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Home Loans
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Adjustable
Rate Home Loan EMI calculator: |
| You can use this tool to calculate your EMI in case
you wish to opt for a Adjustable Rate home loan. The tool will allow you
to see the EMI and interest rate for any given loan amount |
| Fixed Rate Home Loan
EMI calculator: |
| You can use this tool to calculate your EMI in case
you wish to opt for a Fixed Rate home loan. The tool will allow you to see
the EMI and interest rate for any given loan amount. |
Eligibility
- You must be at least 21 years of age when the
loan is sanctioned.
- The loan must terminate before or when you turn
65 years of age or before retirement, whichever is earlier.
- You must be employed or self-employed with a
regular source of income.
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| Loan Amount
A number of factors are taken into account when assessing
your repayment capacity. Your income, age, number of dependants, qualifications,
assets and liabilities, stability/ continuity of your employment/ business
are some of them.
However, there are ways by which you can enhance your eligibility. |
- If your spouse is earning, put him/her as a co-applicant.
The additional income shall be included to enhance your loan amount.
Incidentally, if there are any co-owners they must necessarily be co-applicants.
- Did you know that your fiancée's income
can also be considered for sanctioning the loan on your combined income?
The disbursement of the loan, however, will be done only after you submit
proof of your marriage.
- Providing additional security like bonds, fixed
deposits and LIC policies may also help to enhance eligibility.
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While there is no need for a guarantor, it could be
that having one might enhance your credibility. The final amount to be sanctioned
will depend on your repayment capacity. However, what you ultimately are
entitled to will have to conform within the limits fixed for each loan.
Also, when the company looks at the total cost, registration charges, transfer
charges and stamp duty costs are included. |
Documents:
- Passport size photograph.
- Age verification: PAN card, Voters ID, Passport,
License.
- Bank statement for the last six months.
- Income Documents e.g. Latest Form 16, Certified
IT returns for latest 3 years.
- Processing Fee cheque.
- Loan Enclosure letter.
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| These are the documents generally required for sanctioning
a loan. This may vary from lender to lender. You may be asked to submit
further documents if required |
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