" Home Loan cheapest in 6 years." "Higher tax rebate on home loans and subsidies in the union budget." "SBI lowest home loan rate @ 8.5%." "Mortgage Loan (LAP) now as low as 10.25%" "Axis Bank offers total waiver of last 12 EMIs in "EMI KA HAPPY ENDING" offer." "ICICI Banks offers topup loan at home loan rates." "Home Loans on Gram Panchayat Properties at lowest rate of 9 %" "Home Loan Balance Transfer & LAP for NRI customers" "Loans on Commercial Properties viz Industrial Gala, Factory Shed, Industrial Unit." "Mortgage Loans on Open Land." " Home Loan Rates as low as 8.25%" "Home Loan Balance Transfer and Topup at same rate." "Axis Bank offers Processing Fees of 1000/- + GST on Home Loan Balance Transfers." " Home Loans on Gram Panchayat Properties at lowest rate of 8.5 %" "Mortgage Loan (LAP) rate as low as 9.25%." "Home Loan Balance Transfer & LAP for NRI customers" "Home Loan without income documents" "Loans on Commercial Properties viz Industrial Gala, Factory Shed, Industrial Unit." "Government subsidies upto 2.35 Lakhs for 1st time buyers. " " Axis Bank offers total waiver of EMI in "EMI ka happy ending" "Conditions Apply"

    Home loan is a loan product where the lender provides funding for purchase or construction of a house. The housing loan may be availed either for buying a new house or resale residential house. One can also avail a housing loan product, for the purpose of buying a plot of land and carrying out construction on the same, which is called composite loan.

    Home loans in India are provided by the lenders up to maximum of 80% (90% for loan amount below Rs 20 lakhs) of the agreement value of a house. In case of home loan for resale flats, most lenders get the property valued independently and they will provide the housing loan based on their value rather than the cost mentioned in the purchase agreement. Frequently, the valuation as determined by the banker's valuer for the purpose of home loan is significantly lower than the actual cost and hence the requirement of the borrowers for down payment for the loan goes up.Also note that banks do not consider other charges like Stamp Duty, Registration Charges, etc. while considering the home loan amount eligibility.

    Home loans are repaid through monthly instalments spread over up to 20 years. Some of the banks provide housing loans even for a tenure extending up to 25 - 30 years. The maximum tenure of any loan and home loan specifically is also restricted by the borrower's age at the end of the tenure so as to ensure that the loan gets fully paid by or before the retirement age.

    Home loan in India can primarily be classified into two categories on the basis of interest rates i.e. fixed rate and floating rate of interest. There are very few lenders in India who offer pure fixed rates where the rate of interest remains constant for the entire tenure of the home loan, while most lenders have a reset clause of 3-5 years. In floating home loan type, the rate of interest on such loans is subject to change whenever there are changes in the repo rates announced by RBI or any changes in base rate of the bank. Borrower should opt for fixed rate of interest only if s/he is certain that the rate of interest is the lowest in the interest cycle.

    The home loans in India are provided by banks and housing companies. In turn RBI and National Housing Bank regulate these respectively, which issues guidelines governing home loans in India from time to time.

    In recent times, some lenders have come up with innovative home loan products like dual rate of interest where the interest rate on such loans remains fixed for initial 1-5 years and thereafter it automatically moves to a normal floating rate of interest. Here one should be aware that loan taken under dual rate, which starts as a fixed type of interest in the initial stages are treated as fixed rate home loan for the purpose of levy of penalty for prepayment of loans.

    In case where you prepay your housing loan the lender cannot levy any penalty for prepayment of such loan where the loan is taken under floating rate of interest as per the guidelines issued by RBI and National Housing Bank (NHB).

  • Home Loan EMI Calculator

    Are you planning to buy a home in near future and confused how much you will need to pay for your home loan every month to the bank or you have finalized the property and want to know much EMI you will have to pay to the lender.

    Our EMI calculator for home loans will help you to calculate the EMI for you to service the loan. This EMI is payable to the lender every month towards the repayment of your home loans. Your EMI will depend up on the interest rate which the bank charges you for giving a loan to you, the tenure of the loan and the loan amount. You can also play around with the tenure and the interest rates and see how you can reduce the EMI or the tenure of loan.

    This Calculator will enable you to plan better by giving a clear picture of your EMI payments.

    How to choose your home loan lender?

    Buying a home is dream for everyone but most of us are not able to achieve the dream due to many reasons. The escalating real estate prices have made buying a property a dream for most of us. It may happen that you have been thinking for quite some time to buy a property but your bank balance is not allowing you to do so. If that is the case, you can go ahead and take home loans that you can pay over a period of time and also own your dream home.

    The foremost thing to be kept in mind is that one should never finalize a lender on the basis of interest rates. Most of us choose home loan lender on the basis of interest rates, cheapest the best. But actually, there are various other things that should be kept in mind while finalizing home loans.

    Check your home loan eligibilty

    Check your home loan eligibilty with various banks Various banks have their own methods ad standards for calculating eligibility. You should do some shopping to check which bank is offering you higher loan eligibility. Adding up your spouse income may also be a good option to increase your loan eligibility.

    Fixed or Floating interest rate:

    Fixed or Floating interest rate: A fixed interest rate means that you will have to pay same EMIover a period of time (it may be fixed for entire tenure or it may be reset at fixed interval). Floating interest rates may change at any given point of time, which may result increase or decrease in either your EMI or your tenure.

    Processing fees

    This fee is charged by the bank for processing the loan and is not refundable. In case you decide not to take the loan from the bank, then the entire amount you have paid towards processing fees is lost. This generally varies in the range of 0.5 to 1% of the total loan amount. Also payment of processing fees doesn't means that your loan is passed. It may happen that you pay the processing fees but still your loan is not sanctioned due to various other reasons. Thus before paying the processing fees, you should bargain on the same and get it confirmed from the bank in writing.

    Prepayment fees

    Prepayment fees come in to picture in case one wants to prepay his home loan from various sources. It may be from his personal savings or if he is planning to switch the loan to a different lender. Few of the banks offer no prepayment charges in case the prepayment is done from own sources. But in case the person is shifting the loan to a different lender then most of the banks ask to pay a fee in the range of 1% to 2% of the outstanding loan amount.

