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Last 3 Months Pay Slips
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The rate of mortgage interests i.e. the interest charged by the housing finance company on home loans is at a historic low and is more flexible than ever before. Hence in this declining interest rate scenario, home loans have made owning a house for the middle class a reality.
The Income Tax Act provides for deduction on interest payable on capital borrowed for acquisition or construction of a property. With such tax concessions if makes sense to own a home by availing a housing loan.
The rent is usually about 20-25 percent of your monthly income as compared to the 35-40 per cent that goes towards EMI. However, the annual tax saving on EMI means that the actual figure comes down to roughly 30 percent of your monthly income
Assess your post tax monthly income, Deduct tax saving contributions. Ditto for other earners in the family.
Provide for credit card debt and other loan payouts.
Provide for monthly household expenses
Now, set aside around 5% for contingencies
Add up your savings you will need to put down your contribution of 10-15% as Housing Finance Companies will fund only between 85-90% of the property value.
Now check if you have enough for the E.M.I's Plus maintenance expenses. Don't forget to budget for the tax breaks you get on your loan repayment. Typically, lenders will ensure your EMI's doesn't exceed 50% of your take-home pay, post-taxes and other deductions.
Screen lenders on total financing cost and convenience
Get pre-approvals from shortlisted lenders
Check out property fairs for better rates
Check if your employer has a tie-up with a lender, corporate discounts can lop off more than 1% in interest alone

Today, lenders are vying for your custom, so play them hard against each other for the best bargain.

Get a list of pre-approved properties from lenders. Borrowing will be a breeze if the property you zero in on is on your lender's list.
When you go house-hunting, you'd like to consider;
How far you'd be from work
How far you'd be from your kids schools
How far you'd be from reliable medical help
The quality of civic amenities (water, electricity, waste disposal etc)
How accessible social amenities like markets, clubs and parks are of course, the ideal in the above terms may not match your budget. So.

Now you want to match your budget with your requirements and what's available. And make the necessary trade-offs.

