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Building your own home is special. When it comes to your dream home, you would not like to settle for anything but one that suits your need. At ASN Housing we take care of your need of not only owning your dream home but also provide you with a various tips and choices for the home loan you would like to take.
Check list for Home Loans
ASN Housing presents to you the home loan documents checklist that you need to ensure is with you, before you apply for a home loan. A basic checklist for home buyers like proper and clear title and correct proposition will help you make a safe and informed purchase.
There are other home loan tools like calculators suitably devised to assist you.
Confirmation of Income
• If you are a salaried person, you should provide two recent consecutive pay slips or a copy of your employment contract or a letter from your employer.
• If you are self-employed, you should provide copies of your last two Financial Accounts as prepared by your accountant.
• Appointment Letter
• Salary Certificate
• Retainer ship Agreement, if appointed as a consultant
• FORM 16 issued by the employer in your name.
• Last three years income tax returns duly filed and certified by the Income Tax Authorities
• Similar Document -separately for each co-applicant.
• Identity card issued by your employer
• Visiting card
• Voter's ID card
• PAN card
• Ration card
• Employer's Identity card
• School leaving certificate
• Birth certificate
• Ration card
• PAN card
• Rent agreement, if you are staying currently on rent
• Bank Pass book
• Allotment letter from your company if you are residing in company quarters.
Name Change Proof (If Applicable)
• A copy of the official gazette
• A copy of a newspaper advertisement publicizing the name change
• Marriage certificate
Investment Proof (If Applicable)
• Bank statement for the last six months of all operating and salary accounts
• Bank statements for the last six months of all current accounts, if self-employed.
• Any other photocopies of investments held, if required by the Bank
Property Title Proof
• Original Sale agreement with Builder/Developer duly registered, Registration receipt
• Tripartite agreement from builder/developer
• Land documents indicating ownership, e.g.-Photocopies of title deeds, if applicable
• A certificate by the legal advisor of the builder to the effect that the builder has a good reputation and it is free from encumbrance and other charges.
• A certificate from builder's Chartered Accountant certifying that the builder has not mortgaged the property anywhere else.
• Certified true copy of approved plan.
• Copies of receipts of payments made to builder/developer.
• Allotment letter
• Possession letter
• Lease agreement, if applicable (Property bought from a development authority)
• Mortgage deed if the Bank opts for a registered mortgage.
• No Objection Certificate from the developer, society or development authority as applicable
• Personal Guarantees, if applicable.
• In case of alternate or additional security, documents for the same depending upon the security details.
• For self-construction: Approved plans and clearance certificates along with estimates
• Post dated cheques for the EMIs.
Confirmation of Rental Income
• Copy of the existing tenancy agreement, or a rental appraisal, from a local real estate agent signed by branch manager, or rental manager.
Deposit or Investments
• Evidence of your deposit or investment funds, i.e. a bank statement or term deposit receipt.
• For low equity loans (5-19% deposit), copy of your savings account statements over the last six months.
Sale and Purchase Agreement
• If you are planning to buy a property, please provide a copy of the successful sale and purchase agreement signed by both you and the vendor.
• If you are planning to sell or have already sold your existing property, please provide a copy of that property's sales and purchase agreement.
New Customer to the banks of India
• If you are refinancing from another bank please provide copies of your loan statements covering the last six months.
• Please provide copies of your account statements covering the last six months from your current bank.
• Please provide copies of your identification and if you have arrived in the country within the last 5 years, please provide a copy of your passport.
Government Valuation and rating System
A copy of the latest Government or Ratings Valuation is to be provided. Depending on the age and value indicated in conjunction with the amount required to borrow, the Bank may require a Registered Valuation and your Banker will advise you.
Choosing the Right Home Loan
If you are planning to buy a home, you need to know about home loans processes, troubleshooting and how to choose the right home loan for house that falls within your budget. There are various types of home loans offered by different financial institutions. ASN Housing assists you in the same. The given below information will help you to figure out which type of home loan is beneficial for you.
Types of Home Loans Available:
• Home Equity Loans
• Home Extension Loans
• Home Improvement Loans
• Home Purchase Loans
• Land Purchase Loans
• Mortgage Loans
Many banks and financial companies offer home loans. But before choosing any home loan option, consider few points as mentioned below.
You should know more about type of property in lieu of which you seek loan. There are loans offered by banks to Resident Indians and NRIs for ready property, under construction property, self-construction and home improvement.
The loans provided by financial institution are offered in tenures or period of years. You should check out the tenure for loans available in the market. There are loan tenures available for upto 25 years.
You need to choose between fixed and floating rate home loans. Many banks and financial institutions will provide you with the option of switching from a floating rate home loan to a fixed rate home loan once a year at no extra cost. But you need to check out the facts first with the loan providing firm.
No Penalty option
There are also no penalty option offered by few finance companies. In this mode, you can opt to pre-pay up to 25% of your loan every year. Pre-payment is permitted after a minimum of 6 months following loan disbursal.
You should know the right of your tax benefits on home loans. Resident Indians are eligible for certain tax benefits on principal and interest components of a housing loan under the Income Tax Act, 1961.