    All the charges should be always be taken down in written from the bank and the written document should be preserved in case the bank asks the person to pay up some different amount after sometime.

    Once you are satisfied with the above clauses and the interest rate offered by the particular lender, you should go ahead and buy your dream home.

    Along with that it is always said that you can get the best home loan deal only after your property is finalized. So before you start with your loan hunting, we would suggest you to finalize the property.

  • Home Loan: New customers

    In case you have been planning to buy your dream home for very long and you are unable to do that because of the rising prices everywhere, here is some help for you. You can take a loan that will help you to buy your dream home. All you have to do is to save enough money to make the down payment of your home that is 20% of the home value. The remaining 80% of the home can be taken as a loan from a bank depending upon how much loan you are eligible for. The bank will decide how much loan you are eligible for depending upon your income and various other parameters. These home loans can be repaid to the bank every month as equated monthly installments or more popularly known as EMI over the entire tenure of the loan. A part of this EMI goes towards repaying the principal component of the loan and the other part goes towards paying the interest. The EMI is calculated on a reducing balance basis. A reducing balance home loan means that in the initial days of the loan, the interest component of the EMI is high as the loan amount is high. But gradually, when the principal amount starts becoming lesser and lesser as you keep on paying it through EMI, the interest component of the EMI goes down and the principal component increases.

    Also, while you are going to take a home you need to decide, the type of interest rate you want to pay to the bank. The banks will offer you with an option of a fixed rate or a floating rate. Home loans with fixed interest rate mean that the interest rate is fixed for the entire tenure of the loan. But these days, most of these fixed interest rates come with a reset clause where the bank has an option to change the interest rate after a fixed period of time generally in a range of 3 to 5 years. There are also a few banks that give you a fixed interest rate for the entire term of the loan.

    The other type of home loans is with floating interest rate where, the rates will depend on the base rate of the bank. As and when the bank will change their base rate, the interest rate will change for the customers. The change can either be in terms of EMI or tenure. For example, if the bank increases their base rate, the EMI will increase if the customer chooses the option to increase the EMI. Or in case the bank decides to decrease their base rate then the EMI will reduce for the customer. Generally the floating interest rates are cheaper compared to the fixed rates.

    Looking at the home loan interest rate scenario, this is quite an appropriate time to buy the home you were always looking to buy. The interest rates are on a rising trend thus in case you can manage to get a home loan right now, you can expect to get a better interest compared to what you will get a few months down the line.

  • Home Loan: Existing customers

    In case you have already bought a property and you are paying a very high interest rate, then you should consider shifting your existing loan from existing home loan lender to a new home loan lender. This will decrease the monthly EMI you are paying towards your loan and will save money for you. You should consider shifting from the old BPLR system where the interest rate changes according to BPLR to the new base rate system. The base rate system is more transparent than the BPLR system. Thus the effort you put behind converting youre your old home from the BPLR to the base rate system will be worth devoting.

    Also you should act now as the interest rates are increasing and you may miss the bus in case you wait for any longer.

  • Home Loan: Eligibility

    Home loan eligibility depends up on various factors. A few of them are listed below -

    • Income - Your income determines the amount of loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50.
    • Tenure of the loan - The longer tenure you opt for, the more loan you are eligible for.
    • Interest rate offered - If your interest rates are on a lower side, then the loan eligiblity will be higer and vice versa.
    • Existing loans - In case you have any existing loans, then the loan eligiblity amount will come down to keep the EMI to income ratio around 0.50.
    The lender will consider all these factors along with your credit history to determine how much loan you will be eligible for.

    The loan amount sanctioned depends on a host of factors. Primarily, it depends on your income and repayment track records. But besides that, the cost of the property to be purchased is also a deciding factor. So, while you are looking for a home loan lender, simultaneously make concrete efforts to identify a property.

    Your ability to repay your housing loan is based on your income and expenditure pattern. For instance, if your monthly income is Rs 10,000, and your monthly expense is Rs 8,000, you can certainly pay Rs 2,000 towards any potential home loan you take.

    This amount can now be used as the installment amount and your eligibility can be reverse-calculated. This is easy. The following example will demonstrate the eligibility calculations.

    At an interest rate of 9%, the monthly installment of a Rs 1 lakh, 20-year loan is Rs 900. Banks then calculate your eligibility using a simple formula:

    Home loan eligibility in lakh is equal to the amount determined by the bank as available for loan repayment divided by loan installment per lakh for the selected tenure.
    Loan eligibility = Rs 2, 000/900 x 1 lakh = Rs 2.2 lakhs
    Obviously, the larger your repayment capability, the higher will be your loan eligibility.
    In the same example, if the bank also takes into account the amount of rental (say Rs 1,000) that you will save as a result of moving into your own house and thus calculates the amount available for loan repayment as Rs 3,000 (by adding Rs 1,000 to the Rs 2,000 you had earlier), then the eligibility will shoot up by 50% to 3.3 lakhs as follows:

    Loan Eligibility in lakh = Rs 3, 000/900 x 1 lakh = Rs 3.33 lakh

    In actual practice, however, it is difficult to estimate the monthly expenses of each borrower separately. Which is why banks use a pre-determined percentage of your income as being available for paying the loan installment, based on their past experience as well as available household expenditure data. For instance, a bank may assume that if your income is Rs 20,000 per month, 40 per cent of that (i.e. Rs 8000) will be available for repayment. Then, they calculate the loan eligibility accordingly.

    This percentage also varies depending on your income on the assumption that those with higher incomes should be able to spare a higher percentage of their income for repayment. Hence, the bank could have slabs like:

    For income up to:

    Rs 9, 999: 35%
    Rs 10, 000 to Rs. 14,999: 40%
    Rs 15, 000 to Rs 19,999: 45%
    Rs 20,000 and above: 50%
    As per this formula, if your monthly income is Rs 10,000, the loan eligibility is:

    Amount available for payment of loan installment = Rs 10,000 x 40% = Rs 4,000
    Loan eligibility in lakhs = 4000/900= Rs 4.44 lakhs
    If your income is Rs 20,000 your loan eligibility is calculated as follows:

    Amount available for payment of loan installment = Rs 20,000 x 50% = Rs 10,000
    Loan eligibility in lakhs = 10,000/900= Rs 11.11 lakhs
    Thus, even though the income only doubles from Rs 10,000 to Rs 20,000, the loan eligibility could be 2 times as per this increasing percentage formula.

