Q.1How much loan can i avail?
Ans:You can avail a maximum loan of 80% of the agreement value. However your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.
Q.2What is the term of the loan that banks offer?
Ans:Banks and financial institutions usually offer loans for a term of 10-25 years.
Q.3What are the documents required for availing home loan?
Ans:Basic documents:
Form 16
Age proof
Photo identity proof
Office address proof for self employed applicants
Residence address proof
Last 3 month salary slip
Signature verification proof
Proof of existence of the company
Fee cheque for salaried applicants
Board resolution in case of a company
Completed application form photograph
A brief introduction of business / profession
Bank statement for the last 6 months from salary account
Repayment track record of existing loans / loan closure letter
Income tax return / Computation of total income / Auditors report / Balance sheet / Profit & Loss
Account certified by chartered accountant for last 2 years (both for business and personal of partners / directors)
Photo identity proof, Residence address proof, Signature verification statement for all the main partners / directors
