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General Terms And Conditions for Home Loans / Housing Loans

Eligibility:

Between 18 to 70 years. Loan should be repaid when the borrower is 70 years old.

Loan Amount:

  • The amount of loan will be determined considering such factors as 
    • applicant's income and repaying capacity
    • age
    • assets and liabilities
    • cost of the proposed house/flat.

To Enhance Loan Eligibility:

  • One could add income of spouse/son/daughter. They should have a steady income and their income should be routed through an bank account
  • The expected rent accruals if the house/flat being purchased is proposed to be rented out.
  • Self employed could also add depreciation and other regular income and all sources.

Security:

The loan shall be secured by equitable mortgage of the property. In case the property is not mortgagable, then other tangible security of adequate value like NSC, Life Insurance Policies could be furnished.

Repayment Period:

maximum 25 years or up to the age of 70 years of the borrower which is early.

Income Proof:

Original salary certificate and copy of Form 16 from the employer for 3 years for salaried person.
Income Tax Return Acknowledgement for 3 years with copies of challans for professionals, self employed and other non salaried person.


Compiled By
CA.R.JEYARAJAN FCA.,
(Chartered Accountant)
Mail Id: jeyarajan@rareassociates.in
Labels:
Location: Thoothukudi, Tamil Nadu, India

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