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Typical
Eligibility
Documentation
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Typical Eligibility
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Mortgage loans are available to the following - |
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Individuals - Salaried and Self-Employed
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Sole Proprietorships
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Partnerships
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Private Limited Companies
Loan to Trusts, Societies and Hindu Undivided Family
(HUF) are not typically encouraged.
The Loan amount depends on the following factors -
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Type of entity (as explained above).
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Agreement value of the mortgaged property -
Banks finance 60% to 85% of the agreement value of
the property, so if you are buying a Flat for Rs.
20 Lacs but the agreement value of the same is Rs.
18 Lacs then you will get finance upto a maximum of
Rs. 15.30 Lacs (being 85% of 18 lacs). The difference
in the agreement value and the value you pay may be
on account of legal charges, stamp duty, valuation,
etc., the cost of which is not funded by the banks.
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Age of the individual -
The minimum stipulated age of the borrower is 22-25
years and the maximum age varies between 58-65 years.
The maximum age is age at the expiry of the loan.
Eg. If your age is 48 years and the maximum age fixed
by the bank is 60 years then you can get a loan only
for 12 years tenure.
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Income of the entity -
The income of entity is important, as this will determine
the repaying capabilities of the entity. If the income
is lower than required income to service the installment,
a co-applicant can be added. The income considered
in such a case will be of both entities, the applicant
and the co-applicant.
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Age of the property.
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The purpose of the loan -
The purpose of the loan may be buy an under construction
property, ready property, renovation of property or
self-construction.
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Documentation |
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you have identified a property that you wish to purchase,
you may approach any housing finance company or bank with
a loan application. The following information and documents
have to be submitted at that time. |
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Application form duly filled in.
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Processing fee (which may be fixed or a percentage
of the loan amount requested).
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Photographs of the applicant and co-applicant.
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Proof of Income.
For a Salaried Individual -
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Employment form issued by employer OR
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Copies of Pay-Slips for Last few months OR
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Latest form 16 issued by employer.
For the Self-Employed or Business Class -
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A brief note on the nature of business, year of establishment,
present bankers, form of organization and the capacity
in which the applicant is engaged.
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Statement of total income and income tax assessment
orders and returns for the last few years.
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Balance Sheet and Profit and Loss Account for last
few years.
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Copy of Partnership deed if it is a partnership firm
or copy of Memorandum of Association and Articles
of Association, if it is a company.
Other documents that may be required -
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Networth statement of applicant/co-applicant.
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Copies of LIC Policy, if any.
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Particulars of family member in the prescribed format;
Name, Age, Relationship, Occupation, Income.
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Particulars of Guarantor/s in prescribed format with
proof of income of gurantor/s.
The following documents have to be submitted in respect
of the property you propose to finance -
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Original agreement with the builder/developer.
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Tripartite agreement from builder/developer.
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A certificate by the legal advisor of the builder
to the effect that the builder has a good reputation
and it is free from encumbrance and other charges.
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A certificate from builder's Chartered Accountant
certifying that the builder has not mortgaged the
property anywhere else.
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Certified copies of all documents pertaining to the
property along with upto date no-encumbrance certificate.
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Certified true copy of approved plan.
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Copies of receipts of payments made to builder/developer.
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