Loans Prishty Group

Home Loan & Rates in India

Home Loan

The applicant should be at least 21 years of age to be eligible for a home loan and having a regular source of income from employment or personal business. The loan must terminate before or when the applicant turns 65 years of age. The applicant should also produce at least 6 months of income proof.

Loan Amount

The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits etc. However, there are ways in which to increase loan eligibility and amount. If a spouse of fiancee is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners, they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help in enhancing eligibility. However, the most important factor in sanctioning loans is its repayment ability. The total amount also includes registration charges, transfer charges and stamp duties.

Documents Required For Home Loans

Documents required for self-employed persons :
  • Updated pass book or Xerox copy of the applicant's statement of accounts for the past 6 months.
  • A Xerox copy of the applicant's ration card
  • A profile of the applicant's business, mentioning at least the nature of the business, client list, suppliers, employee strength, geographical strength etc.
  • In the case of a business partnership, a copy of the partnership deed, 3 years Profit & Loss account, B/S, computation of income certified by a CA and an income tax return file statement for 3 years is required
  • If the company applying for a loan is a Pvt. Ltd company, a remuneration certificate, the board resolution for fixing remuneration, the company's annual report and individual IT returns for the last 3 years is required
Documents required for employed persons :
  • Latest salary certificate or the original slip
  • A Xerox copy of Form no. 16A (TDS Form) from the applicant's Employer
  • The original certificate from the applicant's employer for any other allowances that are not reflected in the applicant's salary slip
  • A Xerox copy of the applicant's updated bank pass book or a statement of the applicant's accounts for the last 6 months
  • A Xerox copy of the applicant's voter I.D card or the applicants Company's I.D or the applicant's passport/ration card
  • A passport size photograph of the applicant & co-applicant
Documents Required Disbursement :

The loan will be sanctioned after the selection of property and submission of the required legal documents. Some time will be taken to verify documents for the safety of the applicant. The 230 A clearance of the seller and / or 371 clearance from the appropriate income tax Authorities (if applicable) is also needed. Once the above has been submitted and verified, the registration of the conveyance deed and investment of the applicant's own contribution and the loan amount will be disbursed by the bank. The disbursement will be in favor of the builder.

  • Loan Agreement
  • Disbursement Requests
  • Post-dated Cheques
  • Personal Guarantors Document

Home Loan Scenario in Navi Mumbai, India

In the past few years, there is the emergence of the planned township on the west coast of the Maharashtra, India. Navi Mumbai is known to be a city that has lesser pollution, great infrastructure, good facilities of transportation. This place is also well connected to other parts of the country and the state. It is also considered to be a standalone city on the global map. This particular city is a home to many of the renowned MNCs and institutions that possess their offices across the city which makes it an active business sector. Due to the presence of a lot of recreational facilities, luxury hotels, restaurants, and shopping malls, it is also known to be the entry point of Mumbai city. With such a great infrastructure and location, this city is preferably becoming a perfect choice for many of the immigrants who are looking forward to building a home at that place.

Nowadays, you can easily fulfill these dreams as many of the housing finance companies in the Navi Mumbai region are involved in offering home loans with the lowest home loan rates. Just you are required to choose the best housing finance companies with a suitable property loan interest rate. With the help of these facilities, you can choose the most suitable home loan options for you in Navi Mumbai that possess the flexible repayment option.

Specifically, these companies are involved in providing home loans and properties in Navi Mumbai:

  • Home Purchase Loans
  • Home Improvement Loans
  • Land Or Plot Purchase loans
  • Home Loans For Resale Of A Property or Flat
  • Home Loans For Buying A New Property or A Flat

Therefore, you can possibly get the best possible solution to all your queries. Availing of a home loan in the Navi Mumbai has now become easy and hassle-free process.