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Loan FAQs

Can I get my House financed?

Yes. All our properties offered for sale have clear titles. All our projects are approved with most leading banks and financial institutions for availing home loans.

How will Bank decide my Home Loan eligibility?

You must be at least 21 years of age for the loan to be sanctioned. The loan must terminate before or when you turn 65 years of age. You must be employed or self-employed with a regular source of income.

A number of factors such as your income, age, number of dependants, qualifications, assets and liabilities, income stability / continuity of your employment /business etc. are taken into account when assessing your repayment capacity.

How much loan can I avail?

You can avail a maximum loan of 80% of the Agreement value. However your loan amount may differ as per your income eligibility as appraised by the Bank. All loans are at the sole discretion of the bank

What is the term of the loan that banks offer?

Banks and financial institutions usually offer loans for a term of 10-25 years.

What are the documents required for availing a home loan?
  • Updated bank passbook or a Xerox of the statement of accounts for the last 6 months

  • Age proof: PAN card, Voters ID, Passport and License Xerox of ration card

  • Business profile with details on the nature of business, list of clients, suppliers, staff strength, geographical spread etc.

  • Xerox of education qualifications certificate and proof of business existence.

  • Xerox of last 3 years Income Tax returns Last 3 years profit/loss and balance sheet Processing fees cheque

  • Documents required for applying for a home loan (for employed professionals)

  • Latest salary certificate / slip in original

  • Xerox of Form No. 16A (TDS Form) from employer. Certificate in original from employer for any other allowances, which are not reflected in salary slip.

  • Xerox of your company’s ID or ration card

  • Passport size photographs of applicant and co-applicant

  • Processing fees cheque

  • You may be asked to submit further legal documents if required by the bank or its approved lawyers. Retain photocopies of all the documents being submitted by you.

When loan will be disbursed?

Your loan will be disbursed after you identify and select the property that you are purchasing and submit the requisite legal documents. On satisfactory completion of the above, registration of the conveyance deed and investment of your own contribution, the loan amount (as warranted by the stage of construction) will be disbursed by Bank. The disbursement will be in favour of the builder/seller.

List of documents for disbursement:
  • Loan Agreements
  • Disbursement Requests
  • Post-dated cheques
  • Personal guarantors documents, as the case may be
Can I repay my loan ahead on schedule?

Yes. Some bank may charge penal interest upto 4%.

Do I get a tax benefits on loan?

Yes. The deductions that income tax authorities offer to individuals who have taken a housing loan from specified financial institutions:

Under Section 24 of the Income Tax act
The interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction :- Rs. 2,00,000 is the maximum amount eligible for deduction, in the case of sell-occupied property. For rented out property, there is no limit on the amount of deduction.:

Under Section 80C of the Income Tax Act
You can get a maximum Rs. 1,50,000 deduction from the income, on repayment of principal during a financial year. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assesse is also considered under this amount. All these deductions should not exceed the overall limit of Rs. 1.5 lakh. However, deduction under section 80C is not available in respect of payments made towards the cost of any additions, alteration, renovation or repair carried out after the issue of the completion certificate (on repayment of Loan).

What is the procedure for execution of the Agreement for sale?

Firstly, the payment of adequate stamp-duty on the Agreement for sale. As per prevailing laws, the stamp duty to be paid on the Agreement for sale shall be an amount equivalent to 5% on the Market value of the unit as per prevalent ready reckoner rates whichever is higher.

Secondly, Execution of the Agreement for sale by the Developer / Promoter and the Purchaser. All the pages of the documents should be signed by all the parties. The agreement should be witnessed by at least two witnesses giving their full names, signatures and addresses.

Thirdly, Registration of Agreement for sale.

  • The duly stamped and executed Agreement for Sale should be presented at the office of the concerned Sub-registrar of Assurance for registration within 4 (four) months from the date of execution of Agreement for Sale.

  • In case of delay in presenting within the stipulated four months from the date of execution of Agreement for Sale citing unavoidable circumstances by the Parties, the Registrar may condone the delay after collecting penalty under section 25 of the Indian Registration Act, 1908; provided the delay in presentation of the executed Agreement for Sale does not exceed 4 (four) months from the date of expiration of aforesaid stipulated 4 (four) months (i.e. does not exceed 8 (eight) months from the date of execution of the Agreement for sale).

  • Registration of the Agreement for Sale is compulsory as per Section 17 of Indian Registration Act, 1908.

  • The Registration fees shall be an amount being 1% of the market value of the unit, subject to maximum of Rs. 30,000/-

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