New Age Developer
After years of hard work in a foreign land if you are looking to settle down or if you are planning to invest in a property then India is the right destination.
Real Estate is the second largest employer in India which is expected to grow at 30% over the next decade.
Apart from housing, office spaces are also showing a huge demand.
If you are at-least 21 years of age and are employed or self employed with regular income. In fact, you can even apply for the loan, before you have identified your home/apartment.
You can avail Home loans ranging from Rs.2 lakhs to Rs.500 lakhs depending on your eligibility viz., income and repayment capacity.
You can avail Loan:
- For Purchase of an ready-built Apartment/Apartment under construction/Re-sale of an Apartment
- For Purchase of ready built house/house under-construction/re-sale of House
- For purchase of Land-cum-construction
- For renovation and extension of existing Home
In case of home loan, the loan eligibility can be increased/ enhanced by clubbing income of maximum three persons which can be Father/Mother/Spouse. Some Institutions accept brother/sister also as co-applicant and include his/her income for eligibility purpose.
The maximum repayment period for the loans is:
- Home Loan: 30 years.
- Home extension Loan: 20 years.
- Home improvement Loan: 8 to 15 years.
- Loan Against Home: Up to 15 years for all applicants.
- Land Finance: 15 years (Selected Banks)
- NRI loan: Up to 15 years for all applicants. The tenor varies from Bank to Bank.
The repayment period of your loan should not exceed your retirement age or 65 years if you are self employed, whichever is earlier.
Mode of repayment will be through Post-Dated Cheques or E.C.S. or Deduction of Installment by the Employer from your salary.
- Some Banks has certain restrictions reg. pre-payment period.
- They also have restriction on the number of times re-payments are accepted in a year.
- Banks are not permitted to charge Penalty for pre-payment or part-payment.
The primary security for the loan shall be first mortgage of the home being purchased / constructed. It is in your interest to ensure that the title of the house is clear, marketable and free from encumbrances. Memorandum of Deposit of Title Deeds is mandatory for which the Fees are to be borne by the borrowers.
While Guarantor is not mandatory, lender will insist for Guarantor on case-to-case basis.
The following list of documents will be required:
- Age, Address, Identity & Signature Proof, which can be established from the Ration Card / Birth Certificate / School Leaving Certificate / Election ID / Pan Card / Driving License / Passport / Aadhar Card
- Bank statement for the last six months.
For salaried individuals :
- Latest 3 months salary slip
- Form 16 from the employer
- Income Tax Returns
- Any other additional income proof such as Rent, Dividend, Interest etc.
For self employed individuals :
Certified copies of the Balance Sheet and Profit & Loss Account, Income Tax Returns’ acknowledgments, Advance Tax challans (for both company / firm and individuals) for last 3 years.
Repayment of your loan will be in Equated Monthly Installments (EMIs), comprising of principal and interest calculated on a monthly rate basis.
The EMIs will commence from the month following full and final disbursement.
The EMIs are payable every month and will be collected in the form of post dated cheques or by way of ECS.
Till the commencement of EMI, a pre EMI interest is payable during the interim period.
Once you accept the sanction letter, your home loan will be disbursed upon: –
- Election of the property
- Submission of legal and property documents –
- Payment of your own contribution
- Execution of Loan Documents by the Applicant & Co-applicant.
The loan amount will be disbursed in full or in installments depending on the progress of construction.
Rates and Fees vary from Bank to Bank.
Most of the Banks/Home finance companies keep the documents in a centralized vault.
Should I obtain Legal Opinion from an Advocate even if I purchase through a Builder/Developer of Repute?
Of-course! It is advisable to obtain a legal opinion from an Advocate and this will help in obtaining a second opinion over and above the opinion provided by the Builder/Developer and also the Lender.
- Physical Verification of Your Office & Residence, Salary Slip & Bank Statements.
- Phone Verification – Residence and Office.
- Verification through your references provided in the Application Form.
- Credit Check through C.I.B.I.L.
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 Card Status.
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