીની રસીદો
10) શેર પ્રમાણપત્ર
11) બિલ્ડર સાથે બનાખતની કૉપી અથવા ડ્રાફ્ટ વેચાણ ડીડ અથવા બુકિંગ લેટર
12) ગામ નં. 6
13) ગામ નં. 7 x 12

BALANCE TRANSFER AND TOP UP
DOCUMENT FOR HOMELOAN (SALARIED)

English

BALANCE TRANSFER AND TOP UP
DOCUMENT FOR HOME LOAN (SALARIED)

1) 3 Month Salary slip Latest
2) 6 Month salary Bank account
3) Company Appointment Letter
4) Last two year form no. 16
5) 3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
6) Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
7) Resident light bill latest
8) Rent Agreement (If Rented)
9) If any loan live then welcome letter of all
10) 1 Passport size photo (Applicant + Co- Applicant)
11) Visiting card
12) Office I-card
13) 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be
deducted in processing fees
14) Property Master file copy
15) Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
16) List of Document from current loan bank (LOD)
17) Foreclosure letter from current Loan bank.

Property Document list (Xerox copy)
1) Builder agreement
2) Society registration permission letter
3) Society registration certificate
4) Unit plan and Layout Plan
5) N.A Permission
6) Permission of construction
7) Allotment letter
8) Possession letter
9) Payment receipts
10) Share certificate
11) Agreement with builder
12) Village no. 6
13) Village no. 7 x 12

Gujarati

બેલેન્સ ટ્રાન્સફર અને ટોપઅપ લોન
પગારદાર વ્યક્તિના હોમ લોન ડોક્યુમેન્ટ્સ લિસ્ટ

1) 3 મહિના પગાર સ્લિપ તાજેતરની
2) 6 મહિનાનો પગાર બેંક ખાતું
3) કંપની આપ્પોઇમેંટ લેટર કોપી
૪) છેલ્લા બે વર્ષના ફોર્મ નં. 16
૫) બે વર્ષ જૂનું જોબ પ્રુફ (જુના નિમણૂક પત્ર, ફોર્મ નંબર. ૧6, રિલીવિંગ લેટર)
૬) પાનકાર્ડની નકલ અને આધારકાર્ડની નકલ (અરજદાર + સહ-અરજદાર)
7) રેસિડેન્સ લેટેસ્ટ લાઇટ બિલ ની કોપી/ ભાડા કરાર (જો ભાડે આપવામાં આવે તો)
9) જો કોઈ લોન જીવંત હોય તો તેનો વેલકમ લેટર ની કોપી
10)૨ પાસપોર્ટ સાઇઝ ફોટો (અરજદાર + સહ-અરજદાર)
11) વિઝિટિંગ કાર્ડ
12) ઓફિસ આઇ-કાર્ડ કોપી
13) બેંક ના નામ નો ચેક (5900 / – કરતા વધારે નહીં) જે પ્રોસેસિંગ ફીમાં કપાત કરવામાં આવશે
14) બાનાખત અથવા ડ્રાફ્ટ વેચાણ ડીડ અથવા બુકિંગ લેટર
15) સંપત્તિ માસ્ટર ફાઇલ કોપી
15) હાલની લોન બેંકમાંથી વર્તમાન હોમ / મોર્ટગેજ લોનના એકાઉન્ટનુ ૧૨ મહિના નું સ્ટેટમેંટ ઓફ અકાઉંટ ની કોપી
16) વર્તમાન લોન બેંક ના દસ્તાવેજોની સૂચિ ( લિસ્ટ ઓફ ડોકયુમેંટ )
17) વર્તમાન લોન બેંક તરફથી પૂર્વ ચુકવણી પત્ર (ફોર ક્લોસર લેટર કોપી).

પ્રોપર્ટિની સંપૂર્ણ માસ્ટર ફાઇલ કૉપી
1) બિલ્ડરનો જમીન નો વેચાણ દસ્તાવેજ
2) સોસાયટી નોંધણી પરવાનગી પત્ર
3) સોસાયટી નોંધણી પ્રમાણપત્ર
4) યુનિટ પ્લાનની કૉપી અને લેયઆઉટ પ્લાનની કૉપી
5) એન.એ.ની પરવાનગી
6) બાંધકામની મંજૂરી
7) ફાળવણી પત્ર
8) પઝેશન પત્ર
9) પૈસાની ચુકવણીની રસીદો
10) શેર પ્રમાણપત્ર
11) બિલ્ડર સાથે બનાખતની કૉપી અથવા ડ્રાફ્ટ વેચાણ ડીડ અથવા બુકિંગ લેટર
12) ગામ નં. 6
13) ગામ નં. 7 x 12

