] LEGAL DOCUMENT
--------------------------------------------HOME LOANS
] EMI CALCULATOR  
Sanctioning/ Disbursement of the Loan

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8. What does it take to get a loan sanctioned?
Most of the Home Loan Companies (HFCs) are rendering services at your doorstep. All you have to do is to give a call and present the proof of your income, employment, balance sheet and other related papers and the loan is promptly sanctioned.

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9. What are the stages involved in taking a loan?
There are two main stages - 
1) Sanction of the loan, whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities.
2) Disbursement of the loan amount.

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10. What Documents are generally required for sanctioning of the loan?

Resident Indian

  1. Passport size photograph of all the applicants and co-applicants .
  2. Residence and age verification which may be established from PAN card, Election ID, Passport, Driving license and Ration Card.
  3. Bank Statement for the last six months.
  4. Latest Salary Slip/Statement showing all deductions in case of employed applicants.
  5. Certified copies of Balance sheet and profit & loss accounts, Income tax acknowledgments, for the last three years in case of self employed applicants.
    6.
  6. Articles of Associations and Memorandum of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self employed applicants.
  7. Credit card statement latest if any.
  8. Details of any other loans (12 months Bank Statement).
  9. A Copy of Form 16 .

Non-resident Indians

  1. Passport size photograph of all the applicants and co-applicants .

  2. Copy of the passport and visa.

  3. Copy of work permit (if applicable) 

  4. Copy of the Custom Declaration Certificate (CDC) in case of applicant working in merchant navy.

  5. Bank statements of the last six months both domestic & international account. 

  6. Non resident Power of attorney duly attested by the Indian consulate in case the NRI is not in India. If the NRI is in India then the POA can be locally notarised 

  7. Copy of your appointment letter and contract copy of the labour card/identity card (translated in English & Counter sign by consulate) if employed in the Middle East.

  8. Salary certificate (in English) specifying name, date of joining, designation, salary details.

  9. General Power of Attorney holder, locally.

 

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11. How long it takes for my loan to be processed?
Most of Banks takes 7-10 days for your loans to be sanctioned after you have submitted all the documents.

12. What security/collateral do I have to provide?
Typically the security for the loan is a first mortgage of the property to be financed, by way of deposit of title deeds and/or such other collateral security as may be necessary. The title to the property should be clear, marketable and free from any encumbrances. 

13. How will I get the loan disbursed?
Your loan will be disbursed on:
- Your identification and selection of the property.
- Submission of legal documents.
- Legal and technical clearance of your property. 
- Valuation of the property
On satisfactory completion of the above and on your investment of your own contribution, the loan amount (as warranted at the stage of construction) will be disbursed

14. In how many installments can the loan be disbursed?
The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by Home Loan Companies.

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