Buyer Guide

HOME LOAN

To be eligible for a home loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turn 65 years of age.

COMMERCIAL LOAN

To be eligible for a commercial loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turn 65 years of age. The loan can be for the purchase/construction/extension of a non-residential property. A loan for renovation will only be given at the time when the property has been acquired. Professionally qualified and self-employed individuals can apply but a minimum of 3 year’s work experience is a necessary.

LOAN AMOUNT

The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business profits, etc.


However, there are ways in which to increase loan eligibility and amount. If a spouse or fiancée is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility. However, the most important factor in sanctioning loans is repayment ability. The total cost includes registration charges, transfer charges and stamp duties.

Home Loan Procedure Documentation and Process Scheduled:

File maintained with ITR and other required documents:
  • Pan card.t
  • Ration card of present address.
  • Form 16/ITR of last 3 years.
  • Last 3 months salary slip.
  • Bank A/C statements of 6 month.
  • Copies of payment receipt made to builder.
  • KYC Document – provide by bank.
  • Photograph passport size 2 No’s.
  • Documents provide by NIRMITEE BUILDERS & DEVELOPERS :
  • Booking or Token Receipt of builder.l
  • Letter of intended amount.
  • Payment Demand Letter.
  • Project search report (30 Years).
  • Sanction approved Building/Bungalow plan.
  • A copy of Loan Sanction Letter of same Bank for reference.

Loan sanction and Loan amount offer by banker:

  • Minimum amount of Rs……………………………
  • Maximum amount of Rs…………………………
  • Agreement / Registration of booking Flat / Bungalow:
  • Sale Agreement of Flat / Bungalow.
  • Search report of Flat / Bungalow (by Banker Advanced if required).
  • NOC Letter from Builder:
  • NOC / Permission mortgage the 1-2 BHK Flat/Bungalow in the Apartment.
  • Pay order letter from builder with account details.
  • Inspection report or site visit by Banker
  • Final Loan Agreement signed by Client and Banker
  • Final Disbursement of Loan