DOCUMENT FOR HOME LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

English

HOME LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

1) 3 years ITR with profit and loss amount, balance sheet and statement of
income (audit report if audited)
2) 12 months current account statement (All account mentioned in Audit report
and IT return)
3) 12 months saving bank account
4) Office and resident latest light bill and telephone bill and Municipal tax bill
(Rent agreement if rented)
5) Pan card copy and Aadhar card copy
6) welcome latter of all current live loans
7) 2 photographs passport size
8) 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
9) Current year provision P&L and balance sheet
10) GST return of current year
11) 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be
deducted in processing fees
12) Banakhat copy or Draft sale deed or Booking letter
13) Property Master file copy

Property Document list
1) Builder agreement
2) Society registration permission letter
3) Society registration certificate
4) Unit plan and Layout Plan
5) N.A Permission
6) Permission of construction
7) Allotment letter
8) Possession letter
9) Payment receipts
10) Share certificate
11) Agreement with builder
12) Village no. 6
13) Village no. 7 x 12

Gujarati

હોમ લોન ડોક્યુમેન્ટ્સ લિસ્ટ ( પ્રોપરાઇટર (PROPRIETOR) કંપની ) માટે

1. 3 વર્ષના કોમ્પ્યુટેસન ઓફ ઇનકમ, નફા અને ખોટ ખાતું અને બેલેન્સશીટ (ઓડિટ હોય તો ઓડિટ રિપોર્ટ.)
2. 12 મહિનાનું કરન્ટ બૅન્ક એકાઉન્ટ સ્ટેટમેન્ટ (ઓડિટ રિપોર્ટ અને આઇટી રીટર્નમાં ઉલ્લેખિત તમામ એકાઉન્ટ)
3. 12 મહિનાની બચત બેંક પાસબૂકની કોપી અથવા બૅન્ક સ્ટેટમેંટ
4. ઘરનું તાજેતરનું લાઇટ બિલ અને ટેલિફોન બિલ
5. ઓફિસનું લેટેસ્ટ લાઇટ બિલ અને ટેલિફોન બિલ (ભાડે હોય તો ભાડા કરાર)
6. પાનકાર્ડની નકલ અને આધારકાર્ડની નકલ (અરજદાર અને સહ –અરજદાર)
7. બધી વર્તમાન જીવંત લોનના વેલકમ લેટર અથવા લોન મંજૂર પત્ર
8. 2 ફોટોગ્રાફ પાસપોર્ટ સાઇઝ
9. 3 વર્ષ જૂનું વ્યવસાય ચાલુ કર્યા હોવાનું કોઈ પણ પ્રૂફ (ગુમાસ્તા/વેટ/ આબકારી/ સીએસટી / જીએસટી / એસએસઆઈ)
10. વર્તમાન વર્ષનું પ્રોવિજનલ નફા અને ખોટ ખાતું અને બેલેન્સશીટ
11. જી.એસ.ટી. સર્ટિફિકેટ
12. 1 વર્ષ નું જી.એસ.ટી ના રિટર્ન ની નકલ
13. બેંકના નામનો 1 લોગિન ચેક (5900 / – કરતા વધારે નહીં) જે પ્રોસેસિંગ ફીમાં કપાત કરવામાં આવશે
14. પ્રોપર્ટિની સંપૂર્ણ માસ્ટર ફાઇલ કોપિ
15. બનાખતની કૉપી અથવા ડ્રાફ્ટ વેચાણ ડીડ અથવા બુકિંગ લેટર

પ્રોપર્ટિની સંપૂર્ણ માસ્ટર ફાઇલ કૉપી
1) બિલ્ડરનો જમીન નો વેચાણ દસ્તાવેજ
2) સોસાયટી નોંધણી પરવાનગી પત્ર
3) સોસાયટી નોંધણી પ્રમાણપત્ર
4) યુનિટ પ્લાનની કૉપી અને લેયઆઉટ પ્લાનની કૉપી
5) એન.એ.ની પરવાનગી
6) બાંધકામની મંજૂરી
7) ફાળવણી પત્ર
8) પઝેશન પત્ર
9) પૈસાની ચુકવણીની રસીદો
10) શેર પ્રમાણપત્ર
11) બિલ્ડર સાથે બનાખતની કૉપી અથવા ડ્રાફ્ટ વેચાણ ડીડ અથવા બુકિંગ લેટર
12) ગામ નં. 6
13) ગામ નં. 7 x 12

BALANCE TRANSFER AND TOP UP
DOCUMENT FOR HOME LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

English

BALANCE TRANSFER AND TOP UP
DOCUMENT FOR HOME LOAN FOR BUSINESSMEN (PROPRIETORSHIP FIRM)

1) 3 years ITR with profit and loss amount, balance sheet and statement of
income (audit report if audited)
2) 12 months current account statement (All account mentioned in Audit report
and IT return)
3) 12 months saving bank account
4) Office and resident latest light bill and telephone bill and Municipal tax bill
(Rent agreement if rented)
5) Pan card copy and Aadhar card copy
6) welcome latter of all current live loans
7) 2 photographs passport size
8) 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
9) Current year provision P&L and balance sheet
10) GST return of current year
11) 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be
deducted in processing fees
12) Property Master files Xerox copy
13) Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
14) List of Document from current loan bank (LOD)
15) Foreclosure letter from current Loan bank.

