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What security
is required for a housing loan? |
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Ans: |
The flat purchased is the primary security and is mortgaged to the lending institution till the entire loan is repaid. Additional security such as life insurance policies, shares, bonds, fixed deposit receipts, national savings certificates can also be offered, as per the requirements of the institution. |
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Do
lending companies require guarantors? |
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Ans: |
Yes. Many lending
companies require 1 guarantor. |
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What is the time required for approval of a loan application? |
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Ans: |
About 15 - 20 days |
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What is the time required for disbursement of loans? |
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Usually loans are disbursed within 5-7 days after completion of verification by the institution, documentation (such as handing over of the original agreement for sale / lodging receipt to the lender) and completion of all relevant procedures and only after proof that the borrower's own contribution has been paid by him to the Vendor / Builder / Developer. |
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Do institutions accept joint loan applications? |
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Ans: |
Yes. |
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What are the
documents required at the time of making an Application for a housing
loan? |
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Ans: |
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Latest salary slip (proof of income for salaried individuals)
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Photographs |
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Proof of age
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Identity papers |
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Proof of residence
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Bank statements for the previous six months |
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For self employed, certified copies of balance sheet, profit and loss statement and tax challans / tax returns for the previous 3 years |
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For partnership/private limited companies, the Articles of Association, partnership deed and details about the firm |
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For NRIs Latest salary certificate specifying, Name (as it appears in the passport), Date of joining, Passport Number, Designation, Perquisites and salary Photocopy of labour card/identity card, Photocopy of valid resident visa stamped on the passport, Photocopy of monthly statement of local bank account, Property related documents. |
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Do lending institutions offer incentives for housing finance? |
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Ans: |
Sometimes lending institutions offer incentives for a specified period or under a special scheme. Incentives could be any of the following: |
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Free accident insurance |
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Waiving of pre payment penalty |
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Waiving of processing fee |
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Property insurance |
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Which
sources, other than housing finance companies, can give loans for
purchasing a flat? |
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Ans: |
A loan for purchasing a flat can be availed of from the following sources: |
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Housing Finance Companies |
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Banks |
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Employer |
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Insurance company |
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Against Provident Fund Account, Fixed Deposits, Post office Savings |
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Against Shares and Debentures of listed companies, government bonds and securities. |
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Private parties such as relatives, friends |
