HOME LOAN

What is Home Loan??

• A sum of money borrowed from a financial institution or bank to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms.

• The two most widely used types of home loans are fixed-rate loans and adjustable-rate loans. A fixed-rate loan keeps the same interest rate for the life of the loan, which means that the principal and interest portions of the monthly payment stay the same.

• Adjustable-rate mortgages begin with a lower interest rate for the first few years and then adjust to market rates after the initial period is over.

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Loan Services at your door steps!!!!

Eligibility 1. In the following cities, you must be drawing a monthly net salary

of Rs. 80,000 or moreDelhi/NCR and MumbaiOr

2. In the following cities, you must be drawing a monthly net salary of Rs. 60,000 or moreBangalore and ChennaiOr

3. In the following cities, you must be drawing a monthly net salary of Rs. 45,000 or moreHyderabad, Pune, Ahmedabad and KolkataOr

4. In the following cities, you must be drawing a monthly net salary of Rs. 40,000 or moreAurangabad, Coimbatore, Jaipur, Surat, Baroda, Nasik

 Documents for Salaried

• Passport / PAN Card / Driving license / Photo credit card (front only) / Banker verification letter ( Only online).

• Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR /Admin sign).

• Passport / Voters ID card / Driving license / PAN card.• Appointment letter / Form 16 / Promotion letters/ transfer /

confirmation letters / previous salary slip of previous employer.• Appointment letter / Form 16 / 1 year old salary slip of current

employer.• Employee ID card and visiting card.• Latest 3 months salary account bank statement.• Salary slips of last 3 months Latest 2 months salary slip.

FAQ• What are the eligibility conditions for a home loan? To qualify for a home loan, most of the lending institutions in India require you to be:

a) An Indian resident or NRIb) Above 21 years of age at the commencement of the loanc) Below 65 when the loan maturesd) Either salaried or self employed and e)Worthy of credit facility.For more details, refer module on "What are you getting into?"

• What is a floating rate?       This is the rate of interest that fluctuates according to the market lending rate. This means

you stand the risk of paying more than you budgeted for in case the lending rate goes up. • What are the repayment period options? Repayment period options range generally from 5 to 20 years.