To know what's available, you will scour the advertisements ask friends and neighbours, may want to check out property fairs
Once you have finalized the projects check the past record of the builder and visit their completed projects
What is the maximum I can borrow?
You can avail of a maximum of upto 90% of the cost of the property, including the cost of the land. Housing Finance Institutions (HFI's) will lend upto a maximum of Rs. 1,00,00,000/- to an individual.
How will the HFI's decide the loan amount I am eligible for?
Subject to the above, your repayment capacity as determined by the HFI will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history. HFI's will normally lend upto 40 to 55 times your gross monthly salary.
What is the rate of interest that will be charged on my loan?
The rate of interest applicable will vary from 7.25% to 8.5% depending on the HFI, the amount of the loan and the term of the loan.
What is a floating rate-housing loan?
In a floating rate loan, the interest rate varies in response to the general interest rate environment.
Which is the better option - Fixed or Floating ?
Ideally a floating rate loan makes sense when interest rates are high. Borrowing at a floating rate will allow you to take advantage of falling interest rates in the future. Opt for a fixed rate loan when rates are low, and there is little possibility of them falling further.
Are there any other charges applicable?
Other charges such as administration, processing etc., are applicable and will vary between 1% to 2% of the loan amount sanctioned depending on the HFI.
How is the interest calculated?
The interest calculation, of course holds the key to your cost . The uniformly followed system is to apply the interest rate at what is known as reducing balance. That is everytime interest is calculated afresh, you are assumed to have paid up a part of the principal. So interest is calculated on the unpaid part.
Therefore you must check whether the interest is being calculated on a monthly, quarterly or annual reducing balance .The difference?
Consider a Rs. 20 lakh loan repayable over 20 years at an EMI of Rs. 31,137. Calculated monthly, the interest component of your loan turns out to be 30,000 for the first month. So your EMI actually pays off the entire interest for the month, and Rs.1,137 from the principal. Since the same calculations are made every month, the principal becomes lower at monthly intervals.However if the EMI calculations was on an annual basis, the principal portion of your loan of Rs. 20 lakh would be reduced by Rs. 13,644. But the interest calculation is done only once a year that means the interest payment is a little higher . "The More often reducing balance is calculated the better you will be." So remember opt for the Monthly calculation whenever possible.
The shorter the period of the loan the higher the amount you pay each month. So pick your repayment capacity, and then work backwards to finalise your payback period . To calculate your payment plan your vendor will calculate your total liability, principal+ interest -- and then divide the figure into EMI's (Equated Monthly Instalment's). One off processing and administrative fees which will add about 2 percentage points to the cost of your loan will also have to be paid .
What are the supporting documents to be submitted along with an Application?
Allotment letter of the co-operative society/association of apartment owners.
Copy of approved drawings of proposed construction/purchase/extension.
Agreement for sale/sale deed/detailed cost estimate from architect/engineer for the property to be purchased/ constructed/ extended/ renovated.
If you have been in your present employment/business or profession for less than a year, mention details of occupation for previous 5 years, giving position held, reasons for change and period of the same.
Applicable Processing Fees.
Any other information regarding your repayment capacity that is necessary.
Verification of Employment Form with only Part I filled in. Latest salary slip/salary certificate showing all deductions. If your job is transferable, permanent address where correspondence relating to the application can be mailed. A letter from your employer agreeing to deduct the monthly instalment towards repayment of the loan from your salary. This will expedite the processing of your loan application.
Balance Sheets and Profit & Loss Accounts of the business/profession along with copies of Individual Income Tax Returns for the last three years certified by a Chartered Accountant. A note giving information on the nature of your business/profession, form of organisation, clients, suppliers, etc.
Who can be co-applicants?
Proposed owners of the property, in respect of which you are seeking financial assistance will have to be co-applicants. However, all co-applicants need not be co-owners.
Owning a house remains the middle class family's biggest goal. Time was when you couldn't even dream, of buying a house till you were into your middle age. These were days when years would be spent stashing away money for 4 walls and a roof - No longer. The Market is flush with lenders tripping over each other with offers of loan at competitive rates, which bring your dream house within reach. The best time to buy a house is when you are young, when you have enough time left to enjoy that home and see it grow as an investment, to live at least half your life with the confidence that comes from owing property. And it can be done.
Advantages of owing a home
Provides a sense of security
Builds equity
Provides stability
Is an asset you can fall back on in times of need buyers
It is easier to buy property today, owing to stability in prices and tax benefits that can accrue to you by investing in housing
Real estate fetches an 8-10 per cent annual return. Therefore, appreciation is guaranteed over a period of time.
Gives you a free hand to make alterations in the property.
You are not dependent on the landlord to maintain the property.
Waste Segregation & Management
Thoughtful practice of Reduce, Reuse, Recycle need to be applied.
REDUCE - Lowering waste generation by application of efficient housekeeping methods & changing wasteful habits & lifestyles.
REUSE - This is a fine area between avoiding waste & recycling already used materials. A creative way to support reuse of material is to make them available to those who can use them.
RECYCLE   -  Waste could indeed be a resource and a renewable one which, if anaged well by recycling, would enable us to preserve our natural non-renewable resources.
Please segregate your waste into 2 – namely organic waste & paper in one lot and plastic & glass in another lot.
Please keep your garbage, as segregated above, outside your house at the designated time to permit the maintenance staff to clear the same on time.
Please do not throw anything out of your windows / balconies onto the driveways, corridors.
Please restrict washing of balconies to once a year. Use a mop on a daily basis.
What is the maximum period in which I can repay the loan?
You can repay the loan over a maximum period of 20 years. (ICICI Provides a housing loan, which can be repaid over 30 years) Repayment will not ordinarily extend beyond your age of retirement (if you are employed) or on your reaching 65 years of age, whichever is earlier.
How do I repay the loan?
You repay the loan in Equated Monthly Instalments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called Pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement upto the date of commencement of EMI.
What is the size of the EMI?
The EMI is 1/12th the Equated Annual Instalment. The size of the monthly instalment comprising principal and interest depends on the quantum of the loan, the interest rate applicable and the term of the loan.
What security will I have to provide?
Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary.
When can I take disbursement of the loan?
You can take disbursement of the loan after the property has been technically appraised, all legal documentation has been completed and you have invested your own contribution in full. Own contribution is the total cost of the property less the loan amount.
In how many installments can the loan be disbursed?
The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and progress of construction. The above details are subject to change. Kindly refer to the respective bodies for complete and up-to-date information or mail us.
DISCLAIMER – The above information is only indicative and we do not represent or endorse the accuracy, completeness or reliability of any advice, opinion statement or other information displayed, uploaded or distributed through the website. Visitors are degusted to make their own independent analysis before taking decision.
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