Mahaavir Universal Homes Pvt. Ltd. can be financed by all leading financial institutions & banks. Please contact us to get details of
documents required for loan approval today with interest rates at all-time low, this is the right time for you to own your dream home. How do you get loans and what are the necessary documents required by the leading financial institution? The following set of questions would answer your apprehension about home loans.
You could approach any leading Housing Finance Company with the latest salary slip and TDS Form 16 of the last three financial years of yourself and your co-applicant. The officer would inform you about your loan eligibility. You can collect the loan application form and confirm the required documents for the same.
Submit the loan application, along with the required documents and an application fee (1% approx). After a successful interview you will get an in-principle sanction of your loan.
You have to submit your property documents which you can get from the builder. The Finance Company will check and levy an administrative fee and will then disburse the loan completely or in installments, directly to the builder or seller of the flat.
It would depend on a person’s repaying capacity which is based on your income. Also you could add your spouse’s income to increase the amount of loan.
Tax benefits are subject to the rate prevailing at that time. You could check with your Charted Accountant for the latest details. The current section 80C allows tax benefits on principal repayments.
Paid by you from the initial loan amount. You pay interest only on principal unpaid till that point of time and not the entire loan amount.
In a floating interest rate, you interest payment will vary according to the market lending rate. If interest rates rise your interest payments will rise and vice-versa. You bear the risk of interest fluctuations in the market. Floating rates are slightly cheaper than fixed interest rates.
In a fixed interest rate, your interest rate is fixed over the entire tenure of loan. For your loan requirements please contact us.