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.
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 fiancée 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 :
Documents required for employed persons :
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.
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:
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.