What are all required to avail a Housing Loan?
Posted on: 09/Jan/2017 5:33:24 PM
House/plot sale deed: The sale deed as registered in the registrar’s office.
The original (mother) Deed: The sale deed prior to the current sale deed in vogue.
Encumbrance Certificate: The encumbrance certificate confirms your ownership of the plot/house. This can be obtained by applying at the registrar’s office. It is advisable to get the encumbrance certificate valid for 13 to 20 years.
Legal Opinion: This can be obtained from an advocate.
Plot price estimation report: This is given by an authorised engineer giving the estimated price of the plot providing details such as the market values of the plot bought, the value as per the government guide, and this year’s average value.
Approved project by the corporation: This should be obtained by the local administration such as the Corporation. If housing loan is required to build/buy, the details can be filled up and applied asking for approval for construction/purchase and initiate the purchase procedure quickly.
Construction price/estimate of the house/plot: This is a detailed report prepared and given authorised engineer containing details of the various categories of expenses or in case it is the purchase of a built house/flat, the estimate of the same.
Age proof: Age is an important factor deciding the repaying period of the housing loan. The age as given in the 10th Standard or 12th Standard will be sufficient as age proof.Generally, the house loan applicant should be above 21 years of age. Some banks have fixed this as 25 years. The maximum age for applying a housing loan is 55.
Income certificate: The income proof is issued by the applicant’s employer company on its official letterhead giving full and clear details of the salary/income. Generally, the housing loan is available for the for the employees working with a concern for more than 3 years.
Bank savings account passbook: A copy of the statement of balance over a period of the last 6 months of transactions.`
Income Tax payment proof: A copy of the PAN (Permanent Account Number) card issued by the Income Tax Department.A copy of the Income Tax returns filed. This is especially required for the self-employed entrepreneurs.
Residence Proof: A copy of the family ration card or voters ID,Passport-size photographs: 3-4 prints
Apart from this. signature from a guarantor will be required.Any person paying IT is eligible to sign as a guarantor. National Savings Bonds or Insurance coverage agreement bonds can be pledged as a guarantee.
The lending authority will retain the house registration deed. Please note that until the loan is repaid, it will not be possible to sell this property.