Property Document list (Xerox copy)
1) Builder agreement
2) Society registration permission letter
3) Society registration certificate
4) Unit plan and Layout Plan
5) N.A Permission
6) Permission of construction
7) Allotment letter
8) Possession letter
9) Payment receipts
10) Share certificate
11) Agreement with builder
12) Village no. 6
13) Village no. 7 x 12

Gujarati

બેલેન્સ ટ્રાન્સફર અને ટોપઅપ લોન
હોમ લોન ડોક્યુમેન્ટ્સ લિસ્ટ (પ્રોપરાઇટર (PROPRIETOR) કંપની) માટે

1. 3 વર્ષના કોમ્પ્યુટેસન ઓફ ઇનકમ, નફા અને ખોટ ખાતું અને બેલેન્સશીટ (ઓડિટ હોય તો ઓડિટ રિપોર્ટ.)
2. 12 મહિનાનું કરન્ટ બૅન્ક એકાઉન્ટ સ્ટેટમેન્ટ (ઓડિટ રિપોર્ટ અને આઇટી રીટર્નમાં ઉલ્લેખિત તમામ એકાઉન્ટ)
3. 12 મહિનાની બચત બેંક પાસબૂકની કોપી અથવા બૅન્ક સ્ટેટમેંટ
4. ઘરનું તાજેતરનું લાઇટ બિલ અને ટેલિફોન બિલ
5. ઓફિસનું લેટેસ્ટ લાઇટ બિલ અને ટેલિફોન બિલ (ભાડે હોય તો ભાડા કરાર)
6. પાનકાર્ડની નકલ અને આધારકાર્ડની નકલ (અરજદાર અને સહ –અરજદાર)
7. બધી વર્તમાન જીવંત લોનના વેલકમ લેટર અથવા લોન મંજૂર પત્ર
8. 2 ફોટોગ્રાફ પાસપોર્ટ સાઇઝ
9. 3 વર્ષ જૂનું વ્યવસાય ચાલુ કર્યા હોવાનું કોઈ પણ પ્રૂફ (ગુમાસ્તા/વેટ/ આબકારી/ સીએસટી / જીએસટી / એસએસઆઈ)
10. વર્તમાન વર્ષનું પ્રોવિજનલ નફા અને ખોટ ખાતું અને બેલેન્સશીટ
11. જી.એસ.ટી. સર્ટિફિકેટ
12. 1 વર્ષ નું જી.એસ.ટી ના રિટર્ન ની નકલ
13. બેંકના નામનો 1 લોગિન ચેક (5900 / – કરતા વધારે નહીં) જે પ્રોસેસિંગ ફીમાં કપાત કરવામાં આવશે
14. પ્રોપર્ટિની સંપૂર્ણ માસ્ટર ફાઇલ કોપિ
15. હાલની વર્તમાન લોન બેંકમાંથી હોમ / મોર્ટગેજ લોનના એકાઉન્ટનુ ૧૨ મહિના નું સ્ટેટમેંટ ઓફ અકાઉંટ ની કોપી
16. વર્તમાન લોન બેંક ના ડોકયુમેંટની સૂચિ ( લિસ્ટ ઓફ ડોકયુમેંટ )
17. વર્તમાન લોન બેંક તરફથી પૂર્વ ચુકવણી પત્ર ( ફોર ક્લોજર લેટર કોપી ).

પ્રોપર્ટિની સંપૂર્ણ માસ્ટર ફાઇલ કૉપી
1) બિલ્ડરનો જમીન નો વેચાણ દસ્તાવેજ
2) સોસાયટી નોંધણી પરવાનગી પત્ર
3) સોસાયટી નોંધણી પ્રમાણપત્ર
4) યુનિટ પ્લાનની કૉપી અને લેયઆઉટ પ્લાનની કૉપી
5) એન.એ.ની પરવાનગી
6) બાંધકામની મંજૂરી
7) ફાળવણી પત્ર
8) પઝેશન પત્ર
9) પૈસાની ચુકવણીની રસીદો
10) શેર પ્રમાણપત્ર
11) બિલ્ડર સાથે બનાખતની કૉપી અથવા ડ્રાફ્ટ વેચાણ ડીડ અથવા બુકિંગ લેટર
12) ગામ નં. 6
13) ગામ નં. 7 x 12

