| What are the charges for availing a housing loan? |
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Processing Fees: payable to the lender on applying for a loan and is either a fixed amount not linked to the loan or may also be a percentage of the loan amount. |
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Commitment Fees: in case the loan is not availed of within a stipulated period of time after it is processed and sanctioned then some institutions levy a commitment fee. |
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Prepayment Penalty: between 1% and 2% of the amount being pre paid is charged by some institutions when a loan is paid back before the end of the agreed duration. |
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Stamp duty and registration fee on a deed of mortgage. |
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Miscellaneous costs: such as administrative costs, legal documentation charges, technical consultant charges. |
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Q. |
What are the documents required at the time of making an application for a housing loan? |
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Photographs |
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Proof of age (Passport / License / Voters ID. ) |
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Proof of residence (Ration card / Tel / Electricity bill.) |
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Latest salary slips (proof of income for salaried individuals). |
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Form 16 |
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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 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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Q. |
How much time will it take for my loan to be approved? |
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It takes a week for your loan to be sanctioned after you have submitted all the documents. |
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Q. |
Who can be the co- applicants for the loan? |
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You can include your spouse as a co- applicant for the loan and we shall include his/her income to enhance your loan amount. Further, in case there are any other co-owners they also need to be co-applicant. |
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Is a personal guarantor a must? |
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No, there is no personal guarantor required in most cases. |
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What security /collateral do I have to provide? |
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Typically the security for the loan is a first mortgage of the property to be financed, by the way of deposit of title deeds and/ or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from encumbrances. 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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What are the stages involved in taking a loan? |
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There are two main stages: |
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Sanction of the loan, whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities. |
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Disbursement of the loan amount. |
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Q. |
What are the repayment period options? |
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Repayment period options range generally from 5 to 20 years. |
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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 lending institutions offer incentives for housing finance? |
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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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How does Gundecha assist a flat purchaser for procuring Housing Finance? |
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All projects at Gundecha are pre approved for grant of home loans by leading housing finance companies and banks. The Gundecha sales team liaise with all the leading Housing Finance Institutions for processing the loan, documentation and disbursement of loans. |
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Which sources, other than housing finance companies, can give loans for purchasing a flat? |
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A loan for purchasing a flat can be availed of from the following sources: |
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