    But whatever the norm, invariably, for the same income, the eligibility for a longer tenure loan will be much higher.

    For instance, if your monthly income is Rs 15,000 and if, as per the bank's formula, they assume you can afford Rs 7,500 (50%) for monthly repayment of the home loan, your loan eligibility is calculated as follows:

    At an interest rate of 9 per cent, the monthly installment for Rs 1 lakh for a tenure of 5, 10, 15 and 20 years will be Rs 2,076, Rs 1267, Rs 1,014 and Rs 900 respectively. In this case, you can use the simple formula above to calculate your eligibility:

    Tenure Loan Amount
    For a 5 year loan 7500/2076 x 1 lakh= Rs 3.61 lakhs
    For a 10 year loan 7500/1267 x 1 lakh= Rs 5.92 lakhs
    For a 15 year loan 7500/1014 x 1 lakh= Rs 7.4 lakhs
    For a 20 year loan 7500 /900 x 1 lakh= Rs 8.33 lakhs
    Thus, you can see that for the same income, the eligibility for loan is higher for longer tenure loans.

    You can also check the 'advanced home loan eligibility calculator' to calculate the approximate loan amount if you have an existing loan.

    Check the Home Loan Eligibility Calculator if you are salaried or the Home Loan Eligibility Calculator for Self-Employed if you are self-employed.

  • Joint loan to enhance eligibility

    Club incomes of your relatives to get your home loan to buy you your dream house. Who can take a joint loan and how?

    Home loan eligibility can be enhanced by clubbing the incomes of relatives with yours. This is one of the main reasons why one would want to opt for a joint loan.

    Clubbing of incomes of relatives:
    Home loan eligibility is calculated by clubbing your income with your relatives. All banks allow clubbing of the spouse's income to work out loan eligibility. In such cases, they insist on making the spouse a joint borrower (or co-borrower).

    The basic premise behind using pooled incomes for calculating loan eligibility is that both parties will actually combine their income and pay off all expenses (including the home loan installment).

    However, banks are selective in extending this concept of pooling of incomes to other relations.

    Some banks allow parents and children to be joint borrowers, while a smaller number of banks allow brothers to be joint borrowers. The reason for the restrictions is that in the event of some dispute arising between the joint borrowers, the income stops getting pooled and there may be a problem in paying the loan installments.

    Of course, disputes may arise between spouses too. Banks factor in these risks while computing the cost of doing business. This is the reason is why banks do not allow friends to be joint borrowers. This can pose a problem for a small community of couples living together without marriage or even same-sex couples.

    The amount of loan offered by the bank differs according to the borrowers income profile and repayment track-record.

    As a rule of the thumb, you may get 4 times the annual gross income as a housing loan.

  • Home loan eligibility based on property

    The cost of the property you are planning to buy has a direct impact on your loan eligibility. Find out how The cost of the property you are planning to buy has a direct impact on your loan eligibility. Read on to find out how.

    The bank which finances your house purchase naturally wants you to put in a contribution towards the cost of the house so that you have a stake in its continued maintenance.

    This also ensures that if the value of the house goes down in future, the bank's outstanding loan amount is lower than the market value of the property. Hence, if a house costs Rs 5 lakh, the bank may require you to fund at least Rs 50,000 to Rs 75,000 from your own sources, while the remaining Rs 4,25,000 - Rs 4,50,000 is provided as loan subject to your eligibility. The amount you are expected to put in is called margin money or down payment.

    Even if your income is enough to justify a higher loan, the bank will give a maximum loan based on its margin requirements. For instance, if your income justifies a loan amount of Rs 6 lakh, and you are buying a house that costs Rs 5 lakh, the bank may restrict the loan to between Rs 4.25 and Rs 4.50 lakh, depending on its down payment policy.

    The down payment can also vary depending on the age of the property. If the property is older, the down payment requirement may be higher. • Age of the building: Most banks have a cap on the maximum age of the building at the end of the loan tenure. This would normally be 50 years. So, if you are buying a property on resale and the current age of the building is 38 years, the probability of getting a tenure higher than 12 years is very low, despite the fact that you may otherwise be eligible for a 20-year loan. This reduction of tenure would reduce the loan eligibility.

    • Unaccounted component: In some real estate transactions, a portion of the cost is not accounted for in any of the documents related to the purchase. Thankfully, this practice is on the decline, especially where the property is bought from reputed builders. No bank takes this unaccounted amount in calculating the cost of the property while determining the loan amount eligibility.

    • Amenities agreement: Some home buyers enter into a lower agreement value for minimising the payment of stamp duty that is applicable on transfer of property. They sign an amenities agreement or a furnishing agreement to account for the balance purchase price. However, such transactions have a direct bearing on the loan amount that a bank will be willing to provide. Most banks calculate the cost of the property after restricting the value of such an amenities agreement to 20% of the original agreement value of the property. However, if the amenities agreement is also stamped and registered, most banks will take into account the full amount of the amenities agreement. Amenities agreements are normally not taken into account at all if the property is purchased on resale. • Power of Attorney: In some northern states like the National Capital Region of New Delhi, many property transactions are done on the basis of a power of attorney. The seller of the property gives the buyer the possession of the property and the power to deal with the property as he (the buyer) may deem fit. This power of attorney would also give the power to the buyer to further provide such power of attorneys to other people (for other buyers in the future). Most banks do not encourage such transactions, since the ownership is itself suspect in such a transaction. Such transactions are normally entered into to save on charges payable to the development authorities as well as stamp duty and registration charges. Home loans to buy such properties may be available from a restricted list of home loan lenders, who may also lend at higher interest rates.

    Also you should act now as the interest rates are increasing and you may miss the bus in case you wait for any longer.


