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Home Loan @ 8.70%   ||   Loan Against Property @ 9.30%   ||   Personal Loan @ 10.50%
Fincertis in Pune
Home Loan

What is Home loan?

Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. The Housing Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property. “Imapcts of RBI rates on Home loans July 2013″

Eligibility Criteria

Eligibility criteria might vary from one lending institution to the other, but there are some common requirements:

  • Any salaried, self-employed or business person with Indian nationality can apply for a home loan
  • You must be aged 21 years or above
  • You should have a regular source of income for timely repayment of the loan
  • Your professional stability and savings history will help in quick loan approval
  • Ensure that you do not have bad credit history for at least the three months prior to applying for a home loan.
  • If you are a salaried professionals, about 40% of your monthly gross income can be availed as loan amount.
  • For self-employed individuals, profit earned by you majorly determines the loan value you are eligible for.

Documents Required

  • Duly signed and filled application form
  • Passport-size photograph
  • Statements of investments, if any
  • Copy of plan approved for the proposed construction/extension
  • Cost estimation or valuation report from the bank's (or finance company's) panel CA
  • Allotment letter of housing board/NOC of the society/builder etc.
  • Bank statement and salary slips
In addition to these, you will have to also submit the following documents:

  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.

Loan Services

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