FAQ'S
What is a Downpayment?
The down payment is the difference between the cost of the property and the loan amount approved by your lender. From a buyer’s perspective, it is a commitment you are making to enter into a home loan agreement with your lender. Although there is no upper limit that has been set on how much you can put down as a down payment, such payments usually range between 15-20 % of the value of the property one intends to purchase.
What is an EMI? How is it calculated?
If you are planning to get a home loan, the EMI or the equated monthly installments will be your main consideration. EMI is the sum of money that you as a borrower will pay your lender to clear your outstanding loan. These payments are made every month on a date that is stipulated by your bank till such time that the loan has been completely repaid. The three things that go into the calculation of an EMI are:
The amount of the loan
The rate of interest
The tenure of loan
General list of documents required
Completed loan application
1 passport size photograph (including the one affixed in loan application)
Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
Proof of business address, in case of non- salaried borrowers
Statement of bank account for the last six months
Documents for Salaried Individuals
Salary slips for last 3 months
Bank statement for last 3 months
Copy of identity card issued by the employer.
Form 16 or IT Returns for the last 2 years
Documents for Self-employed individuals
Photocopies of IT Returns/Assessment orders for the last 3 years
Balance sheet and Profit and Loss A/c for the last three years (Certified true Copy attested by Chartered Accountant)
Proof of business address.
Proof of business (Registration Certificate of establishment, Gumasta /Trade License, Sales Tax Registration etc.)
Certificate of Practice-photocopy.
TDS Certificates (Form 16A wherever applicable)
Tips for painless closing of your Home Loan
Obtain a No Objection Certificate or NOC from your bank
Collect all original documents
Ensure that your loan documents are in order
Update information in CIBIL
Remove the lien from the registrar’s office
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