CASH SALARY HOME LOAN DOCUMENT LIST

English

CASH SALARY HOME LOAN DOCUMENT LIST
1) Salary certificate with current date and current monthly salary
2) Experience certificate with total job experience with current company
3) 3 years old job continuity proof ( If not working with current company from 3 years)
4) 12 month bank statement
5) Applicant + co-applicant pan card copy
6) Applicant + co-applicant Aadhar card copy
7) Current Residence proof latest (rent agreement, Aadhar card, Driving License, Light Bill with
applicant Name, Bank passbook, Telephone or mobile bill)
8) Any live loan then welcome letter
9) 2 + 2 passport size photo (Applicant + Co-Applicant)
10) 1 Login cheque (In favor of Bank name)
11) Property Master file copy
12) Banakhat copy or Draft sale deed copy

Gujarati

રોકડ પગાર હોમ લોન ડોક્યુમેન્ટ સૂચિ

1) વર્તમાન તારીખ અને વર્તમાન માસિક પગાર સાથેનો પગાર પ્રમાણપત્ર
2) વર્તમાન કંપની સાથેના કુલ જોબ અનુભવ સાથેનું પ્રમાણપત્ર
3) 3 વર્ષ જૂનો જોબ સાતત્ય પુરાવો (જો હાલની કંપનીમાં 3 વર્ષથી કામ ન કરતા હોય તો)
4) 12 મહિનાનું બેંક સ્ટેટમેન્ટ
5) અરજદાર + સહ-અરજદાર પાન કાર્ડની નકલ
6) અરજદાર + સહ-અરજદાર આધાર કાર્ડની નકલ
7) વર્તમાન રહેઠાણ પુરાવા (ભાડાનો કરાર, આધારકાર્ડ, ડ્રાઇવિંગ લાઇસન્સ, અરજદારના નામ સાથે લાઇટ બિલ, બેંક પાસબુક, ટેલિફોન અથવા મોબાઇલ બિલ)
8) કોઈપણ લોન ચાલુ હોય તેમના માહીતીપત્ર
9) 2 + 2 પાસપોર્ટ સાઇઝ ફોટો (અરજદાર + સહ-અરજદાર)
10) 1 લોન અરજી ચેક (બેંકના નામની તરફેણમાં)
11) સંપત્તિ માસ્ટર ફાઇલ નકલ કોપી
12) બનાખત નકલ અથવા ડ્રાફ્ટ વેચાણ ડીડ નકલ

Process

Home loan process is divided in 5 steps. By following all 5 steps you will get best loan as per your requirement. If there is any problem with your loan then your application will stop on related stages and its shows current status. Every stage result you that its stop or in process. Understand clearly all the stages so it is easy to take Home loan.

Stage 1: Enquiry – Take Advise – Compare – Select

When you have choose this platform to compare all banks and financers then always try to attend all calls and talk with all financers. Do not irritate by lots of call but share your choice, your demand, your purpose, loan amount, profile with every bank and NBFC. Its helps you to take decision about your loan and helps you to choose right option. If you have any negative points then also share it with consultants so they will show you the right way. It is better to choose option who suite to your profile and advised by majority consultants.

Stage 2: Documents Sumiton – Application Form – Apply

Firstly choosing right option prepare all required documents and once verify with your Vendor and if there is some documents pending arrange it on priority bases. Verify that all documents are enough as per bank policy or not. Sign application form properly.

Stage 3: Application alert – Query – CIBIL

When you submit your application completely to the bank then you will get one SMS with application number from respective bank. You can follow your status by this application number online. Major Banks does not login if there is any query in your application so try to complete your document. After login please ask your lender about CIBIL and query. If there is any problem with your CIBIL your application will reject with this stage. If there is any doubt query in CIBIL your application will hold for query. If there is no query then your application will move for next stage of verification.

Stage 4: Verification – Home Discussion

After completing 3rd stage your application moves to verification stage. Verification agencies representative will visit your office and resident and collect detail respecting you and submit it to bank. Besides Some bank Credit offices do telephonic Home discussion about your application and some bank credit officers Homely visit you for Home discussion. They try to know your profile, your attitude, your loan purpose, your credit history, your financially stability etc. After getting Home discussion if credit manager feel any doubt then he will reject your loan or ask for query. If he satisfied with profile then your application will move to final stage.

Stage 5: Loan approved – Sanction offer – Agreement – Disbursement

After cleared all above four stages your application will moved for approval and meanwhile you will get approval from bank. After getting approval customer has to do agreement with bank and submit security deposit cheque in favor of bank name. Once your agreement completely submitted to bank then within 48 hours you will get RTGS in your account of DD from respected banks.

Best Tips

If you are going for home loan please follow best tips from Zatpat loans advisor.

