Home Loans

This section gives you an overview of the documents required across the process of applying, being approved and receiving disbursements of a home loan.

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  Proof of Income: a) Salaried Applicant minimum 4 months’ salary slip along with 2 years form 16. b) Self Employed, Professionals 3 years ITR with Profit and Loss, Balance Sheet and all the Annexures(if any)

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  Business profile with details on the nature of business, list of clients, suppliers, staff strength, geographical spread, etc.

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  Age proof: PAN card, Voters ID, Passport, or License

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  Copy of ration card or company ID card

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  Updated bank passbook or a copy of the statement of accounts for the last 6 months for salaried and 1 Year for Self Employed/Professionals.

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  Copy of educational qualifications certificate/s and proof of business existence like Shop Act Registration copy, GST/TAN registration

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  Cheque for processing fees, Certificate in original from employer for any other allowances which are not reflected in salary slip

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  Passport size photographs of applicant and co-applicant

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  You may be asked to submit further legal documents if required by the bank, or its approved lawyers. Retain photocopies of all the documents being submitted by you.

Your loan will be disbursed after you identify and select the property that you are purchasing and submit the requisite legal documents. Each and every single document asked for will be verified and checked for your safety. This may take some time but we want to ensure a clear title by completing all the legal and technical verifications so that you have full rights to your home. The 230 A Clearance of the seller and / or 37I clearance from the appropriate income tax authorities (if applicable) is also needed. On satisfactory completion of the above, registration of the conveyance deed and investment of your own contribution, the loan amount (as warranted by the stage of construction) will be disbursed by Bank. The disbursement will be in favour of the builder/seller.

Smart Way to Manage your Home Loan EMI in India

Home loans are a nifty way to get you landed in your dream home without an excessively large cut in your savings or inheritance. But when it comes to repaying the EMIs, only a few of us are lucky enough to be able to deal with the sudden overheads after moving into the cozy rooms. Home Loan EMI Calculator and a set of carefully planned moves can go a long way in ensuring that financial headaches stay far away.

Most of the means for managing and repaying the home loan in better ways are within your reach. But just like the air we breathe, these means remain imperceptible. Take for example, investments. Almost everyone understands that investments are required to reap benefits of a higher return after a period and some also help in tax saving. What we overlook in the process is that some of the investments might be paying out lower interest than what the loan demands of us.

A simple look at a Home Loan EMI Calculator will present you with the following fields

• →Loan Amount

• →Tenure/Period in which the loan is to be repaid

• →Interest rate

• →Processing fee (might be waived due to promotional schemes)

• →Prepayment options

  1. →Prepayment amount

  2. →Prepayment frequency

  3. →Prepayment fees (if applicable)

Higher frequency and amount of prepayment

If you have recently bought a home encouraged by a salary hike, a hefty bonus, a promotion or even a sudden rise in the stock values of your investments, it is a really nice idea to use the even the smallest windfall towards settling the loan early by adding a prepayment amount every now and then. The higher the frequency of the prepayment, the lesser the number of years for which you have to bear the loan. The same can be said about increasing the amount of the repayment. It effectively cuts down on the principal amount, you end up paying lesser interest and the EMIs help clear off the balance in lesser time.

Lower interest rate

An option to switch banks might be a wise decision if lower interest rates can be availed, but take care not to jump too often for smaller changes in rates. Keeping an eye out for the different rates of interest for different banks definitely helps. Even if you keep your EMI amounts the same, the burden of interest gets lowered.

Higher EMIs

It’s always a good thing to analyse your monthly spending again, especially when you have to repay a home loan. If you can afford to cut down on some expenses and increase the EMI amount by even a small amount, bit by bit, that amount adds to a sooner repayment of the loan and lesser interest being paid. Home loan EMI calculators are an easy way to plan how much you should be saving, investing and spending in order to get the most out of your new home and your total income. Owning a home is a definite joy, that can be experienced in full only after you repay the loan taken.