    Who is an NRI?
    An NRI is an Indian citizen, holding a valid Indian passport and is staying abroad for employment, business or vocational purposes. By the Reserve Bank of India and the Income Tax Act definition of this term, it also includes Indian citizens staying abroad for an uncertain duration due to certain circumstances. As per the Foreign Exchange Management Act (FEMA), two categories of people can qualify to be NRIs: • Indian citizens (who have valid Indian passports), who are residents in a foreign country. • They could also be Persons of Indian Origin (PIOs) who are residing outside India. To qualify as a PIO either you or your parents/grandparents should have been citizens of independent India. Citizens of a neighbouring countries such as Pakistan, Bangladesh, Nepal, Bhutan, Sri Lanka, Maldives, Iran, China or Afghanistan do not qualify to be termed as a PIO. NRIs can buy properties in India and avail housing loans in respect of residential properties from banks. NRIs cannot buy agricultural land/farm house/plantation property in India.

    NRIs can avail home loans
    • To purchase a residential house either under-construction or on resale.
    • For self-construction of a residential property on a plot of land in India.
    • To finance the purchase of a plot of land allotted by a society / development authority.
    • To renovate / improve an existing residential property in India. NRIs can avail up to 85 per cent of the cost of residential property as a home loan. An NRI can get a loan of up to 36 times the gross monthly earnings. Calculation of eligibility is same as that of Indians living in the country. You can also calculate the amount of loan you are eligible for, here.
    However, in case of an NRI, there is a stress on certain pre-requisite for the loan sanction like:
    • Qualifications
    • Current job profile
    • Past experience
    • Probability of continuing abroad for the loan tenure
    • Probability of servicing the loan with an extended tenure in case of return to India
    • The Loan To Value (LTV) ratio for NRI customers varies from one bank to another, though the manner of calculation is the same in case of a regular home loan
    • The down-payment for the home loan is permitted through direct remittances from abroad through normal banking channels or from deposit accounts in India including NRO account.
    • The income taken into account for calculating the home loan eligibility is the repatriable income plus any income in India. For NRIs working in countries that restrict repatriation such as African countries, only the repatriable portion of the income is considered for calculating loan eligibility.
    Though the regular home loan tenures can exceed up to 25 years (as in case of current times due to increase in interest rates), loan tenure for NRIs is 10 to 15 years.
    Along with documents required for a home loan, some additional documents are required to be submitted along with the application form for a NRI home loan. The list of additional documents is:
    • A copy of your passport and visa.
    • General Power of Attorney (POA) in favour of a local person as per the draft of the Bank (Specimen POA-link) duly attested by the Indian consulate at the place of your residence. In case the loan borrower is in India, the POA can be locally notarised. Most banks require the POA to ease the process of dealing with you. The POA holder only gets the powers that you give and does not have the power of dealing with the property.
    • A copy of the appointment letter and contract.
    • A copy of the labour card/identity card (translated in English duly countersigned by the consulate) if employed in the Middle East.
    • Salary certificate (in English) specifying name, date of joining, designation and salary details.
    • Bank statements for the last six months-both domestic (NRE/NRO/FCNR) and international
    • Contract slip with income details in case you are employed in the merchant navy.
    • Copy of local income tax returns filed in the country of residence Loan eligibility can be enhanced by taking a joint loan with relatives. However, for credit reasons banks allow only a select list of relatives to be joint owners of the property.

    Repayment of home loans for NRIs is permissible through specific sources:
    • By remittance from abroad through recognised banking channels
    • From any deposit accounts maintained validly in India including Non-resident (Ordinary accounts)
    • From rental income derived from the property
    • By specified close relatives

    If the housing loan is preclosed due to availability of surplus funds or due to switching lenders, loan pre-payment penalty will be charged by the bank.

    Usually, the pre-payment penalty is around 2 per cent of the outstanding house loan.

    Tax deduction benefits on home loan repayments cannot be availed unless the returns are filed in India. Tax deduction benefits and implications on property owned in India, under-construction or ready; remains the same for NRIs as in case of Indians.

  • Home Loan: The Process

    The various stages of a home loan, since application till the actual sanction. Now that you have selected the property and have an idea about your loan eligibility, the next step is to apply for the home loan. The tips below help you make the home loan process least painful.

    The home loan roadmap

    The process of taking a home loan can be daunting, especially if you have never applied for any loan earlier. And ignorance on your part can not only make it an unpleasant experience, but also prove to be costly. Here is a step-by-step guide to equip you with the right info, so you know what to expect.

    From applying for a home loan to getting it involves various stages. These are:

    Step 1: Application form
    Step 2: Personal Discussion
    Step 3: Bank's Field Investigation
    Step 4: Credit appraisal by the bank and loan sanction
    Step 5: Offer Letter
    Step 6: Submission of legal documents & legal check
    Step 7: Technical / Valuation check
    Step 8: Valuation
    Step 9: Registration of property documents
    Step 10: Signing of agreements and submitting post-dated cheques
    Step 11: Disbursement
    1. Applying for a loan
    Filling up the application form is the first step. The look of an application form may differ from bank to bank, but nearly 80 per cent of the information they need is similar. Most of this is basically your personal and professional information, details of your financial assets and liabilities and the details of the property (if finalised) including the estimated cost and the means of financing the same.
    Documents to submit

    While submitting the application form, every bank asks for several documents. And most banks these days provide doorstep service, so that you don't have to spend time visiting their office to submit the documents. However, some banks still insist on the customer visiting their offices at least once.
    Proof of income: This will need to be backed up by proof such as copies of last three years' Income Tax returns (along with copies of Computation of Income/Annual accounts, if any), Form 16/Form 16A, last three months' salary slips, copies of the last 6 months' statements of all your active bank accounts in which your salary/business income details are reflected, etc. Other documents that you need to provide with your application form include age proof, address proof and identification proof. You may also be asked to give your employment details.

    Age proof: Copy of your school leaving certificate/Driving licence/Passport/ration card/PAN card/Election Commission's card/etc.

    Address proof: Similar documents need to be provided to prove that you are actually staying at your current address.

    Identification proof: Same as above, but with photograph. Sometimes, the same document if it contains a photograph, the current residential address and the correct age can be the proof for all 3 things.

    Your employment details: If your company is not well-known, then a short summary about the nature of the company, its business lines, its main customers, its competitors, number of offices, number of employees, turnover, profit, etc may be needed. Usually, the company profile that is available on the standard website of the company is enough.

    Financial check

    All the income-related documents you submit serve a specific purpose. The lending institution uses them to study your financial status.

