Home Loan Assistance

HOUSING LOAN PURPOSE

PURPOSE

For construction, purchase / repair / renovation / alteration of a house or for purchase of a plot for the construction of a house. Get details of apartments in thrissur from here.

PERSONS ELIGIBLE

All Resident / Non-Resident Indians with a regular monthly income
Spouses of Non-Residents, who are residents and receiving regular monthly income.
Salaried persons, self employed businessmen, professionals and agriculturists, who have regular monthly income and who have a minimum of three years of standing / experience in their line of activity.

The age should be such that the borrower is able to close the account before he attains the age of 70.

ELIGIBLE AMOUNT OF LOAN

Individual’s Over 18 years of age with steady source of income . View the list of villas for sale in Thrissur.
Conditions Apply*

MARGIN AMOUNT

upto 15% to 20% This may vary as per R.B.I norms. View here to buy apartments in Kerala.

REPAYMENT

Maximum 30 years .
Conditions Apply*

LOAN DISBURSEMENT

As per the construction / bank loan agreement. The loan will be disbursed as per the construction stages

SECURITY

Mortgage of property by deposit of title deeds.

PROCESSING CHARGES

This may vary as per bank norms.

INSURANCE

Insurance is to be arranged for the total cost of building.

Checklist of Documents required for Home Loan

Completed Loan Application
Proof of Identification: (any of the following)

Driving license
Ration card
Passport
PAN card
Voter’s ID card
Employee ID
Bank passbook

3. Proof of Age: (any of the following)

PAN card
Birth certificate
10th class marksheet
Bank passbook
Passport
Driving license

4. Address Proof: (any of the following)

Bank passbook or Bank account
statement
Voter’s ID
Ration card
Passport

Utility bill (telephone, electricity, water, gas) – less than 2 months old
LIC policy/ receipt
Letter from a recognized public authority verifying the customer’s residence address

5. Income Documents

Salaried individuals (any one of the following)

Form 16
Certified letter from Employer
Pay slip (Last 2 months)
Increment or Promotion letter
IT returns (for 3 years)
Apart from the proof of income of the salaried individual, he would also have to furnish any investment proofs (like fixed deposits, shares, etc) and his passport-size photographs.

Self Employed or businessman: (any one of the following)

Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
Last 2 years Balance Sheet and Profit & Loss account of the firm- duly attested by a Chartered Accountant
Apart from these, a self-employed individual also has to submit

A brief introduction of his profession/business
Passport size photographs
Photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
Photocopy of Registration Certificate for deduction of Profession Tax
Proof of investments
Certificate of Practice
Receipts of advance tax payments (if any)

NOTE: After the sale deed is executed, the original deed along with fresh encumbrance certificate and possession certificate should be submitted. After availment of the loan, encumbrance certificate for four months after the date of mortgage is to be produced.