FAQS
Financial & Loans
Home Loans
Buying a house of one’s own is an important step in long-term wealth creation and a goal that aspire many. For most people, however, this dream is unattainable without economic assistance of some sort, common in the form of official home loans from banks and Home Finance Companies. At T. Bhimjyani Realty, we work closely with our clients, advising them in their financial strategies prior to investment.
This FAQ list is an effort aimed at helping you get any home finance you may need:
Yes. A majority of leading Home Finance Companies and banks in India grant approval to our properties. All decisions regarding loan amounts and other factors are made solely by the concerned financial.
The applicant for the loan must be at least 21 years of age, having had at least three years of work experience at the time of application. He / she must also have a regular source of income, either via employment or self-employment.
In case the applicants are NRIs, they must be graduates with a minimum income of US $ 2,000 a month. Certain Home Finance Companies may or may not relay this criterion.
The principal amount granted depends on various factors including the applicant’s income, assets, employment status, number of dependents, liabilities, etc. The maximum principal amount granted by institutions is 80% of the purchasing cost. The Reserve Bank of India stipulates that home loans shall not be more than 85% of the cost of the dwelling unit.
Banks and financial institutions offer a period of 10 to 25 years to repay home loans. The exact term remains primarily contingent on the applicant’s choice of loan structure and capacity for repayment.
Buyer's Agreements & Documentation
Listed below are the general documents that have to be mandatorily submitted by all applicants:
o The application form, duly filled in
o Passport sized photos
o Photo identity proof e.g. passport
o Proof of residence e.g. passport, ration card
o Proof of verification of signature e.g. passport or PAN card
o Age proof e.g. passport, birth certificate, driver’s license, voter ID
o Cheque of fees to cover processing charges
Salaried applicants are also required to submit:
o Salary statements of the last three months
o A photocopy of Form no. 16A from the employer
o A statement from the employer in case of other tax benefits not recorded in the salary statement
o A statement of existing loans, if any
o Letter of closure for aforesaid loans
o A bank statement of the salary account for the last six months
Self-employed applicants are also required to submit:
o A description of business / profession encompassing the nature and field of business, geographical reach, staff strength, number of clients, suppliers and other corporate liaisons, etc.
o Photo identity, residence and signature of verification proofs of all business partners/directors, if any
o A statement of existing loans, if any
o Letter of closure for aforesaid loans
o A Board Resolution, if company assets are involved
o Proof of the company’s existence
o Proof of office
o Balance Sheets, Income Tax Returns, Auditor’s Report, Certified Profit & Loss Accounts as well as Computation of Total Income of the last 2 years is required of the company, as well as of the personal accounts of business partners and directors
Non Resident Indians and Persons of Indian Origin are also required to submit:
o Photocopies of their passport and visa
o Labour cards or identity cards, in the English language and approved by the Indian Consulate of the respective country of residence or nationality
o Bank statements of the last six months
o Professional details such as the name of the employing organization, the date of joining, designation and salary statements
The loan amount is finally disbursed after the applicant has identified the asset he / she wishes to purchase and has submitted all pre-requisite documents for scrutiny. After legal and technical verifications are satisfied by thorough inspection, the loan amount is disbursed directly to the developer / seller.
Updated as on July, 2015