    The bank statements you submit are scrutinised for:
    Level of activity in the case of self-employed persons, this gives a very good clue about the extent of business activities.
    Average bank balance a cursory glance at the average bank balances maintained in a savings bank account speaks volumes about the spending/saving habits of any individual.

    Cheque returns a small charge debited by your bank in the statement indicates that a cheque issued by you was returned by your bank. Many such cheque returns can have a negative impact on your loan sanction.

    Cheque bounces if cheques deposited by you are returned by the issuer's bank, they will be visible in your bank statement and again, banks have specific norms as to how many such returns are acceptable in a period of one year.

    Regular periodic payments the existence of periodic payments to other finance companies/banks etc. indicate an existing liability and you will need to provide full details to the lender.

    Your investments also come under the scanner. This helps the bank to estimate your ability to pay the down payment as well as your savings habit.

    Processing Fee

    Along with the application form and the credit documents, banks ask for a processing fee. This fee varies from bank to bank, but is usually around 0.25% to 0.50% of the total loan amount. For instance, if you take a loan of Rs 10 lakh, you will have to pay around Rs 2,500 to Rs 5,000 as processing fee. The agent dealing with you earns a commission from the bank, which to some extent is also affected by the amount of fees paid by you.

    Most banks have flexible fee structures, and it is advisable that you negotiate hard to find out the bank's minimum possible fees though it is unlikely that a bank will agree to provide a loan without any upfront fee at all. Some banks have zero upfront fee loans, but that advantage may be negated as their other charges such as "legal charges" and "stamp duty" are normally higher.

    This fee is collected to maintain your loan account, and includes work like sending Income Tax certificates every year, maintaining post-dated cheques, etc.

    Quick tips

    When applying for a loan, it will help to keep copies of your income proof handy. For self-employed persons, if the income has increased dramatically in the past year, have your explanation ready as to why you think this is a permanent increase in your income rather than just a one-time aberration which might be reversed in later years. If the bank is convinced with your explanation, then the loan eligibility can be considered in relation to the latest income rather than considering the much lower average income.

    2. Personal discussion: Face to face

    After you've formally and successfully completed the application process, all you have to do is wait till the home finance institution evaluates your papers. The wait normally lasts only a day or two or sometimes even less. However, some banks insist on meeting you after receiving the application form, and before the loan sanction. This is to gather more details about you that may not be mentioned in the application form and to reassure them of your repayment capacity.
    Again, this stage is insisted upon only in very few cases these days.
    Quick tips

    While going for the personal discussion, carry all the original documents pertaining to the information provided on the application form for the personal discussion.

    Avoid submitting any fake documents and do not lie about the financial details requested; banks process home loans only after they are convinced about your credentials.

    3. Field Investigation: Checking you out

    Thousands of people apply for loans everyday. And however eager a bank is to complete its targets, every loan is a risk. So, it is only natural that it confirms or validates the details you provide. The bank checks all your information including your existing residential address, your place of employment, employer credentials (if you work for a small organisation), residence and work telephone numbers. Representatives are sent to your workplace or residence to verify the details.

    Even the references you have provided in the application form are checked out. While this may sound irritating and an invasion of your privacy, banks are forced to undertake validation in the absence of any credit bureau. Once your credentials are validated, it helps establish trust between you and the bank.

    Quick tips

    The address and telephone number verification work is usually outsourced to small firms and the ability of the representatives is often uneven. Hence, interaction with them may not always be smooth. When the validation process starts, expect to reschedule some of your other work for being available to furnish details required.
    4. Credit appraisal and loan sanction: Getting the nod

    This is the make-or-break stage. If the bank is not convinced about your credentials, your application may get rejected. If it is satisfied, it sanctions your loan.
    The bank or the home financier establishes your repayment capacity based on your income, age, qualifications, experience, employer, nature of business (if self employed), etc, and based on these, works out your maximum loan eligibility, and the final loan amount is communicated to you. The bank then issues a sanction letter. This letter may either be an unconditional letter, or may have certain terms and conditions mentioned, which you have to fulfill before the loan disbursal.
    Quick tips

    Final loan amount and your loan eligibility are two different things. Once you know what you are eligible to get, you can decide on the loan amount. Just because you are eligible for a huge sum does not mean you should borrow heavily.
    The sanction letter is an important piece of document and you should keep it safely.
    5. Offer letter: I do...

    Once the loan is sanctioned, the banks sends you an offer letter mentioning the following details:
    • Loan amount
    • Rate of Interest
    • Whether fixed or variable rate of interest linked to a reference rate
    • Tenure of the loan
    • Mode of repayment
    • If the loan is under some special scheme, then the details of the scheme
    • General terms and conditions of the loan
    • Special conditions, if any Acceptance copy
    If you agree with what is mentioned in the offer letter from the bank, you will have to sign a duplicate letter of the same for the bank's records. Earlier, banks used to charge administrative fees along with the offer letter. However, with rising competition, administrative fees have virtually disappeared from the home loan market.
    Quick tips

    Check if the rate of interest mentioned and the loan amount on the letter is the same that was discussed and agreed upon.

    Home loan rate of interests can be negotiated, use the fact to your advantage.
    6. The legal angle: Property and papers

    Now, the focus of the bank's activities shifts from you to the property you intend to buy. Once you select your property, you need to hand over the entire set of original documents pertaining to your property to the bank so that it can keep them as security for the loan amount given to you. These normally include:
    The title documents of your seller, which prove the seller's title including the chain of title documents if he is not the first owner.
    NOCs from the legal owners such as cooperative housing societies, statutory development authorities, the lessor of the land in the case of leasehold land, etc. NOCs are not required where the property is situated on freehold land and the entire land is being transferred along with the structure.
    These documents remain in the bank's custody until the loan is fully repaid.
    Legal check

    Every bank conducts a legal check on your documents to validate their authenticity. Even the draft sale documents that you will be entering into with your seller will be scrutinised.
    The documents are sent to a lawyer in their panel (either in-house or outsourced) for a thorough scrutiny. The lawyer's report either gives a go-ahead if documents are clear, or it may ask for a further set of documents. In the latter case, you are expected to hand over the additional documents to the bank for a clear title.
    So, if a bank decides to disburse your housing loan, you have every right to smile, since you can safely assume that your property documents are clear and the transaction is safe.
    Quick tips

    Sometimes the bank may ask you to pay for the legal verification. However, most banks cover the costs in the upfront (processing) fee that you pay.
    Property documentation in India is non-standard and non-transparent. Hence, it helps to buy property from a reputed developer since they know the process inside out, and keep all the documents ready.
    Due to the heavy transfer charges on sale of property and/or very heavy stamp duties, some people conduct sale of property by showing "lower consideration" than agreed for, with the balance being paid either on an amenities agreement or in cash. Also the concept of sale by executing "irrevocable power of attorney" has gained ground especially in the National Capital Region. All this could restrict the choice of your lenders and may therefore increase the cost of the loan, which you might want to keep in mind while finalising such properties.

