House Loan is the loan that is disbursed by a bank or any financial institution to an individual for purchasing a residential property. In this type of loan, lenders holds the title of the property until the loan is fully paid back by the buyer with full interest.
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Documents Required For Home Loan
Documents Needed For Individuals Two Passport Size Photographs 2 One PAN Card Xerox Copy One AADHAR CARD Xerox Copy Xerox Copy of PASSPORT Rented Address Proof and Permanent Address Proof needed Form 16 of Past 3 Years and ITR With Computation of income Previous one year of BANK STATEMENT - SALARY ACCOUNT LOAN SCHEDULE & SANCTION LETTER COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS PROCESSING FEE CHEQUE IN FAVOUR OF BANK LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
Documents Needed For Properietor Firm
Photograph PAN Card copy of Properietor Address PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR. Latest office address prood (Telephone bill, electricity bill) GST Registration xerox copy and certificates of firm registration Last one year of GST Return xerox 3 Years of ITR Computation of firm, Profit & Loss account, Balance Sheet, Tax Audit Report etc. PROVISIONAL FINANCIAL Accounting Year 2020-21 BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED. 6 months saving account statement updated (Proprietor) If running any loan please provide sanction letter and repayment scheduled Agreement to sell copy Property papers with chain sanction map
Documents Needed For Partnership Firm-LLP
Photograph partners PAN card - company, all partners Add proof - all partners (Passport, Voter I Card , PAN ,Adhaar) Firm add proof- latest any utility bill. Partnership deed copy GST certificate GST return last 1 years 3 year company itr coi p/l a/c balancesheet + audit report 3cb 3cd, all annexxurs, scheduled with c.a.certified. Provisional financial ay 2019-20 3 year.all partner individuals itr + computation Firm all a/c bank statement 1 year updated. All partner saving a/c statement 6 month. If running any loan – latest sanction letter + track records or repayment scheduled. Agreement to sell copy. Property papers complete chain with map.
Documents Needed For Private Limited Company
Photographs of all the directors PAN card of a company and all the directors Address proof of company and all the directors List of Director in the company & shareholder with ca certified as on date memorandum GST, SALE, VAT, AND SSI Registration Certificate. One YEAR GST RETURNS All directors must have their individual Income Tax Return and their computation of the last 3 years. You must have the previous 3 years of complete financial report and tax audit report with annexure. Month wise sales figure of the previous year or you can have provisional financial. Updated bank account statement of one year All directors must have a savings account statement for the previous 6 months. Agreement to sell copy Property papers complete chain with sanction mapFrequently Asked Questions
Q2. What is the tenure of a Home Loan?
A home loan can be availed from minimum of 5 years and maximum of 10 years of tenure.
Q3. What are the key points to note for getting a Home Loan?
Anybody who is a business owner, a salaried individual that has regular income can apply for a home loan. The minimum age is 21 years to avail a home loan and not more than 65 years of age.
Q4. Why should you get a Home Loan from Service Twin?
From Service Twin, you can easily avail of your home loan by sitting on your sofa at your home. You don't have to wait in long queues in the banks or other financial institutions. Our team will help you get your loan at your doorstep with ease and flexible repayment modes.
Q5. What do banks look for in an individual/institution for getting a Home Loan?
- Banks look for the Income of the person who is looking for a home loan. - The age of the applicant plays a vital role. - The qualification of the applicant also plays a significant role. - The residential status of the applicant. - The income of a spouse. - Total number of dependant on applicant. - CIBIL score of the applicant.
Q6. What is the meaning of the floating rate of Home Loan?
When the interest of the loan varies according to the tenure/period, then we call it the floating rate of home loan.
Q7. What is fixed-rate Home Loan?
When your home loan rate of interest remains fixed irrespective of current market conditions, then it is known as fixed-rate home loan.
Q8. Is there a possibility of shifting from floating rate of home loan to fixed-rate Home Loan?
Yes, there are vendors in the market who are ready to convert your floating rate of home loan to a fixed home loan. But it is not fixed for every home loan. Some charges are involved in the conversion of this process.
Q9. How to repay my Home Loan?
You can easily pay your home loan through PDC(Post Dated Cheques) or can automatically get it deducted from Electronic Clearing System by your salary. Your monthly EMI will be directly deducted automatically from your account every month.
Q10. How to get Home Loan if you have a low credit score?
If you have a low credit score then you have low chances of getting a home loan but you can easily get it done by adding a co-borrower . The co-borrower must have a good credit score and regular salary being credited in order to boost your chances of getting a home loan easily.