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The eligibility criteria while applying for this loan is as follows: The age should not exceed fifty years during the time of application for the loan. However, it should be kept in mid that the repayment needs to be done by the time the age limit reaches sixty years. If a person is salaried professional, then he/she should have a service experience of minimum 3 years in the same organization. Those who are self-employed or run their own business ventures need to have an experience of minimum three years. If the applicant is a pensioner, then he/she should have the proper repayment capacity, and necessary documents need to be produced in order to show the additional income resources.
The maximum loan that can be given away is a maximum of 10 lacs or 30 times of the total monthly income, whichever is less. Provision for both single as well joint loan applications can be approached also. In case of joint loan application, both the person’s monthly income slips needs to be produced. This is better to avail much higher loan amount. It is to be noted that the take home salary amount should not be less than forty percent of the gross monthly income after deduction of the installment repayment loan amount on a monthly basis.
The margin will be around thirty three percent of the land costing. There is also a processing fee which is 1.15 % of the total loan amount. The maximum number of EMIs should not be more than 120 in number which includes holiday periods also. The BPLR is calculated at a rate of 13.50 % while the base rate is 9.50 %.
Before availing the loan, the applicant needs to fulfill issues on security deposits. Equitable property that is purchased outside loan amount can be used as mortgage. This equitable mortgage of property should be registered by the applicant at his/her own cost.
Finally let us have a look at all the documents that are required to be submitted before the banking authority:
- Duly filled in loan application form with proper pasting of the applicant’s recent passport sized photograph (self-attested).
- An attested copy of the applicant’s identity proof preferably voter ID, driving license, PAN card, or passport.
- An attested copy of the applicant’s address proof preferably current telephone bill (applicable for only BSNL customers), passport, voter id, electricity bill, etc.
- Those who runs business or ventures, need to produce the address proof of the organization.
- Those who are salaried professionals need to produce the proof of their employment status. They are also required to provide a copy of the last three months’ salary slip.
- If the applicant has any other type of additional income source, then it should be mentioned in a clear way.
- The last three years balance sheet need to be produced before the bank authority. This is applicable to the self-employed ones, businessmen, and professionals.
- Income Tax returns for the previous three years.
- Papers that depict the sale agreement issue.
- The approval later of lay out.
- Documents related to title-deeds for thirty years need to be produced.
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