  1. Always get quotation from multiple vendors and multiple banks then analyst it and select what is best
  2. Always try to hear all vendors particularly so from that you can something new which you don’t know
  3. Don’t hide your negative points from vendors because it helps you provide right option
  4. Discuss your all credit history with vendors so it is give you perfect results without rejection
  5. Don’t make rude attitude to vendors because it makes your relation temporary and not profitable to you.
  6. Always prepare your all documentation and also security cheques before you apply for home loan. It saves your time.
  7. Be in touch with your vendors till you get particular status about your loan application
  8. Follow Application number on bank’s website. It will keep you in track.
  9. Ask all expenses of Home loan first.
  10. Verify with you vendor that register Mortgage is compulsory of not. Always choose option which does not include register Mortgage because it saves your expenses.
  11. 11) Verify with your vendor that Loan protector insurance, property insurance, and Life insurance policy is compulsory or not. Because all banks are doing cross sale for insurance policy as per their internal policy
  12. It is always better to go with project approved banks or NBFC. You will not get any property related document problem if project are pre approved by bank.

Some Needful Factors analyst for Home Loan

Salaried
1) Company Type – Individual, Proprietorship, Partnership, LLC, LLP, Pvt. Ltd, Govt, Semi Govt, Trust, MNC
2) Gross salary – Total cost to company
3) Net Salary – Salary after all Deduction
4) Deduction details – PF, GPF, PT, Credit society Loan, ESCI, Income tax,
5) Salary credit system – ECS, NEFT, Cheque, Cash
6) Form no. 16 – Available, Not available, N.A,
7) Appointment letter – Available, Not Available
8) Stability – Total Stability, Current company Stability
9) Age – Current Age, Retirement Age
10) Education – Total Education
11) Designation – Company designation, For Govt- class applicable
12) Current obligation – Total EMI live and balance tenure pending
13) Property value – Total purchase price of property
14) Sale deed value – Govt Registration sale deed amount
15) CIBIL – CIBIL score, CIBIL History

Self Employed
1) Company Type – Individual, Proprietorship, Partnership, LLC, LLP, Pvt. Ltd, Trust, MNC
2) Business Type – Manufacturer, Trader, Wholesaler, Retail, Service provider, Exporter
3) Company Stability – Total company Establishment period
4) Business registration Proof – Gumasta, Sales Tax, CST, GST, VAT, EXCISE, Import Export Code, SSI, MSME
5) Business Premises – Office, Shop, Factory, Shed, Resi cum office,
6) Business banking – Current Account in company name, CC/OD account
7) Banking Turnover- Credit entry banking ratio of total turnover
8) ABB – Average bank balance in current account and saving account
9) ITR Filling – Last 3 years Regular, No ITR
10) Total Turnover – Sales as per books, Total sales with and without books
11) Turnover ratio yearly – Increasing, stable, decreasing, Zig Zag ratio
12) Gross Profits – Profit before expenses,
13) Net Profit – Actual profit shown in ITR, Interest paid, Depreciation
14) Current obligation – Total live EMI
15) Age – Current age, Retirement age, Co-Business owner age, Business Nominee Age
16) Property value – Total purchase price of property
17) Sale deed value – Govt Registration sale deed amount
18) CIBIL – CIBIL Score, CIBIL History

Type of Home Loan

1) Under construction

Definition – To buy house which is under construction and ready in next 1 to 3 years

How it disbursed – Step by step as property construction done and payment will be released as per stage of property construction.

Repayment – You have to pay only interest (as per your home loan ROI) for the amount disbursed step by step until you received final possession of property. EMI will start after your final sale deed and possession

Loan Application Time – You can apply loan at the time of construction started. If you have some part of your own money then you can go at any stage of construction

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

LTV – 90% of property value below 30 Lack, 80% of value above 30 lakh

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year)

Extra Work – Up to 150% of Sale deed Amount (In some bank we can go for up to 200%)

What is Extra Work? – Majorly when we buying a property then there is difference between actual market value and Government sale deed value. Govt. sale deed value are always lower then our buying price. It that type of transaction bank giving up to 100% Extra loan amount of your sale deed in form of Furniture and renovation which are not exceed LTV ( 90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks). Amount of Extra work is disbursed in name of Loan Applicant.

Who Avail Extra Word Amount – If your sale deed amount is low then your actual purchase price and if you need full loan amount as per our LTV (90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks) or Your Loan amount Exceed to your Sale deed amount then you have to provide Extra work documentation to avail it.

When We Get Extra work Amount – In major transaction bank ready cheque of Extra work at the time of Disbursement of Seller’s cheque but its handover after

Mandatory Requirement – Registered Banakhat is compulsory for under construction property loan and Tri party Agreement with Builder

Source of Property – Only From Builders

2) Ready possession Builder Purchase

Definition – To buy house ready possession house

How it disbursed – Full amount disbursed at the time of disbursement as per your requirement and bank eligibility criteria.

Repayment – EMI Starts from very next month after your loan disbursement. Interest will be charged from same day of disbursement. If your Loan disbursed after15th month the month then bank deduct broken period interest from disbursement date to EMI date and EMI reflects from next to next month. (Example – If your loan disbursed between 1 st to 15 th of this month then EMI will be applicable from next month and If your loan disbursed after 15 th of this month and EMI date is 5 th of every month then bank will charge interest from 20 days and EMI will apply from next to next month.

