Housing Finance Companies (HFCs)/Nationalized Banks usually give home loans for properties located in India to people who are employed or self-employed, with a regular source of income.

An individual can apply for a home loan even before the property has been selected. The loan amount is sanctioned based on the ability to repay. This helps in planning a budget while purchasing the house.

Loan eligibility is calculated based on the ability to repay. Factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration.

Repayment is done through Equated Monthly Installments (EMI). Both the principal amount and the interest are taken care of in the EMI & Fixed interest.

Processing and administrative fees, pre-payment charges and delayed payment charges, legal fees, technical fees, stamp duty and registration of mortgage deed are all likely areas of expenditure.

The maximum amount is 85% of the cost of the property, including the cost of land, subject to a maximum amount of Rs 1 crore for a period of 5 to 15 years.

Documents to be Submitted:

From the Builder: The builder provides the financial institution/bank a complete set of documents pertaining to the land to establish clear marketable title. Apart from this the builder is expected to provide a copy of the agreements that are to be entered into with the purchaser of the property along with a copy of the plan approved by the appropriate authorities.

From the Purchaser:

NRIs (Non Resident Indians) are expected to provide the following documents:

Copy of the passport clearly showing the VISA status.

Copy of pay slip. Contract certificate.

A power of attorney in favour of an Indian Resident who would be authorized to operate and deal with the financial institution / bank including signing of cheques etc..

Indian Residents :

Salaried Employees :

Copy of salary certificates.

3 years Income Tax return acknowledgement . Identity proof.

Self Employed / Business Person :

Audited copy of statement of income for three years. 3 years Income Tax return acknowledgment .

Copies of audited balance sheet & profit and loss account.

Copy of partnership deed if applicable.

Address proof.

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