We also provide legal service for your selected property.
FOR PROPERTY VERIFICATION
1. Copies of Sale deed of last chain of transactions [Between builder to first buyer and so on( if any)]
2. Copy of Deed of declaration (Conveyance deed between builder and apartment/society)
3.Copy of Blue print of the floor plan. No need of any stamp from architect/builder. Simple jumbo Xerox will do.
FOR FINAL DISBURSEMENT
1. Original Receipts of own contribution paid – on plain paper with Rs.1 revenue stamp
2. Copy of bank statement showing Bank debit entry of own contribution paid
3. Source of own contribution – details on plain paper mentioning from where you are paying own contribution.
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Public and Private Bank Home Loan
FOR HOME LOAN/ LAP APPROVAL
Salaried Person
1.Home loan Application form with photograph of the applicant
2.Identity and Residence Proof (Copy of Passport, Driving license, BSNL bill, Light bill etc.)
3.Bonafide letter from company verifying your employee status including designation.
4.Last 3 months Salary-slip
5.Latest Form 16
6.Last 6 months bank statements
7.Processing fee cheque
Businessman/Proprietor/ Private Ltd Company
1) Partnership deed or Proprietorship
2) 3 years ITR of the company
3) Computation, Balance sheet , P&L
4) Company Last 1year Bank A/c Statement (current A/c)
5) 1 year GST returns
6) Pan card of company
7) Latest 3 years IT return with, computation, P/L & balance sheet (Must be CA Certified)
8) Registration of business or Gumastha certificate/gst acknowledgement.
9) Company profile on letter head(if available)
Bank Home Loan Process
First you need to contact bank sales for loan approval letter. Bank sales person will visit your workplace/residence to collect first set of documents mentioned above in set A] and set B].
Once you submit set A] + set B] then you need to fill loan application form mentioning your requirement for loan amount. Generally the bank approves 80% of agreement value + stamp duty + registration. So in 10-12 days you will get loan approval letter mentioning your approved amount. Before approving the loan amount valuation of the property will be done by the Bank.
After getting the approval letter you need to submit first 5 docs from set C] for loan disbursement process. It will take around 10-12 days to get copy of the disbursement cheque. In this 10-12 days you can prepare draft for sale deed, prepare Demand Draft. for stamp duty, registration and franking. If sale deed draft is ready then at the day of registration you only need to enter cheque number from copy of the disbursement cheque.
So once the disbursement cheque is ready, you will get copy of it so that you can enter cheque number and other details in your sale deed. Then complete your sale deed registration with sub-registrar. Also note that it is still accepted by the bank if you do NOT have any AGREEMENT TO SALE and directly execute/registered a SALE DEED. Its save your lawyer’s fee for preparing one more document. Generally if buyer and seller has trust between them, if they know each other well or if broker is involved, you can directly prepare SALE DEED and AGREEMENT to SALE is NOT needed. It will save your time and money as you need to visit sub-registrar’s office only once.
Once sale deed is registered with the sub-registrar, you need to visit Bank with documents 6 to 10 from set C]. There it will take an hour or so to get actual disbursement cheque. First you need to sign loan agreement, and then submit old original set of docs and newly registered sale deed.
BANK will verify or just go over all the original docs., they will handover disbursement cheque. You need to carry your chequebook to pay pre emi interest from that date till the date of your first EMI. Bank will seal all the original docs in red color docket in front of you.
Now after 1st June 2013 onwards, banks are also registering mortgage document with the sub-registrar, It is compulsory in Bank to registrar a property mortgage document within 30 days of your loan agreement date. A Demand Draft. of Rs. 1000/- need to prepare for it and Rs. 300/- are documentation charges. You can register this document within 30 days and submit a receipt of it (Rs. 1000 Demand Draft. ad Rs. 300 document charges) to Bank.
CIBIL score is an important factor that is taken into consideration by lenders at the time of offering you a loan. Having a higher CIBIL score not only makes you eligible to avail a loan but also helps you in getting a lower rate of interest. A CIBIL score is a numerical representation of your ability to repay the credit. It is computed by TransUnion CIBL credit bureau after considering your past payments, credit history, current and old credit accounts, among others. An interest rate is one of the most important factors a borrower considers while availing a loan.
A CIBIL score falls in the range of 300-900. Majority of lenders consider a CIBIL score of 750 and above as ideal. If you want to have easier access to credit, your CIBIL score should be closer to 900. Lenders like banks and non-banking finance companies (NBFCs) prefer giving loans to people who have a high credit score as they have a lesser probability of turning a defaulter.
Once you submit set A] + set B] then you need to fill loan application form mentioning your requirement for loan amount. Generally they give 80% of agreement value + stamp duty + registration. So in 10-12 days you will get loan approval letter mentioning your approved amount. Bank will do valuation of property and after that approved the loan amount.
So once the disbursement cheque is ready, you will get copy of it so that you can put cheque number and other details in your sale deed. Then complete your sale deed registration with sub-registrar. <br><br>Also note that Bank is OK if you do NOT have any AGREEMENT TO SALE and directly execute/registered a SALE DEED. Its save your lawyer fee for preparing one more document. Generally if buyer and seller has trust between them, if they know each other well or if broker is involved, you can directly prepare SALE DEED and AGREEMT to SALE is NOT needed. It will save your time and money as you need to visit sub-registrar office only once.
| HOME LOAN INTEREST RATES JULY 2022 | |
| Axis Bank | 7.60% – 8.05% |
| Bank of Baroda | 7.45% – 8.80% |
| Citibank | 6.65% – 7.40% |
| HDFC | 7.65% – 8.55% |
| ICICI Bank | 7.10% – 7.95% |
| Indiabulls Housing Finance Limited | 8.65% |
| Kotak Bank | 7.50% – 8.10% |
| LIC Housing | 7.55% – 8.75% |
| Piramal Capital & Housing Finance | 10.50% |
| PNB Housing Finance | 7.50% – 10.20% |
| Reliance Home Finance | 8.75% – 14.00% |
| State Bank of India/SBI | 7.05% – 8.05% |
| Tata Capital | 7.75% |
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