Loan Application Time – You can apply loan after finalization of your property. Its ready possession property so you can avail full loan amount as per your requirement

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

Loan Amount – 90% of property value below 30 Lack, 80% of value above 30 lakh

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year). Age criteria are also applicable. If you are salaried then maximum tenure = maximum 30 year or Balance year of your retirement age, whichever is lower. For self employed maximum Eligible age criteria is 70 year.

Extra Work – Up to 150% of Sale deed Amount (In some bank we can go for up to 200%)

What is Extra Work? – Majorly when we buying a property then there is difference between actual market value and Government sale deed value. Govt. sale deed value are always lower then our buying price. In that type of transaction bank giving up to 100% Extra loan amount of your sale deed in form of Furniture and renovation which are not exceed LTV ( 90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks). Amount of Extra work is disbursed in name of Loan Applicant.

Who Avail Extra Word Amount – If your sale deed amount is low then your actual purchase price and if you need full loan amount as per our LTV (90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks) or Your Loan amount Exceed to your Sale deed amount then you have to provide Extra work documentation to avail it.

When We Get Extra work Amount – Bank ready cheque of Extra work at the time of disbursement, but its handover after submission of all original documents

Mandatory Requirement – Banakhat of property or Draft sale deed or Booking Letter of property along with property master file including all documents of seller.

Source of Property – From Builders

3) Resell Property

Definition – To buy resell house

How it disbursed – Full amount disbursed at the time of disbursement as per your requirement and bank eligibility criteria.

Repayment – EMI Starts from very next month after your loan disbursement. Interest will be charged from same day of disbursement. If your Loan disbursed after15th month the month then bank deduct broken period interest from disbursement date to EMI date and EMI reflects from next to next month. (Example – If your loan disbursed between 1 st to 15 th of this month then EMI will be applicable from next month and If your loan disbursed after 15 th of this month and EMI date is 5 th of every month then bank will charge interest from 20 days and EMI will apply from next to next month.

Loan Application Time – You can apply loan after finalization of your property. Its ready possession property so you can avail full loan amount as per your requirement

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

Loan Amount – 90% of property value below 30 Lack, 80% of value above 30 lakh

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year). Age criteria are also applicable. If you are salaried then maximum tenure = maximum 30 year or Balance year of your retirement age. Whichever is lower. For self employed maximum Eligible age criteria is 70 year. Secondly Property age criteria are also applicable. Property age is depends on construction quality and maintenance of property. You will get maximum tenure as per your balance year age of property.

Extra Work – Up to 150% of Sale deed Amount (In some bank we can go for up to 200%)

What is Extra Work? – Majorly when we buying a property then there is difference between actual market value and Government sale deed value. Govt. sale deed value are always lower then our buying price. It that type of transaction bank giving up to 100% Extra loan amount of your sale deed in form of Furniture and renovation which are not exceed LTV ( 90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks). Amount of Extra work is disbursed in name of Loan Applicant. Who Avail Extra Word Amount – If your sale deed amount is low then your actual purchase price and if you needs full loan amount as per our LTV (90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks) or Your Loan amount Exceed to your Sale deed amount then you have to provide Extra work documentation to avail it.

When We Get Extra work Amount – In major transaction bank ready cheque of Extra work at the time of Disbursement of Seller’s cheque but its handover after submission of all original documents

Mandatory Requirement – Banakhat of property or Draft sale deed of property along with property master file including all documents of seller.

Source of Property – From existing property holder

Definition – If you have already availed loan from any bank but its interest rate is high compare to other bank or if you not satisfied with services or your existing bank or if you required Extra month as top up loan then you have good option of Balance Transfer Loan.

How it disbursed – Full amount disbursed at the time of disbursement as per your outstanding amount of current bank.

Repayment – EMI Starts from very next month after your loan disbursement. Interest will be charged from same day of disbursement. If your Loan disbursed after15th month the month then bank deduct broken period interest from disbursement date to EMI date and EMI reflects from next to next month. (Example – If your loan disbursed between 1 st to 15 th of this month then EMI will be applicable from next month and If your loan disbursed after 15 th of this month and EMI date is 5 th of every month then bank will charge interest from 20 days and EMI will apply from next to next month.

