HOME LOANS

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Overview

“Apna Ghar” has always been the cherished dream of every Individual; whether he is a Salaried Person or a Self-Employed Business Owner. You purchase a Property to make it a source of your Secondary Income. Your Decision always needs a perfect execution when there is a requirement of Financial assistance and this is where we are there to help you with this. Choosing the right Home Loan requires a lot of thought process. Starting from Minimum Interest Rates to the Maximum Tenure as well as the Loan Eligibility, every parameter has to be cautiously and meticulously worked upon.
Home Loan is Loan where you purchase your Dream Property or Construct or Renovate as per your need and the Property is mortgaged by the Financier or the Home Loan Institution. We at Atharva’s Financial Solutions simplify this process and make it easier and hassle free by providing all these Services right at your Doorstep.

Features

Product Overview

  • Under Construction / Ready Possession Flats / Apartments / Bungalows / Villas
  • Purchase of a Plot & Self Home Construction
  • Renovation of Home

Funding

  • Below 25 Lakhs, you could avail 85 to 90% of the Property Value.
  • Between 25 Lakhs to 75 Lakhs, you could avail 80% of the Property Value.
  • Above 75 Lakhs, funding would be restricted to 75% of the Property Value/

Criteria

Applicant can apply for a Loan in his Individual capacity or he could jointly take other Property Owners as Co-Applicant.

Quantum

Maximum Tenure of 30 Years depending on the other parameters. Subject to Bank’s Policies & their criteria.

CIBIL Score

Financial Institutions & Banks will always check the Credit Report which is downloaded from Credit Bureau of India Ltd. website to understand the applicant’s & co-applicant’s past repayment history and also to understand the existing Loan obligations serviced by the Individual. Based on this past History and Loan Obligations, the Financial Institutions appraise the said proposal for Final Sanctioning. Based on the CIBIL score, the Final Home Loan Interest Rates could also vary.

Home Loan Eligibility Norms

Loan Sanction Criteria could vary based on the Customer Profile such as his Company’s Profile, his Designation and whether his company has been listed.  For Salaried Individuals, working in Government Organizations as well as Schools and Colleges are also considered.

For Salaried Individuals, the calculations are normally done based on the Net Income Salary which is credited in the Bank Account along with other fixed monthly obligations which are normally deducted from take home salary. Based on the net amount, the final eligible loans amount is derived.

Similarly, for self employed Business owners, the criteria is almost the same where you consider the financial income documents and you deduct his existing loan obligation while deriving the final eligible amount.

Rate of Interest

Interest Rates vary based on the Cibil Score, Company Listing and it also depends on various other Parameters such as his Net Take Home Salary, Loan Amount & Profile of the Customer.

Lesser the Interest Rate, lesser would be the EMI charged which could in turn Increase the Loan Amount proportion.

Home Loan Processing Fees & Other Charges

Apart from Personal Loan Interest, Banks and other Financial Institutions will charge a Fixed Nominal Charges which normally needs to be paid at the time of Loan Processing. While making your comparisons make sure you also consider these charges. Below are details of this charges which are normally paid at the time of Loan Disbursement :-

Processing Fees

While processing your Loan Application Bank normally charges you a Processing Fees this is considered to be the charges for processing of your Loan documents and overall cost which Includes Sales and Back-end process charges as well as documentation verification and other credit checks. These charges are likely to vary with different Banks.

For Personal Loans, it varies from 0.5% to 2% based on the Loan Amount, as well as it varies within the Banks or Financial Institutions.

Loan Insurance

In Order to Secure the Loan Proposal, the Bank provides a Loan Cover in order to secure the Loan. Cover could be of Different types in order to reduce the premium amount such as Accidental Death Cover or Complete Loan Cover due to natural death. The Insurance amount is added to the Loan Amount which indirectly increases the EMI amount.

Franking Charges & Notice of Intimation

While Executing the Loan Agreement between the Financial Institutions and Customer. The State Government normally charges a Nominal Stamp Duty which the Customer needs to bear along with the Legal Fees during execution of the Loan Agreement.

Post Loan Disbursement

Customer needs to be aware of the below charges which could be charged: –

  • Cheque / ECS Dishonour Charges
  • Penal Interest Charges
  • Rate Conversion Fees

Preclosing Charges

For Individual Home Loan Proposal, if the Disbursement has been availed on an Individual Capacity it is 0%. But at the same time, if the Company / Firm has been taken as a guarantor, then the Preclosing Charges may vary from 2%-4%

Once your Loan is sanctioned, Banks will normally provide to secure the Loan Amount so Banks will provide Property Insurance as well as Life Cover in order to secure the Loan Amount to avoid unexpected incidents such as death and disability.   

 

Home Loan Documentation Details

Below Documents need to be submitted along with your Loan Application

 
Documentations
Options
KYC Documents
Income Documents
Bank Statements
Existing Loan Details
Property Documents

Above List could vary based on the Banks and other Financial Institutions and solely depend on the Final credit approval provided any additional documentations required for final credit assessment.

Tenure

As mentioned earlier, the maximum tenure an Individual can apply is for 30 years. It is always subject to Credit Norms the loan terms would be finalized and could be reduced on the sole discretion of the Credit.

Property FundingCriteria

Value of Funding is further derived from the Property Value or the Market Value which ever seems lower. As per the RBI guidelines, higher the Home Loan Amount, lower the proportion of funding which is as mentioned above.

Balance Transfer Option

In case of Existing Home Loans, we do have an option of transferring the Loan to an another Financer and we could also enhance the amount as a Top-up Loan which based on the End Use of the Loan could be sanctioned. End Use could either be Home Renovation or it could be utilized for Structure formation & Repairs. Eligibility Calculations would remain same based on the other Loan Obligations.

We'd love to hear from you

Contact Us

Atharva Financial Solutions is one of the leading Financial Consultant Services established in 2007 to produce fast and reliable fund-raising solutions all over India.

Reach us through

  • B-8 Aaradhana Society
    42/2 A Shivaji Nagar
    Pune :- 411005
  • 9370672252/ 9822142252
  • contact@yoursite.com

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