    7. Technical / Valuation check: Making doubly sure

    Banks are extremely careful about the property they plan to finance. They send an expert to visit the premises you intend to purchase. This expert could either be a bank employee or he could belong to a firm of architects or civil engineers.
    Site visit

    The site visits to your property are conducted to verify the following:
    In case of under construction property
    • Stage of construction is the same as that mentioned in the payment notice given to you by the builder.
    • Quality of construction
    • Satisfactory progress of work.
    • Layout of flats and area of property is within permissions granted by the governing authority.
    • The builder has the requisite certificates to start construction at the site.
    • Valuation of the property in relation to other deals in the surrounding areas.
    In case of ready/resale construction
    • External / internal maintenance of the property.
    • The age of the building.
    • Will the building last the loan tenure? This has a direct bearing on your loan eligibility, since the loan tenure will be restricted to the maximum age of the property as decided by the bank's engineer and this will impact your loan eligibility.
    • Quality of construction.
    • Surrounding area (development).
    • Whether the builder has received the requisite certificates for handing over possession of the flat.
    • There is no existing lien or mortgage on the property.
    • Valuation of the property in relation to other deals in the surrounding areas.
    • These inspections are carried out to protect consumer interests in terms of construction quality, adherence to local laws, approved building plans, etc. A technical inspection also lets the bank understand the progress of construction so as to release the staggered disbursements.
    Quick tip

    Do not circumvent or skip this stage and ensure that it is completed as early as possible. As a buyer, it gives you confidence that your property has been inspected by experts and that you are buying an asset that is legally clear and technically sound. The fee for this service, like the legal check, may either be built into your upfront fee or be charged separately by the Bank
    8. Valuation: Reality check

    Since housing loans are cheaper than other loans, there have been cases where individuals have shown purchase of properties from related entities at inflated prices to obtain cheap loans.
    Since the risk associated with diversion of funds is higher than if the loan was used for genuine purposes, banks carry out an independent valuation to find out whether the transaction is in line with the existing market price of the area.
    Valuation has become a key parameter in determining the loan amount that can be sanctioned by the bank. The valuation process is quite subjective and depends on the quality and ability of the person sent by the bank for valuation.
    Valuation of real estate as a profession is still in its infancy in India and is still non-standardised. In many cases, the valuer determines the value of the property at an amount that is lower than the documented cost of the property and this would result in the loan amount being lower, since the bank funds a certain percentage of the cost or valuation of the property, whichever is lower.
    This practice has led to severe consumer issues in an increasing number of cases, as the valuation is normally done only after the consumer takes a sanction (by paying a fee) and after identifying and committing to buy the property.
    The valuation issue rarely arises when a property is purchased through a reputed builder directly or if the property is pre approved. In both the cases, the banks would have already completed the valuation and therefore, you can safely assume that there is no difference between the documented cost of the property and the bank's valuation amount.
    Quick tip

    Some banks will charge a special fee to cover these costs or may ask you to pay the valuer directly, though for most banks, the upfront fee covers these fees as well. Approach banks which are willing to do the valuation even before the sanction process and before you pay any fee to the bank
    . 9. Registration: Sealing the deal

    After the legal and technical / valuation check, the draft documents as cleared by the lawyer need to be finalised and signed and the stamping and registration of the documents need to be done. Also, if any NOCs are pending, these need to be obtained in the format approved by the bank's lawyer.
    10. Signing the home loan agreement: In black & white

    All borrowers need to sign the home loan agreement. You also need to submit post-dated cheques for the first 36 months (if that is the agreed mode of repayment). The original property documents have to be handed over to the bank at this stage. Some banks also create a document recording the handing over of the property documents to them as security for the due repayment of the home loan.
    This document is also called a memorandum of entry and attracts significant stamp duty depending on the amount of the loan in some states. The stamp duty payable on such a memorandum is naturally recovered from you.
    Not all banks create this memorandum and hence the stamp duty may or may not be payable, depending on the practice of the specific bank. However, even where no such memorandum of entry is created, the state government concerned may, in the future, demand a stamp duty on the loan transaction, which naturally is recoverable from you as per the home loan agreement signed by you.
    11. Disbursement: The big payout

    After the bank has ensured that the property is legally and technically clear, all the original documents pertaining to transfer of ownership of property in your favour have been submitted and all the necessary loan agreements have been executed, finally, it is payment time! You will now actually receive the cheque in your hand. Time to celebrate! But hold on a second. Before the big moment arrives, you need to submit documents to prove that you have paid your personal contribution towards the property, since banks normally finance only up to 85-90 per cent of the total cost of the house.
    In case you are expecting money from other sources to fund your own contribution, you need to provide sufficient evidence for the same. It is only after submitting this proof that the bank will release part-disbursement of the loan.
    The cheque will be in the name of the reseller (for resale flats), builder, society or the development authority. It is only in exceptional circumstances, that is, if you provide documents to support that you have made an excess payment from your own account that the cheque will be handed over to you directly by the bank.
    Quick tips

    All banks charge interest on the loan amount from the day on which the cheque has been made and not from the day on which the cheque is handed over to you/seller. So, take delivery of the cheque the same day or the very next day to avoid paying extra interest on money.
    Disbursement in stages

