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  • As on Sep 15,15:59
Home Loan
Getting a home loan is an extremely simple process provided you are eligible for the required loan amount and have some basic documents required for the verfication of your identity and your income proofs.

To start the process first find your home loan eligibility and then the city, area and location you would like to buy a home in.

Once finalized with the home property, approach a home loan providing bank to check whether they provide home loan in the area selected by you or is it been black listed by the banks.
Note: Black listed areas generaly are high defaulter or illegal construction areas where home loans are not given. DO NOT EVEN TRY TO GET A HOME THERE!

Once you are finalized on the home you want to purchase in a proper area and if it is a new construction check for the builders reputation in the market as well as approach the Municipal Corporation along with the building details by which you can know whether the construction is legal or is un-authorized under the 'Right to Information' Act.

In case of a resale property do the same as mentioned above as well as get the chain of agreements checked from a lawyer and approach the society secratory or chairman informing him about the deal as well as confirming whether there are any dues or loans to be cleared by the current flat owner and there is not dispute on the ownership of the property.

Now to start for a home loan collect all the necessary home loan documents like
  1. Photo Identity and Nationality Proof
    e.g. PAN Card, Passport
  2. Residential Proof
    e.g. MTNL/BSNL Telephone Bill, Electricity
  3. Last 6 months salary slips
  4. Last year Form 16's or Income Proofs
  5. 10 Passport size photographs.
Approach a home loan providing bank prefered by you and handover the above collected documents copies(xerox) to your loan officer and wait for the loan approval.

Banks normaly provides 80% to 90% of the total home loan cost including the stamp duty registration of which the stamp duty registration amount needs to be payed by you earlier and later returned by some banks on request thought ot applicable to all.

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