Kannur : 98478 33335
Trivandrum : 98478 55550
BANK APPROVALS
Eligibility
For Resident Indians:
Various factors like income, age, educational qualification, current liabilities, total assets, spouse’s income and more are taken into consideration to determine the eligibility of a home loan applicant. The general eligibility norms applicable for the Resident Indians include:
• The loan applicant must be 21 years or older when the loan is approved
• The loan applicant must terminate before/when the applicant turns 65 years or before retirement, or whichever is earlier
• The loan applicant must have a regular source of income - employed or self-employed
For NRIs:
Though the eligibility criterion set for the NRIs is similar to that of resident Indians, more emphasis is given on the following when it comes to the appraisal of an NRI case.
• Qualification - the NRI applicant has to be a graduate
• Current and past job profile
• Probability of continuing abroad for the loan tenure
• Probability of servicing the loan with an extended tenure in case the NRI Applicant has to return to India
• Should be employed abroad for at least 2 years
Bank Loan Application Documents Checklist:
For Resident Indians
• A passport size photograph
• PAN card
• Voters ID
• Passport or license for age-proof
• Last six months' bank statement
• Salary certificate / Slip
• Latest Form 16
• Certified IT returns for the past 3 years
• One cheque leaf for processing fee
For NRIs
• Passport and visa copy
• Photograph
• Salary certificate / Slip
• Work Permit / Job Contract
• Personal Bank Statement for last 6 months (Overseas & NRE/NRO)
• Processing fee cheque from NRE/NRO account
• Power of Attorney (if the applicant is not in India, he/she can execute power of attorney in bank's format)
• Applicants from the UK or US need to produce credit report
Additional Fee
The following fee and charges are attached with home loans processing.
• Prepayment Penalty - If a loan applicant decides to pay up the entire money before the tenure, a pre-payment penalty is charged by certain banks – usually 1-2% of the amount being pre-paid.
• Processing fee - The fee payable to the lender on applying for a loan, usually ranges between 0.5-1.50% of the sanctioned loan amount.