Saturday, June 20, 2009

Eligibility For Property Loan

Age

* You must be at least 23 years of age when the loan is sanctioned for Salaried Employees/Professional and Self Employed Persons/Businessman.
* The repayment should be complete before attaining the age of 65.
* Other cases can be taken up as special case and subject to approval of higher authorities of the bank.
* The loan applications in which point no. 1 and 2 are not satisfied, a guarantor is taken as additional co applicant satisfying the criteria.

Income

* Net Income of the concern should be greater than Rs. 100,000 P.A for Salaried Employees/Professional and Self Employed Persons/Businessman.
* Maximum of two persons income of the partners/directors holding a minimum of 25% stake each can be clubbed to the income of the concern.
* It can be increased/ enhanced by clubbing income of maximum three persons, which can be family members in tree/chain or co partner in business or co partner in property.

Stability

* The business should have good future and growth prospects for the businessman.
* Business continuity should be more than 5 years.
* Business must be profit making for the last 2 years.
* If you are a salaried individual, you should have a continuous minimum employment for 3 years or more.
* Business should be in continuous profits for the last three years.
* You can include your spouse/parents/children as co-applicant to maximum of three applicants.
* Permanent Salaried Employees/Professional and Self Employed Persons/Businessman, having regular income to liquidate loan.

Checklist For Property Loan
Confirmation of Income

1. Salaried Applicant has to provide two recent consecutive pay slips or a copy of employment contract or a letter from employer.
2. Appointment Letter.
3. Salary Certificate.
4. Retainership Agreement, in case of a consultant.
5. FORM 16 issued by the employer.
6. Last three years income tax returns duly filed and certified by the Income Tax Authorities.
7. Self-employed Applicant has to provide copies of last two Financial Accounts as prepared by their accountant.
8. Similar document -separately for each co-applicant.

Age Proof

1. Voter's ID card.
2. Passport.
3. Ration card.
4. PAN card.
5. Employer's Identity card.
6. School leaving certificate.
7. Birth certificate.

Residence Proof

1. Voter's ID card.
2. Ration Card.
3. Passport.
4. PAN card.
5. Rent agreement (if you are residing in a rented house).
6. Bank Pass book.
7. Quarters Allotment Letter from the company (if you are residing in company quarters).

Name Change Proof (If Applicable)

1. A copy of the official gazette.
2. A copy of a newspaper advertisement publicizing the name change.
3. Marriage certificate.
4. Employer's Identity card.
5. School leaving certificate.
6. Birth certificate.

Investment Proof (If Applicable)

1. Bank statement for the last six months of all operating and salary accounts.
2. Bank statements for the last six months of all current accounts, if self-employed.
3. Any other photocopies of investments held, if required by the Bank.

Property Title Proof (If Identified)

1. Original Sale agreement with builder/developer duly registered and registration receipt.
2. Tripartite agreement from builder/developer.
3. Land documents indicating ownership, eg. - Photocopies of title deeds, if applicable.
4. A certificate by the legal advisor of the builder to the effect that the builder has a good reputation and it is free from encumbrance and other charges.
5. A certificate from builder's chartered accountant certifying that the builder has not mortgaged the property anywhere else.
6. Certified true copy of approved plan.
7. Copies of receipts of payments made to builder/developer.
8. Allotment letter.
9. Possession letter.
10. Lease agreement, if applicable (Property bought from a development authority).
11. Mortgage deed if the Bank opts for a registered mortgage.
12. No objection certificate from the developer, society or development authority as applicable.
13. Personal guarantees, if applicable.
14. In case of alternate or additional security, documents for the same depending upon the security details.
15. For self-construction: Approved plans and clearance certificates along with estimates.
16. Post dated cheques for the EMIs.

Confirmation of Rental Income

Copy of the existing tenancy agreement, or a rental appraisal, from a local real estate agent signed by branch manager, or rental manager.
Deposit or Investments

1. Evidence of your deposit or investment funds, i.e. a bank statement or term deposit receipt.
2. For low equity loans (5-19% deposit), copy of your savings account statements over the last six months.

Sale and Purchase Agreement

1. If you are planning to buy a property, please provide a copy of the successful sale and purchase agreement signed by both you and the vendor.
2. If you are planning to sell or have already sold your existing property, please provide a copy of that property's sales and purchase agreement.

Government Valuation and rating System

Please provide a copy of the latest Government or Ratings Valuation. Depending on the age and value indicated in conjunction with the amount required to borrow, the bank may require a registered valuation and your banker will advise you.

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