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HOME LOANS


ELIGIBILITY

 

Home Loan

You must be at least 21 years of age for the loan to be sanctioned. The loan must terminate before or when you turn 65 years of age. You must be employed or self-employed with a regular source of income.

Office Premises Loan

You must be at least 21 years of age for the loan to be sanctioned. The loan must terminate before or when you turn 65 years of age. You must be self-employed with a regular source of income. The loan can be for the purchase / construction / extension of a non-residential property. A loan for renovation or improvement will be given only at the time of acquisition of property. Professionally qualified and self-employed individuals can apply. A minimum of 3 year's work experience is a must.


LOAN AMOUNT

Loan Amount

A number of factors such as your income, age, number of dependants, qualifications, assets and liabilities, income stability/ continuity of your employment / business etc. are taken into account when assessing your repayment capacity.

However, there are ways by which you can enhance your eligibility: If your spouse is earning, add 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. Did you know that your fiancée's income could also be considered for sanctioning the loan on your combined income? The disbursement of the loan, however, is done only after you submit proof of your marriage. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility. While there is no need for a guarantor, having one might enhance your credibility with us. If so, our loan officer would provide you with the necessary details. However, the final amount to be sanctioned will depend on your repayment capacity. In the total cost, registration charges, transfer charges and stamp duty costs are included.


DOCUMENTS REQUIRED

Documents required with loan application form: (Self-Employed cases)
.....................................................................................................................................

Common Documents

Partnership

  1. Updated Bank Pass Book / statement of accounts for last 6 months (Xerox)
  2. Ration Card (Xerox)
  3. Business Profile: A note on business mentioning nature of business mentioning
    nature of business, list of clients, suppliers, staff strength, geographical spread, etc.
  1. Copy of Partnership Deed
  2. 3 yrs P & L a/c, B/S, Computation of income certified by CA.
  3. Individual Computation of Income and tax returns for last 3 yrs.

Proprietor / Professional

Pvt. Ltd. Company

  1. 3 yrs P & L a/c, B/S, Computation
    of income certified by CA
  2. Income Tax return file statement for
    3 yrs.
  1. Remuneration certificate
  2. Board resolution for fixing remuneration.
  3. Company's annual report
    Individual IT returns for last 3 yrs.

Documents required with loan application form: (Employed cases)
..........................................................................................................................

  1. Latest Salary Certificate / Slip in original
  2. Form no.16 A (TDS Form) from Employer (Xerox)
  3. Certificate from Employer for any other allowances which is not reflected in salary slip (in original)
  4. Updated Bank Pass Book / Statement of accounts for last 6 months (Xerox)
  5. Voter I.D. card or Company's I.D. or Passport (Xerox) or Ration Card (Xerox)
  6. Passport size Photograph of applicant & co-applicant

 

 

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