    Usually, loans are disbursed on the basis of the stage of construction of the property. So, in case of resale or ready possession properties, the disbursement is full and final. However, in case of under-construction properties, the payment is made in parts, also known as part-disbursement.
    Each option would have different disbursement processes.
    Part disbursement: When a loan is partly disbursed, the bank does not start EMIs immediately, since it is calculated on the total loan amount at a particular rate of interest and for a given tenure. Moreover, it normally does not start breaking up the installments into its principal and interest components until the entire loan amount is disbursed.
    To overcome this difficulty, banks charge simple interest on the partly disbursed loan amount. For instance, if you have a sanctioned loan of Rs10 lakh, but the property is under construction and the bank has disbursed only Rs4 lakh, you will be charged a simple interest only on the disbursed amount. This process continues until the final disbursement takes place. The simple interest paid is called Pre-EMI interest or Pre-EMI.
    At this stage, banks may take only around three to six post-dated cheques on account of Pre-EMI.
    Quick tips
    • Always ensure that the amount of simple interest is available in your bank account to avoid dishonour of the cheque.
    • The systems of most banks do not track Pre-EMI payments as effectively as EMI payments. However, as per the loan agreement, your liability to pay Pre-EMI is absolute and without receiving any reminder from the bank. You may have to pay a delayed payment charge if your Pre-EMI is delayed. So, it is in your own interest to keep track of the number of PDCs given to the bank for Pre-EMI and replenish them, should the need arise.
    • Submit the demand letter from the builder as and when raised, to ensure that the balance disbursement can take place.
    • Collect the receipt from the builder for the part-disbursement and hand it over to the bank.
    • Ensure all the above are complied with till the final disbursement of the loan.
    Full and final disbursement: If it is a ready-possession property, the bank disburses the entire loan amount in favour of either the reseller or the builder.
    Quick tips
    Take time to fill in the loan documents before you sign them. Some columns may have to be kept blank as the exact amounts may not be known, but this should be limited.
    The bank is supposed to return a copy of the loan documents signed by its authorised signatory but that rarely happens in practice without sustained follow-up.
    Keep photocopies of all documents/agreements/letters submitted to the bank to avoid any misunderstandings later.
    The relationship continues...

    The final disbursement does not end your relationship with the bank. In fact, it is just the beginning. And there are various issues / situations that arise in between the beginning of the relationship and its end.
    These include:
    • Post-disbursement documents
    • Repayment
    • Income tax certificate
    • Prepayment
    • Loan preclosure/satisfaction
    • Post-disbursement documents
    Payment receipt: Once the bank hands over the pay order to you, you in turn are expected to hand it over to the reseller or the builder. You should get a receipt from them for the payment and hand it back to the bank, as it will become part of your mortgage documentation.
    Share certificates: In case your property is part of a society, you will need to get the flat transferred to your name by asking the society to issue the share certificate in your name and recording the transfer of ownership in their books.
    This normally happens at the first AGM/EGM after the sale transaction. This transferred share certificate also happens to be a part of the mortgage documentation and has, therefore, to be handed over to the bank after the transfer takes place.

    The loan is generally repaid by equated monthly installments, using post-dated cheques. Banks usually ask for 12, 24 or 36 PDCs, after which you need to repeat the process until you have repaid the loan. Some banks may also insist on a cheque for an amount equivalent to the loan outstanding at the end of PDC period to ensure timely replenishment of PDCs for the next 12, 24 or 36 months as the case may be.
    In case your installments are to be deducted against your salary, you need a letter from your employer accepting this arrangement and directly remitting the amount to the bank every month. This is possible only if your organisation has an arrangement with the bank for all employees.
    Some banks allow you to give standing instructions to the bank where you have your savings/current account to deduct money each month crediting your home loan account.
    Some banks allow the monthly installments to be paid by convenient ECS facility.
    Another possible mode of payment is by cash or demand draft (not all banks offer this). You can deposit the EMI every month at the bank's office.
    Income Tax certificate

    Every bank issues an income tax certificate that serves as requisite proof to let you avail of tax benefits that accrue on repayment of a home loan. This will typically contain the total amount of interest and capital repaid during the year.
    This is mandatory to claim the tax benefit in respect of self-occupied property. You will have to file this with your tax returns and submit this to your employer or chartered accountant to calculate your tax liability.

    You can prepay a loan either in part or in full at any given point of time. You can also prepay it even when it is only partly disbursed. However, most banks have an upper limit on the number of times a person can prepay his loan in a year as well as on the minimum amount you can prepay each time.
    Until recently, banks charged a penalty for part or full prepayment. But increased competition has forced most banks to allow partial prepayment at nil charge.
    Most banks levy a prepayment charge if you make full repayment and ask for release of your property documents.
    Loan pre-closure/satisfaction
    You also have the option of completely repaying the loan at any time. Of course, each bank has its conditions for preclosure. Also, the loan will get completely paid off on the expiry of the tenure of the loan if you have paid all your installments on time.
    Once you have completely repaid your loan, ensure that the entire set of original property documents is handed back to you.You should also ask the bank for a No-Objection Certificate saying the account has been cleared. As an option, the bank may issue a consent letter stating that the property is now free from mortgage.
    If you have guarantors, the bank will issue a separate letter for each of the guarantors stating that their liability has come to an end. Only after you receive these documents can you say that the property is now completely free of mortgage.
    At this stage, in some cases, you may discover that the original documents have yet not been received by the bank from the registrar. In such cases, you will need to follow up with the registrar and get the documents from them directly by showing them a copy of the bank's clearance certificate.
    Sometimes, (and we must stress only sometimes) the bank may misplace your original property documents leading to avoidable stress. In fact, the bank may claim that these documents were never given to them at all. Hence the importance of insisting on a proper receipt of title documents while handing them over to the bank.
    Remember that receipt will come in very useful when the loan is fully paid off. Also, it is extremely useful when you want to shift your loan to a new lender.
    SELF EMPLOYED ??? RELAX......!!!
    Banks have made all out attempt to make the lending activity simpler for entrepreneurs than what it was few years ago.
    India is a land of entrepreneurs. Whole world salutes the spirit of enterprise of Indians. But when it comes to taking home loans they have to undergo heavy grilling by the lenders over their salaried counterparts. This makes you think that being in business limits your prospects of getting a home loan, but, think again. Time has gone that lenders could ignore the growing crop of entrepreneurs.
    In fact as the number of entrepreneurs have increased manifold in the recent times, the banks too are taking keen interest in this segment.
    Thus taking cognizance of the scenario, banks have made all out attempt to make the lending activity simpler for entrepreneurs than what it was few years ago. Still the fact cannot be ignored that process you as a business owner has to go through, will be slightly different, in case you were employed.
    The banks as lenders have to follow slightly stringent norms. Your lenders would want that you should have a business record of at least three years. Then they would like to go through your tax returns filed for the previous years to have an overview of the stability of your income.
    Thus if you are in the business and a home loan aspirant too then it is important that you keep good records of your business. These will come handy when you approach the lender. If you are properly documented then in all probability you will be considered to be in low risk zone.
    The broad eligibility criteria for taking home loan includes that you should have gross annual income of Rs. 1, 00,000 or above, be in the range of 23 years of age and above with maximum age of 58 years or retirement age, whichever is earlier at the time of loan maturity and 3 years of continuous operation. Besides you will need to furnish identity and residence proof, educational qualification certificates and proof of business existence.
    We list here the documents required to be furnished by the 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 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).
    But basic purpose outlined by lenders remain same whether you are employed or in business like home loan is offered for purchase of housing accommodation like flats, row houses, bungalows, etc. on ownership basis. Loans will be given for buying or constructing a new flat/house.
    You should have steady income from your business and above all an inclination to repay. Loan amount depends on your repayment capacity as determined by the Bank. The Equated Monthly Installment (EMI) would be based on the quantum of loan, rate of Interest and the repayment period.
    One thing is for certain, these loans are not uncommon today. Entrepreneurship is at an all time high and financial institutions are aware of this fact and have special programs and regulations in place to serve this group of borrowers.
    But do not forget the golden ruledon't eat more than you can chew!
    Do not borrow more than you can comfortably afford to repay.
    So here the advice is that you bargain for the lowest rate and be sure that you read the fine print.
    With little work and attention to detail in your record keeping, you are in a comfort zone from where you can approach any lender with confidence and believe us that they will not be able to decline!


