Minimum of 23 years is permissible to apply for a Home loan and with 2 years minimum employment or self employed with regular income proof. In fact, you can even apply for the loan, before you have identified your home/apartment.

Minimum loan amount for a home loans ranging from Rs.5 Lakhs to Rs.10 Crores depending on the customer’s eligibility viz., income and repayment capacity.

• For Purchase of an ready for occupation Flat / Flat under construction/Re-sale of Flat.
• For Purchase of ready for occupation Villa / House / House under-construction / Re-sale of House
• For Purchase of Land
• For Purchase of Plot cum Construction or Self Construction
• For Renovation and Additional Construction
• Balance Transfers from other Banks / Financial Institutions / NBF’s.

For home loan, Father, Mother & Spouse can be added as a Co – Applicant. For Income eligibility purpose Applicant spouse income, Father or Mother’s income can be added back if he / she is a only child.

• Home Loan: 5 years to 25 years.
• Home extension Loan: 15 years.
• Home improvement Loan: From 5 years to 15 years.
• Loan against Property: From 1 year to 15 years for all applicants.
• Plot Loans: From 1 year to 10 years (some cases we can offer 15 years based on Bank’s decision)
• NRI Loan: From 1 year to 15 years for all applicants.

The Maximum age of Loan Maturity period is for Salaried Class 58 years and 60 years for Central Government Staff’s & 65 years for Self – Employed / Self – Employed Professionals.

Mode of repayment will be through Post-Dated Cheques / ECS / Standing instructions through your account. (If it is a Salary Account)

Under RBI Guidelines there is no charges for Part Payment, Foreclosures from own funds, Take overs from one financial institutions to other banks. Part Payment can be done thrice a year or 25 % whichever is lower.

Sale Deed is the primary security for the fresh loan and other than that all parents’ documents to be submitted which is free from all encumbrances with clear market title & interest showing to ensure the applicant’s share. All the Nationalized Banks insist for Registration of Title Deeds.

While Guarantor is not mandatory, Bank will insist for Guarantor on case-to-case basis.

Personal Documents

• Age, Identity & Signature Proof, which can be established from the Pan Card/ Passport/ Election ID / Driving License/ Employers ID.
• Current Residence Proof : Passport/Telephone Bill/ Mobile Bill/ Credit card statements/ Bank Statements/ Lease Agreement / Employer Certificate
• Latest Colour Photographs

Income Documents

For salaried individuals

• Latest 3 months salary slip
• Bank statement for the last six months. (Salary credit and if any account also )

For self employed individuals

• Last 3 years ITR ( Certified copies of the Balance Sheet and Profit & Loss Account, saral copy, Depreciation schedule, Form 3CB,3CD)
• Profile of the company

After acceptance of Sanction, if the customer has finalized the property, the bank will take the initiative to scrutinize of parent documents set and Valuation as per bank’s parameter.

Rates and Fees may vary from Bank to Bank and it is given in the bank circular as per customer’s loan amount.

Most of the Banks/Home finance companies keep the documents in a centralized vault.

Off-course! It is advisable to obtain a legal opinion from an Advocate and this will help in obtaining a second opinion when you are purchasing the property from normal builders, if we are purchasing from Reputed builders all the documents has been checked and it is confirmed as Approved Project.

• Physical Verification for Office & Residence, Salary Slip & Bank Statements.
• Phone Verification – Residence & Office.
• Verification through your references provided in the Application Form.
• Credit Check through CIBIL
• If you have already availed Loans from Banks/Housing Finance Companies or NBFCs, Banks will ensure your repayment track for the same and also verify your Credit Status through CIBIL Report.