To be eligible for a home loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turn 65 years of age.
To be eligible for a commercial loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turn 65 years of age. The loan can be for the purchase/construction/extension of a non-residential property. A loan for renovation will only be given at the time when the property has been acquired. Professionally qualified and self-employed individuals can apply but a minimum of 3 year's work experience is a necessary.
The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business profits, etc.
However, there are ways in which to increase loan eligibility and amount. If a spouse or fiancée is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility. However, the most important factor in sanctioning loans is repayment ability. The total cost includes registration charges, transfer charges and stamp duties.
File maintained with ITR and other required documents:
Pan card.
Documents provide by Jaitapkar Builders & Developers:
Booking or Token Receipt of builder.
Loan sanction and Loan amount offer by banker:
Minimum amount of Rs……………………………
Agreement/Registration of booking Flat/Bungalow:
Sale Agreement of Flat / Bungalow.
NOC Letter from Builder:
NOC / Permission mortgage the 1-2 BHK Flat/Bungalow in the Apartment.
Inspection report or site visit by Banker
Final Loan Agreement signed by Client and Banker
Final Disbursement of Loan