    Balance transfer on home loans; Weigh the option thoroughly!
    Now that all home loan borrowers are under the spell of increased interest rates leading to increased EMI, it is not surprising to note that borrowers are contemplating either prepayment or switching lenders to counter the burden.
    As prepayment entails penalty besides lump sum funds, switching to lender offering better rates looks like a feasible option. Also known as Balance Transfer (BT), the process here is very similar to that of home loans.
    Major variables in BT

    Two aspects associated with BT are prepayment penalty and processing fee. Lending is the business of the bank and the interest on the loan, one of its major sources of income. This is one of the major reasons why a bank would charge a consumer, should he desire to switch lenders. This charge is known as 'prepayment penalty', the definition varying from bank to bank. Normally, a bank will charge up to 2 per cent of the total loan outstanding as a prepayment penalty.
    Just as there is a cost to pay for a transfer, the new lender will also charge a processing fee to take over the loan. It can be about 0.50 per cent to 1 per cent of the total loan amount one applies for.
    It is necessary to check the probable terms and conditions relating to the loan transfer charges to be borne by the applicant.
    By now, we have established that banking, like any other industry is a business and that lending is a revenue generating activity, not based on philanthropy or good-will. This brings up a question, why do we switch lenders? Will it make a difference? All will be the same.
    Yes, it will.
    Cause, Effect

    The basic premise of taking such a step is to be benefited by way of lower interest rates on loans. Banks are known to offer lower interest rates to new loan consumers, rather than the existing ones.
    Let's take an example. Say 'A' took a loan at an interest rate of 8.50 per cent in 20002-2003 from lender 'X'. The interest rates have increased on the loan since then and currently he is paying an interest rate of 13 per cent.
    Another consumer, say 'B' approaches 'X' for a loan and gets an interest rate of 11.50 per cent.
    The option available for 'A' to transfer his loan to another bank 'Y' if the interest rate offered is lower than the one 'A' is paying currently.
    So, in a nutshell, it makes sense to transfer the loan to another bank only if the gain (in terms of interest range) is to the tune of 1 per cent (or more). The 'Should I Switch my loan' will give an empirical, close to accurate idea in figure to a consumer to gauge whether the switch will be beneficial.
    Shop for a better deal

    Before one decided to switch lenders, shop for a deal. Approach various lenders with the intent of transferring the loan. The success of the deal or the lack of it will be dependant on the income of the applicant and the repayment track record. It is necessary to get a rough idea of the offers available from the potential lender/lenders.
    As a first step, inform the current or the existing lender or the bank about your intent to transfer the loan. This can be done by submitting a letter to them. The intent is to be communicated in written form to them Negotiations, Consent Letter may follow...

    Now follows the first round of negotiations with the current lender. Before one finally decides to end the borrower-lender relationship with the current lender, it is necessary to negotiate. The borrower can utilize the opportunity to make the lender aware of his reasons for discontent - latent or otherwise (within scope of reason!)

    Once the negotiations are completed, based on the outcome, the lender will give the consent letter. This simply means that the existing lender has given a 'go' to the transfer process.

    This letter will have mention of the details regarding loan like total loan amount taken, the loan amount outstanding as well as the prepayment charges, if any. The amount mentioned will be calculated as on a future date, to enable time for the buyer to arrange the payment.

    Once the borrower gets the consent letter, one can approach the potential lender with the same for balance transfer.
    Transfer with consent

    From hereon, the process largely resembles to that of taking a home loan.
    The applicant has to fill in an application form with the requisite details, followed by a personal discussion. It is necessary to have all the original documents pertaining to the information provided on the application form for the personal discussion.
    Discussion is followed by field investigation and valuation of the property. After credit appraisal, the current lender will disburse the loan.
    Before BT is a reality...

    But remember, the current lender will require all the originals documents relating to the property and other documents such as NOC's from the relevant regulatory bodies before the loan is disbursed. Normally, the existing lender will not release the property documents before the loan is prepaid.

    Similarly, the new lender may not be ready to disburse the loan before it gets the original papers. Do not distress!

    Once can obtain a letter from the current lender giving details of the legal papers held by them as security against the home loan and indicating the number of days it will take to release the documents to the borrower/applicant, once the payment is received.

    If one has photocopies of the documents held by the existing lender, it will be of help when applying for a loan transfer.

    Do not forget, in no other loan process than this does the repayment track record play such an important role. So, make sure that you continue with timely repayment or pay heavy price...

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