Finance and Loans
''Your own dream luxury home at a very affordable price''
Every venture of Sansar Buildcon begins with clear Titles and carries legal documents. Since the home loan lending agencies are interested only in genuine ventures with clear titles, you can be assured that getting a home loan to finance a house at any of our projects is going to be an easy job. Our esteemed clients can testify to this.
We will be more than delighted to introduce you to reputed lending agencies such as Housing development and Finance Corporation (HDFC), Bank of Baroda or State Bank of India (SBI – Home Loans), once you decide to become our valued client.
GENERAL INFORMATION ON HOME LOANS
- Most lending institutions in India require you to be an Indian resident
- Above 21 years of age at the commencement of loan
- Below 65 years when the loan matures
- Either salaried or self employed.
Who can apply for a housing loan?
One can either apply for Home Loans-individually or jointly. Any person, including Non Resident Indians, with a steady source of income can borrow funds from housing finance companies and banks.
Requirement of Securities
Normally the property being purchased becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some institutions may ask for additional security such as life insurance policies, FD receipts, share or savings certificates.
Some institutions ask for 1 or 2 guarantors, others don't need any
Applying for the Loan
One can apply for the loans any time – before or after selection of a property. Based on their criteria, the lending agency decides on the maximum amount that can be sanctioned to an applicant. Knowing this amount helps the home buyer budgeting his purchase. The actual disbursements are made when all required documents are submitted and verified, and when all procedures are completed.
Most financial institutions can give loan up to 75 – 85% of the cost of the home. It varies with institutions. Repayment period options range generally from 5 to 15 years.
The lending agency will specify the required documents, but following are the generally required documents:
- Latest salary slip as proof of income for salaried individuals
- Proof of age
- Proof of Identity
- Proof of residence
- Bank statements for the previous six months
- For self employed, certified income tax related documents of previous years
- For partnership/private limited companies, the Articles of Association, partnership deed and details about the firm loan limit
Rather than looking at the rate of interests of different lending agencies, compare the monthly installment payment (EMI) and loan processing charges, to be more realistic.