|
| Home Loans |
How to apply for home loans in India?
|
| |
For Resident Indians
Salaried Individuals
| • |
Salary slip/Form 16 A. |
| • |
A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills. |
| • |
A photocopy of Investments (FD Certificates, Shares, any fixed asset etc. or any other documents supporting the financial background of the borrower. |
| • |
A photocopy of LIC policies with the latest premium payment receipts (if any). |
| • |
Photographs (as applicable). |
| • |
A photocopy of bank statement for the last six months. |
Self-Employed/Businessmen
| • |
A brief introduction of Business/Profession. |
| • |
Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA. |
| • |
A photocopy of Advance Tax payments (if applicable). |
| • |
A photocopy of Registration Certificate of establishment under shops and Establishments Act/Factories Act. |
| • |
A photocopy of Registration Certificate for deduction of Profession Tax (if applicable). |
| • |
Bank statements of current and saving accounts for the last 6 months. |
| • |
A photocopy of Certificate of Practice (if applicable). |
| • |
A photocopy of any bank loan (if applicable). |
| • |
A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills. |
| • |
A photocopy of LIC policy (if applicable). |
| • |
A photocopy of investments (FD Certificates, Shares, any other fixed asset). |
If a flat is purchased from the builder
| • |
Original copy of your agreement with the builder. |
| • |
7/12 extract or property register card of the land under construction. |
| • |
Index II extract of your agreement with the builder. |
| • |
Copy of N.A. permission for the land from the collector. |
| • |
Search and title report (with the details of documents) for the last 30 years. |
| • |
Development agreement between the owner of land and the builder. |
| • |
Copy of order under the Urban land Ceiling Act. |
| • |
Copy of building plans sanctioned by the competent authority. |
| • |
Commencement certificate granted by Corporation / Nagar Palika. |
| • |
Building completion certificate (if available). |
| • |
The latest receipts of taxes paid. |
| • |
Partnership deed or memorandum of association of the builders firm. |
If the property is being purchased is in a Cooperative Society
| • |
Original share certificate of the Society. |
| • |
Allotment letter from the society in your name. |
| • |
Copy of the lease deed, if executed. |
| • |
Certificate of the registration of the society. |
| • |
Copy of the byelaws of the society. |
| • |
No objection certificate from the society. |
| • |
7/12 extract or property register card in the society's name. |
| • |
Copy of N.A permission for the land from the collector. |
| • |
Search and title report (with the details of documents) for the last 30 years. |
| • |
Copy of order under the Urban Land ceiling Act. |
| • |
Copy of the building plans sanctioned by the competent authority. |
| • |
Commencement certificate granted by Corporation / Nagar Palika. |
| • |
The latest receipts of taxes paid. |
| • |
Original Agreement to assign / Deed of assignment. |
If constructing on own land
| • |
Original sale deed of land and extract of Index II. |
| • |
7/12 extract or property register card in your name. |
| • |
Copy of N.A. permission for land from the collector. |
| • |
Search and title report (with the details of documents) for the last 30 years. |
| • |
Copy of order under Urban Land Ceiling Act. |
| • |
Copy of the building plans sanctioned by the competent authority. |
| • |
Building permission granted by Corporation / Nagar Palika. |
| • |
The latest receipts of taxes paid. |
| • |
Estimate of cost of construction certified by the architect. |
TOP |
| |
For Non-resident Indians
Employment/residency related documents:
Photocopies of:
| • |
Employment contract (English copy if the contract is not in English, attested by the Embassy/Employer). |
| • |
A copy of PAN card. |
| • |
Latest work permit. |
| • |
Details of previous employment. |
| • |
Identity card issued by current employer. |
| • |
Continuous discharge certificate (CDC) – (for applicants employed in the merchant navy). |
| • |
Latest salary slip/certificate. |
| • |
Overseas Bank Account Statement (four months). |
| • |
Pages with visa stamp on the passport. |
Property Related Documents:
| • |
Allotment letter from the co-operative society / association of apartment owners. |
| • |
Receipts for payments made for purchase of the dwelling unit. |
| • |
Agreement for sale / sale deed /detailed cost estimate from Architect / Engineer for property to be purchased / constructed /extended / improved. |
| • |
Copy of approved drawings of proposed construction/purchase/extension. |
| • |
Additional documents be submitted by Person of Indian Origin. |
Photocopy of PIO card:
| • |
If the PIO card is not available, photocopies of any of the following documents: |
| • |
The current passport, with birthplace as ‘INDIA’. |
| • |
The Indian passport, if held by the individual earlier. |
| • |
Parents/grandparents Indian passport/birth certificate/marriage certificate substantiating the individuals claim as a person of |
Indian origin.
How do I repay the loan?
