Home Loans


HOME LOANS
Interest rates on home loans have touched an all time low and procedures for home loans have been made a lot more simpler. This makes the process of availing a housing loan hassle-free.

Added to that the government has introduced income tax benefits for housing loan repayments making housing loans a better option. A lot of schemes from different housing finance institutions are available in the market to suit your requirements.

These loans from leading Housing Finance companies can be arranged with your minimum involvement (subject to the conditions put forth by the financial institutions).

The pre-approval of Regal Projects by leading Housing Finance Companies (HFC) makes the whole process all the more easier. Housing loans from these institutions can be arranged with minimum involvement from the customer. (Subject to conditions of the financial institution).

Please note that all details given regarding housing loans are only indicative and general. The information given below is only for your reference and shall not be taken as final. The policies, procedures, repayment EMIs, documents required, loan period, processing fees Etc may vary with different housing finance company.

Loans can be arranged up to 85% of the cost of the apartment for long repayment terms (Subject to the repayment capacity of the customer).

DOCUMENTS REQUIRED

Self attested Photostat copies of the following documents are to be provided to the housing finance company to process the loan. Additional documents may be asked for by the HFC as per their conditions. Processing fees as per HFC policy has to be paid.
NON RESIDENT INDIANS         
    Latest salary slip.         Salary Certificate from employer
    Copy of latest work permit         Copy of employment Contract with current employer.
    Copy of Visa stamped on passport.         Copy of Identity card
    Copy of CDC (Applicable only for marine engineers)         Bank statement showing salary credit.(Last 6 months).
    Power of attorney in HFC s draft.         Photograph

(Whenever document is in a language other than English, the English translation is to be given attested by the Indian Embassy)

Power of Attorney as per the HFC's draft shall be attested by the Indian Consulate in case NRI is not in India (Notary public of USA and UK can also attest the same). If NRI is in India then the Power of attorney can be notarised by a Notary Public.
RESIDENT INDIANS (SALARIED)
    Latest salary slip / salary certificate from employer         Form 16.(Last 2 years)
    Bank statement (Last 6 months)         Address proof
    Photograph         
            
RESIDENT INDIANS (SELF EMPLOYED)
    Income tax returns (Last 3 years).         Profit and loss account (Last 3 years)
    Balance sheet (last 3 years)         Bank statement (Last 6 months)
    Address proof         Photograph

EMI CHART (MONTHLY REST BASIS)

Given below is the EMI (Equated monthly instalment) for a loan of Rs.1 lakh.

For details from the following Housing Finance Institutions, please click below;

OTHER DETAILS

MAXIMUM LOAN AMOUNT : You can avail of a maximum loan of 85% of the cost of the apartment.

LOAN ELIGIBLITY : You can avail of a maximum loan of 85% of the cost of the apartment. Your repayment capacity decides on how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, work experience, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation, savings history Etc. In case of salaried resident Indians, the HFC will normally lend up to 35 to 40 times the gross monthly salary.

CO APPLICANTS : Proposed owners of the property, in respect of which you are seeking financial assistance, will have to be co-applicants. However, all co-applicants need not be co-owners.

INTEREST RATE : The rate of interest will vary depending on the HFC.

OTHER CHARGES : At the time of making application for the loan, a one time processing fee is payable to the HFC. This will vary between 0.5% to 2% of the loan amount applied for depending on the HFC.

LOAN PERIOD : The period of repayment of the loan is normally up to a maximum of 10 years in case of NRI s and up to 20 years in other cases.

LOAN REPAYMENTS : The loan can be repaid in Equated Monthly Instalments (EMIs) which includes principal and interest. EMI starts only after the full disbursement of loan, till then you need to pay pre EMI interest for the amount disbursed .

In case of Non resident Indians, EMI payments are to be made through post dated cheques from your Non-Resident (External) Account / Non-Resident (Ordinary) Account in India.

SECURITY FOR THE LOAN : First mortgage of the property to be financed, normally by way of deposit of title deeds. Other collateral security may be necessary on specific cases.

LOAN DISBURSEMENT : Disbursement of the loan will be made after the property has been technically appraised, all legal documentation has been completed and the buyer has invested their own contribution in full. Own contribution is the total cost of the property less the loan amount availed.

LOAN DISBURSEMENT INSTALMENTS : The loan will be disbursed to the builder in full or in suitable installments taking into account the requirement of funds and progress of construction.

LOAN PREPAYMENT : You can repay the loan ahead of schedule. Most of the institutions do not levy a pre-payment charge.

TAX BENEFITS : In case of resident Indians, There are tax benefits on the principal as well as the interest payments that you make to the HFC.