Home Loan Guide
Make a Summary of your property
Processing Fees: It is payable at the time of filing of the loan application. This is
non-refundable and is charged to cover the costs of determining the loan eligibility of the potential
File Charges: These are charges for preparing the documentation. Some banks and HFCs charge
Legal Charges: These pertain to the legal evaluation of the house documents. Some banks
charge this separately.
Commitment Charges: These charges are payable if the loan is not utilized within a
specified period of time after sanction.
Go to the different institutions providing housing loans and ask them to calculate and give you the
“net” amount of money you will have to pay over 10-Yrs and the “net” amount of money you will have
to pay over 20-Yrs. When we say “net” we mean that the money includes everything, the administration,
processing and all other possible fees. Note all the different rates that all the different
organizations give. This will give you the best idea about the different rates.
Equated Monthly Installment ("EMI") is the amount comprising a portion of the interest and the
principal loan amount, which is payable by a borrower to the lender every month
Repayment period options range generally from 5 to 20 years. Some of the banks may give loans up to
25 years also.
Usually loans are disbursed within 10 - 15 days after completion of verification by the
institution, documentation (original agreement for sale / lodging receipt) and completion of all
You can get a Home Loan of up to 80% of the Total Consideration Value, or, your eligibility
whichever is lower.
Yes, you can avail for a pre approval from any financial institution. However all pre approvals has a validity period, which may be checked out with the concerned Financial institution.
Yes you can have your wife, son/daughter, father/mother as a Co-Borrower. However you are again
requested to check with the Financial Institution regarding their permissible ownership grid.
- Latest salary certificate or the original slip
- A photo copy of Form no.16 A (TDS Form) from the applicants Employer
- The original certificate from the applicant’s employer for any other allowances that
are not reflected in the applicants salary slip
- A photo copy of the applicant’s updated bank pass book or a statement of the applicants
accounts for last 6 months
- A photo copy of the applicant’s voter I.D. card or the applicants Company's I.D.
or the applicant’s passport/ ration card
- A passport size photograph of the applicant & co-applicant