Loan Application Time – You can apply loan after finalization rate of interest or other requirement from your selected bank

Sanction Loan Amount – You will get sanction for full loan amount as per your outstanding loan amount from your existing bank

Loan Amount – 80% of property value below 30 Lack, 70% of value above 30 lakh (Ratio may be differ as per bank by bank. Majorly bank not allow full LTV in BT cases)

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year). Age criteria are also applicable. If you are salaried then maximum tenure = maximum 30 year or Balance year of your retirement age. Whichever is lower is applicable. For self employed maximum Eligible age criteria is 70 year. Secondly Property age criteria are also applicable. Property age is depends on construction quality and maintenance of property. You will get maximum tenure as per your balance year age of property. (Some banks offer loan only for balance period remain as per existing bank)

Mandatory Requirement – List of document (LOD) from Existing banks, Statement of Account for your current home loan from existing banks and Foreclosure letter from existing bank

Definition – To buy plot from builder or individual plot seller

How it disbursed – Full amount disbursed at the time of disbursement as per your requirement and bank eligibility criteria.

Repayment – EMI Starts from very next month after your loan disbursement. Interest will be charged from same day of disbursement. If your Loan disbursed after15th month the month then bank deduct broken period interest from disbursement date to EMI date and EMI reflects from next to next month. (Example – If your loan disbursed between 1 st to 15 th of this month then EMI will be applicable from next month and If your loan disbursed after 15 th of this month and EMI date is 5 th of every month then bank will charge interest from 20 days and EMI will apply from next to next month.

Loan Application Time – You can apply loan after finalization of your property. Its ready possession property so you can avail full loan amount as per your requirement

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

Loan Amount – 70% of property market value or 90% of property sale deed value, whichever is lower

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year). Age criteria are also applicable. If you are salaried then maximum tenure = maximum 30 year or Balance year of your retirement age, whichever is lower. For self employed maximum Eligible age criteria is 70 year.

Extra Work – Not Applicable in major all banks (There are some NBFC who are doing Up to 150% of Sale deed Amount with higher rate of interest)

What is Extra Work? – Majorly when we buying a property then there is difference between actual market value and Government sale deed value. Govt. sale deed value are always lower then our buying price. In that type of transaction bank giving up to 100% Extra loan amount of your sale deed in form of Furniture and renovation which are not exceed LTV ( 90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks). Amount of Extra work is disbursed in name of Loan Applicant.

Who Avail Extra Word Amount – If your sale deed amount is low then your actual purchase price and if you need full loan amount as per our LTV (90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks) or Your Loan amount Exceed to your Sale deed amount then you have to provide Extra work documentation to avail it.

When We Get Extra work Amount – Bank ready cheque of Extra work at the time of disbursement, but its handover after submission of all original documents

Mandatory Requirement – Banakhat of property or Draft sale deed or Booking Letter of property along with property master file including all documents of seller.

Source of Property – From Builders or Individuals

Definition – If you have your own ownership plot and you want to construct home on it then you can avail construction home loan

How it disbursed – Step by step as property construction done and payment will be released as per stage of property construction.

Repayment – You have to pay only interest (as per your home loan ROI) for the amount disbursed step by step until you finish your full construction and received final disbursement. EMI start from next month after your final payment receipt month from bank.

Loan Application Time – You can apply loan at the time of construction started. If you have some part of your own money then you can go at any stage of construction

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

LTV – 80% of property construction cost

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year)

Mandatory Requirement – Approved plan for construction from local authority (AUDA, GUDA, Nagar Palika, Nagar Nigam, Gram Panchayat)

Definition – For buy plot from builder or individual plot seller and construct home on it. This Transaction processed in two parts and also two loans ID generate for this loan. First plot purchase loan full disbursement and Second construction loan step by step disbursement as per construction state. You can also hold construction up to 2 years from the date of plot purchase. But you have to start construction before 2 years period otherwise this loan converted into Home Equity Loan. You have to pay two different EMI for this said loan hence these both are connected to each other.

How it disbursed – Full Loan amount for plot purchase (70% of property market value or 90% of property sale deed value, whichever is lower) disbursed at the time of disbursement as per your requirement and bank eligibility criteria. For Construction Loan Step by step as property construction done and payment will be released as per stage of property construction.

Repayment – EMI Starts from very next month after your loan disbursement for plot purchase loan. Interest will be charged from same day of disbursement. Secondly for construction loan you have to pay only interest (as per your home loan ROI) for the amount disbursed step by step until you received final possession of property. EMI will start after your final sale deed and possession. If your Loan disbursed after15th month the month then bank deduct broken period interest from disbursement date to EMI date and EMI reflects from next to next month. (Example – If your loan disbursed between 1 st to 15 th of this month then EMI will be applicable from next month and If your loan disbursed after 15 th of this month and EMI date is 5 th of every month then bank will charge interest from 20 days and EMI will apply from next to next month.

Loan Application Time – You can apply loan after finalization of your property. Its ready possession property for plot purchase so you can avail full loan amount as per your requirement

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

Loan Amount – For Plot purchase 70% of property market value or 90% of property sale deed value, whichever is lower and for construction loan 80% of your construction quotation.

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year). Age criteria are also applicable. If you are salaried then maximum tenure = maximum 30 year or Balance year of your retirement age, whichever is lower. For self employed maximum Eligible age criteria is 70 year.

