Chandigarh City

Buying a home without getting your financial stability disturbed is possible only through a home loan. It saves you from borrowing money from other sources at a higher interest rate. You can take a home loan for buying a flat or a multi-storied building, commercial property or home renovation. Here a lumpsum amount is offered that is to be repaid in easy EMIs before the tenure gets over.
 

Home Loan Eligibility

Home loan is offered against a fixed percentage of the  property. Below are the required eligibility criteria the lender may look for loan approval.   

  • Borrower should be salaried or self-employed
  • He should be of 21years or above
  • He needs to have a minimum required educational qualification, if self employed
  • He should have job stability and minimum required salary
  • He should have a good repayment history
  • He should mention  your other loan liabilities
     

Home Loan Documentation

  • Filled and signed application form with photograph
  • Processing fee cheque or draft

 

For salaried individuals

For self-employed individuals

Identity, residence and age proof– voter id, Pan card, Adhar card, passport, etc. that is acceptable to the bank.

Last 6 months’ bank statements for approval of pre-decided loan amount

Last 3 months’ salary slips

Education qualification certificate

Form 16 or Income Tax returns

Last 3 months’ salary slips to check your income and job stability

 

Form 16 or Income Tax returns with computation of income

 

Proof of continuity/existence of business, for self-employed non-professionals

 

Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


Home Loan Features

  • Home loan insurance – for protecting your loan in case of any unfortunate event and to help your family in repayment of the remaining loan amount.
  • Home loan balance transfer – for transferring of current home loan from one lender to the other in search of better interest rates.
  • Pre-approved home loan – for saving time lost on home insurance approval at the time of purchasing home that can even get sold out because of the delay in the documentation or approval process.
  • Flexible interest rate – for selection of interest rate whether constant throughout the tenure (fixed) or variable according to the market rate (flexible)
  • Quick and simple processing

 

Home Loan Details

 

Interest rate

10%–10.5%

Processing fee

0.50% of the loan

Loan tenure

1 year–30 years

Pre-closure charges/ pre-payment

Nil

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