You repay the loan in Equated Monthly Installments (EMIs), which includes principal and interest. EMI repayment starts from the month following the month in which you take full disbursement. EMI is payable every month, by the end of the month from the date of each disbursement up to the date of commencement of EMI. Pre-EMI is calculated at the same rate at which EMI is calculated. EMI payments are to be made through post dated cheques from your Non Resident (External) Account/Non Resident (Ordinary)/Non Resident (Special) Rupee Account (NRSR) in India.
Can I repay my loan ahead of schedule? Yes. You can repay the loan ahead of schedule, by remittances through abroad through normal banking channels, your Non Resident (Ordinary) / Non Resident (Special) Rupee Account (NRSR) in India.
Does the Agreement for Sale have to be registered? In many states in India, the Agreement of Sale between the builder and purchaser is required by law to be registered. You are advised in your own interest to lodge the agreement for registration within four months of the date of the Agreement at the office of the Sub Registrar appointed by the State Government, under the Indian Registration Act, 1908.
Protect your home – Home Insurance
It takes a whole lifetime of savings to build a house. And one cannot predict a natural calamity like earthquake. In recent times we have seen what disaster an earthquake or any other natural calamity such as floods, landslides and torrential rains can wreck. Hence home insurance is very important.
Home insurance policy also protects against other hazards like gas cylinder explosion, fire due to electric short circuit as well as man-made disasters like burglary. Home insurance policy can be divided into two parts:
| • |
Building structure. |
| • |
Contents inside the home. |
Insurance Covers for a Building Structure are:
The Fire and Special disaster cover
This is a comprehensive packaged cover that covers damages to the structure of home due to;
| • |
Fire. |
| • |
Storm, tempest, flood & inundation. |
| • |
Riot, strike & malicious damage. |
| • |
Lightning. |
| • |
Explosion & implosion. |
| • |
Aircraft damage. |
| • |
Damage due to impact by vehicles. |
| • |
Subsidence, landslides and rockslides. |
| • |
Bursting and/or overflowing of water tanks, apparatus and pipes. |
| • |
Missile testing operation. |
| • |
Leakage from automatic Sprinkler installations. |
| • |
Bush fire. |
| • |
Earthquake Cover. |
| • |
Covers damages to the structure of your house due to earthquake. |
| • |
Terrorism Cover. |
| • |
Covers damages to the structure of your house due to acts of terrorism. |
A home insurance does not cover the market value of the home. The price of the home includes the cost of the land and the cost of constructing the building structure on this land and the land cannot be insured. The insurance cover is only for the cost of constructing the building. The sum insured is calculated by multiplying your home area by the construction rate per sq. feet.
Insurance Cover for Contents inside the Home
This cover is only for damages or loss of the contents inside the home -electronic and electrical goods, furniture and fixtures, clothing, jewelry and any other contents inside the home. The covers that can be taken for the contents are as follows:
| • |
The Fire and Special Perils Cover |
| • |
Earthquake Cover |
| • |
Burglary |
| • |
Loss / damage to contents due to burglary or an attempted burglary |
| • |
Loss of jewelry, gold ornaments, silver articles and precious stones kept under lock & key |
All the contents are covered on the market value of the items. This means that if there is a loss, the claim would be paid on the value of purchasing a similar new item, minus depreciation.
TOP
|
| |
Top Home Insurers In India
ICICI Lombard General Insurance Co. Ltd.
ICICI LOMBARD is India's number one general insurance company. You can assure your peace of mind if you get your house insured by ICICI LOMBARD. They provide insurance of home as well as household goods. They offer simple and fast documentation and also digitally signed documents through an online interface.
Website: http://www.icicilombard.com/
IFFCO Tokyo General Insurance Co. Ltd.
IFFCO TOKIA is one of the prominent companies in India. They are one of the topmost companies in insurance. They offer 40 unique customized policies. They are of great help to those people who lack knowledge and information about quality insurance products.
Website: http://itgi.co.in/index.html
National Insurance Co. Ltd.
National Insurance Company Ltd is the oldest existing insurance company in India. Its home insurance policy insures your home and also its contents. It covers a number of risks under single policy.
Website: http://www.nationalinsuranceindia.com/
New India Assurance Co. Ltd.
The New India Assurance Company Limited provides home insurance in a hassle free manner.
Website: http://www.niacl.com/
Tata AIG Life Insurance Co. Ltd.
Tata AIG is India's leading insurance company providing both Life and General Insurance. They provide home insurance at a very nominal rate.
Website: http://www.tata-aiggeneral.com/
United India Insurance Co. Ltd.
United Insurance is one of the foremost general insurance companies in India. Their have branches throughout the country.
Website: http://www.uiic.co.in/
General Insurance Corporation of India
General Insurance Corporation of India gives finance to build home or to purchase a new one.
Website: http://www.gicofindia.com/
TOP |
|
|
|
|
