- Be at least 21 years of age
- Have a regular salaried income or income under business and profession.
- Possesses income statement of preceding 6 months
The loan amount depends on various factors like age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits, etc. However, there are ways in which the eligibility to obtain a loan and the loan amount can be increased. If a spouse or fiancée is earning, applying together as co-applicants, it can boast the 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 mandatorily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may help in enhancing the eligibility to obtain loan... However, the most important factor in sanctioning loans is the ability to repay. The total cost includes registration charges, transfer charges, and stamp duties.
Updated pass book or photocopy of the applicant’s statement of accounts for the past 6 months. A photocopy of the applicant’s Aadhar Card. A profile of the applicant’s business mentioning the nature of a business, client list, suppliers, employee strength, geographical spread, etc. Also IT return for last 3 years
Updated passbook or photocopy of the applicant’s statement of accounts for the past 6 months. A photocopy of the applicant’s Aadhar Card. A profile of the applicant’s business mentioning the nature of a business, client list, suppliers, employee strength, geographical spread, etc.
3 years Profit & Loss a/c. Balance Sheet Income Computation certified by a Practicing Chartered Accountant. Income Tax Return file statement for 3 years is required.
A remuneration certificate, the board resolution for fixing the remuneration. Annual report of the company. Assessee's income tax returns of preceding 3 financial year
Latest salary certificate or the original slip. A photocopy of Form no.16. A (TDS Form) from the applicant’s employer. The original certificate from the applicant’s employer for any other allowances that are not reflected in the applicant’s salary slip. A photocopy of the applicant’s updated bank passbook or a statement of the applicant’s accounts for past 6 months. A photocopy of the applicant’s voter I.D. card or the applicant’s Company's I.D. or the applicant’s passport/ Aadhar Card. A passport size photograph of the applicant & co-applicant.
The loan will be sanctioned after the selection of property and submission of the required legal documents. The process might take some time verification and authentication purposes. The 230 A Clearance of the seller and/or 37I clearance from the appropriate income tax authorities (if applicable) is also required. Once the above has been submitted and verified, the registration of the conveyance deed, investment of the applicant's own contribution and the loan amount will be disbursed by the bank. The disbursement will be in favor of the builder.
Documents required for disbursement:-
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