Home Loans

• Home Purchase Loans: This is the basic home loan for the purchase of a new home.
• Home Improvement Loans: These loans are given for implementing repair works and renovations in a home that has already been purchased by you.
• Home Construction Loan: This loan is available for the construction of a new home.
• Home Extension Loan: This is given for expanding or extending an existing home. For instance, you may apply for a loan for the addition of an extra room in your home and for similar cases.
• Home Conversion Loan: This is available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need of pre-payment of the previous loan.
• Land Purchase Loans: This loan is available for purchase of land for both construction and investment purposes.
• Bridge Loans: Bridge loans are designed for people who wish to sell the existing home and purchase another one. The bridge loans help finance the new home.
• Balance Transfer Loans: Balance transfer loans help to pay off an existing home loan and avail the option of a loan with a lower rate of interest.
• Refinance Loans: This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
• Stamp Duty Loans: This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.

• The loan amount is based on the repayment capacity of the customer. However, it cannot be more than 85% of the cost of the property (including the cost of the land).
• The minimum term of home loan is 5 years, while the maximum duration for the loan is 20 years, subject to the retirement age of the applicant.
• Home Loans can be applied either individually or jointly, with spouse, children (son or daughter) and even earning parents (father or mother), but if staying with the applicant and having regular income.
• Home loan eligibility can be enhanced by repaying the outstanding loans, clubbing the income, increasing the home loan tenure and opting for a step-up loan.
• The amount of loan sanctioned varies from bank to bank. Generally, the maximum loan amount granted for the applicant would be 80% to 85% of the cost of the home.
• The eligibility for the applicant depends upon his/her capacity of repayment. It stiffens with the increase in home loan rates.
• Processing charge, pre-payment penalties, commitment fees and miscellaneous costs accompany a home loan, in many of the cases.
• Providing additional security, like bonds, fixed deposits and LIC policies, or having a guarantor can enhance your eligibility for a home loan.

• The minimum age limit for the person applying for loan is 21 years.
• For Government employees and those working at public limited companies, the maximum age limit for applying for home loan is 60 years, while for salaried individuals, it is 58 years.. For self employed people, the maximum age limit is 65 years.
• The applicant should be graduate.
• The applicant should have a stable source of income, at the time of availing the loan and should have a saving history as well.

• Salary slip/Form 16 A
• A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills
• A photocopy of Investments (FD Certificates, Shares, any fixed asset etc. or any other documents supporting the financial background of the borrower
• A photocopy of LIC policies with the latest premium payment receipts (if any).
• Two passport size photographs
• A photocopy of bank statement for the last six months

• A brief introduction of Business/Profession
• Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years, certified by a CA
• A photocopy of Advance Tax payments (if applicable)
• A photocopy of Registration Certificate of establishment under shops and Establishments Act/Factories Act
• A photocopy of Registration Certificate for deduction of Profession Tax (if applicable)
• Bank statements of Current and Saving accounts for the last 6 months
• A photocopy of Certificate of Practice(if applicable)
• A photocopy of any bank loan (if applicable)
• A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills
• A photocopy of LIC policy (if applicable)
• A photocopy of investments (FD Certificates, Shares, any other fixed asset
• Two passport size photographs