The Process Of
Home Loans, Simplified

Any Indian Resident, Non-resident Indian or Person of Indian Origin can apply for a home loan if they are 21 years of age at the origin of the loan and 65 years or below at loan maturity.

Step 1: You could approach any leading Housing Finance Company with the latest salary slip and TDS Form 16 of the last three financial years of yourself and your co-applicant. The office would inform you about your loan eligibility. You can collect the loan application form and confirm the required documents for the same.

Step 2: Submit the loan application, along with the required documents and application fee (1% approx). After a successful interview you will get a in principle sanction of your loan.

Step 3: You have to submit your property documents which you can get from the builder. The Finance company will check levy an administrative fee and will then disburse the loan completely or in installments directly to the builder or seller of the flat.

An individual can apply for a home loan even before the property has been selected. The loan amount is sanctioned based on the ability to repay. This helps in planning a budget while purchasing the house.

Loan eligibility is calculated based on the ability to repay. Factors such as income, age, qualification, number of dependents, spouse's income, assets, liabilities, stability and continuity of occupation and saving history are taken into consideration.

You can repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by EMIs commences from the month following the month in which you take full disbursement. Till then, you only need to pay the interest on the amount disbursed.

• Application form with photograph and signature.
• Latest Salary Certificate (For Govt. Employees) / Salary Slip of 3 months.
• Variable income 6 months slip is required.
• Last 6 months Updated Bank Statement (From All A/c).
• Form 16
• Identity Proof, age Proof and Address proof.
• One cheque leaf (For processing fee).

• Application with photograph.
• Salary Certificate or Salary Slip.
• Bank Statement for last 6 months updated (Overseas & Domestic).
• Employee Contact.
• Work Permit.
• CDC (Only applicable to Mariners).
• Passport and Visa Copy.
• Power of Attorney (POA) if required (as per draft).
• One cheque leaf (For processing fee).