Extra Work – Not Applicable in major all banks (There are some NBFC who are doing Up to 150% of Sale deed Amount with higher rate of interest)

Mandatory Requirement – Banakhat of property or Draft sale deed or Booking Letter of property along with property master file including all documents of seller. Approved Plan from any local Government authority, Quotation from Civil engineer for construction

Source of Property – From Builders or Individuals

Definition – If you have your own ownership Home and you want to do Expansion on it then you can avail home Expansion loan (Ex – If you want to built extra room, Extra floor etc)

How it disbursed – Step by step as property construction done and payment will be released as per stage of property construction.

Repayment – You have to pay only interest (as per your home loan ROI) for the amount disbursed step by step until you finish your full construction and received final disbursement. EMI start from next month after your final payment receipt month from bank.

Loan Application Time – You can apply loan at the time of construction started. If you have some part of your own money then you can go at any stage of construction

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

LTV – 80% of property construction cost

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year)

Mandatory Requirement – Approved plan for construction from local authority (AUDA, GUDA, Nagar Palika, Nagar Nigam, Gram Panchayat)

Definition – If you have your own ownership Home and you want to do renovation in it then you can avail home Renovation loan (Ex – Civil work , Furniture work, reconstruction for old home)

How it disbursed – Step by step as property construction done and payment will be released as per stage of property construction. (Some banks giving full disbursement, some banks giving in 2-3 parts)

Repayment – You have to pay only interest (as per your home loan ROI) for the amount disbursed step by step until you finish your full construction and received final disbursement. EMI start from next month after your final payment receipt month from bank.

Loan Application Time – You can apply loan at the time of construction started. If you have some part of your own money then you can go at any stage of construction

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

LTV – It is purely based on measurement of property area. Bank are giving Rs. 1100/- to Rs.1500/- per Sq Ft as a home renovation loan (Not Exceed 60% of property market value) Ex – If you have 1000 Sq ft home then bank will offer you Rs. 11,00,000/- to 15,00,000/- as home renovation loan.

Loan Tenure – 10 to 15 Years (Also can go for 5 year, 10 year)

Mandatory Requirement – Estimate quotation from Civil engineer

Definition – To buy house ready possession house, resell house, under construction property

How it disbursed – Full amount disbursed for ready possession at the time of disbursement as per your requirement and bank eligibility criteria. Step by step as property construction done and payment will be released as per stage of property construction.

Repayment – EMI Starts from very next month after your loan disbursement. Interest will be charged from same day of disbursement. If your Loan disbursed after15th month the month then bank deduct broken period interest from disbursement date to EMI date and EMI reflects from next to next month. (Example – If your loan disbursed between 1 st to 15 th of this month then EMI will be applicable from next month and If your loan disbursed after 15 th of this month and EMI date is 5 th of every month then bank will charge interest from 20 days and EMI will apply from next to next month. For Under construction you have to pay only interest (as per your home loan ROI) for the amount disbursed step by step until you received final possession of property. EMI will start after your final sale deed and possession

Loan Application Time – You can apply loan after finalization of your property.

Sanction Loan Amount – You will get sanction for full loan amount as per your requirement and bank criteria at the time of Loan application.

Loan Amount – 90% of property value below 30 Lack, 80% of value above 30 lakh

Loan Tenure – 20 Years to 30 years (Also can go for 10 year, 15 year). Age criteria are also applicable. If you are salaried then maximum tenure = maximum 30 year or Balance year of your retirement age, whichever is lower. For self employed maximum Eligible age criteria is 70 year.

Extra Work – Up to 150% of Sale deed Amount (In some bank we can go for up to 200%)

What is Extra Work? – Majorly when we buying a property then there is difference between actual market value and Government sale deed value. Govt. sale deed value are always lower then our buying price. In that type of transaction bank giving up to 100% Extra loan amount of your sale deed in form of Furniture and renovation which are not exceed LTV ( 90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks). Amount of Extra work is disbursed in name of Loan Applicant.

Who Avail Extra Word Amount – If your sale deed amount is low then your actual purchase price and if you needs full loan amount as per our LTV (90% for loan amount up to 30 Lack and 80% for loan more than 30 lacks) or Your Loan amount Exceed to your Sale deed amount then you have to provide Extra work documentation to avail it.

When We Get Extra work Amount – Bank ready cheque of Extra work at the time of disbursement, but its handover after submission of all original documents

Mandatory Requirement – Banakhat of property or Draft sale deed or Booking Letter of property along with property master file including all documents of seller. NRI bank Account or NRE bank Account. Work permit or Visa copy, Register power of Attorney or Embassy Power of Attorney in favor of any family member who lives in India. Majorly banks required minimum $ 42000 to $ 50000 annual salary for NRI Home loan.

Source of Property – From Builders, Reseller, individuals