|
|
|
|
 |
|
|
|
|
FAQs on Home Loans
-
Who can apply for a housing loan?
Any person, including Non Resident Indians, with a steady source of income can borrow funds for financing the cost of a flat from housing finance companies and banks.
- Can a Non Resident Indian avail of housing loans?
Yes. Repayment of loan should be made within a period not exceeding 20 years out of inward remittances or out of funds held in the borrower's NRE/FCNR/NRO accounts.
- How much can a person borrow?
Loans are generally disbursed upto a maximum of 85% of the cost of the flat. The balance 15% cost of the flat is to be funded by the flat purchaser from his own contribution.
- How does Evershine assist a flat purchaser for procuring Housing Finance?
All projects at Evershine are pre approved for grant of home loans by leading housing finance companies and banks. The Evershine sales team liase with the all leading Housing Finance Institutions for processing the loan, documentation and disbursement of loans.
- What is an EMI?
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.
- How is the rate of interest calculated in India?
Interest rates vary from time to time and from institution to institution. The current trend ranges from about 9% to 11% pa. The interest calculated either on a daily or monthly reducing or yearly reducing balance.
- What is a fixed-rate housing loan?
A fixed-rate housing loan is a loan where the rate of interest is constant through the entire term of the loan period.
- What is a floating interest rate housing loan?
A floating interest rate loan is a loan where the interest rate payable is linked to the market conditions such as the bank retail prime lending rate and rises and falls with the bank rate varies. Hence a borrower bears the risk of interest rate fluctuations. Floating interest rates offered are usually lower than the fixed interest rates.
- What is the time required for approval of a loan application?
About 5-7 days.
- What is the time required for distursement of loans?
Usally loans are disbursed within 5-7 days after completion of verification by the institution,documentation ( such as handing over of the original agreement for sale\ lodging receipt to the lender) and completion of all relevant procedures and only after proof that the borrowers own contribution has been paid by him to the vendor / builder / developer.
- Do institutions accept joint loan applications ?
Yes.
- What are the documents required at the time of making an application for a housing loan ?
- Photographs
- Proof of age (Passport / License / Voters ID. )
- Proof of residence ( Ration card / Tel / Electricity bill. )
- Latest salary slip (proof of income for salaried individuals ).
- Form 16
- Bank statements for the previous six months.
- For self employed, certified copies of balance sheet, profit and loss statement and tax challans / tax returns for the previous 3 years for partnership/private limited companies,the articles of association, partnership deed and details about the firm.
- For NRIs latest salary certificate specifying, name (as it appears in the passport). Date of joining, passport number, designation, perquisites and salary, photocopy of labour card/ identity card, photocopy of valid resident visa stamped on the passport, photocopy of monthly statement of local bank account, property related documents.
|
|
|
|