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Thank you for stopping by at the Aswani Properties website. The names you see here are some of the banks and financial institutions who have approved our projects for home loans. If you want to know more, we can assign a dedicated customer support executive to understand what you have in mind, and how we can assist you.

For more information please call us on :
+91 7676 60 9999.

Home Loans

Explore the basics of home loan technicalities, so that when you apply for the home loan, you can understand and proceed further.

  • When To Apply For Home Loans?
    One can apply anytime after deciding to acquire or construct a property, even if the property has not been selected or the construction has not commenced. The loan amounts are sanctioned in principle to let buyers know what amounts they are eligible of. Actual disbursements start after satisfactory validation of all necessary documents and completion of specific procedures.
  • Eligibility Conditions for a Home Loan:
    While determining the loan eligibility of a customer, lending institutions primarily focus on the repayment capacity. The repayment capacity is determined by taking into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history.
  • Maximum Loan Amount:
    Housing finance institutions generally finance up to 75%-85% of the asset value. Depending on the institution, the maximum loan amount may vary from Rs.1 lakh to Rs.1 crore.
  • Repayment Period Options:
    Repayment period options generally range from 5 to 15 years. A few HFC's offer a 20-year repayment period, albeit at a higher interest rate.
  • Payable Fees and Charges:
    Home loans are usually accompanied by the following additional costs: a) Processing fee: It's a fee payable to the lender on applying for a loan. It is either a fixed amount not linked to the loan or may also be a percentage of the loan amount. b) Prepayment Penalties: When a loan is paid back before the end of the agreed duration a penalty is charged by some banks/companies, which is usually between 1% and 2% of the amount being pre paid. c) Commitment Fees: Some institutions levy a commitment fee in case the loan is not availed of within a stipulated period of time after it is processed and sanctioned. d) Miscellaneous costs: It is quite possible that some lenders may levy a documentation or consultant charges.
  • Security for the Loan:
    In most cases, the property to be purchased itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some companies may also require additional security like the assignment of life insurance policies, pledge of shares, NSCs, units of mutual funds, bank deposits or other investments.
  • Documents required at the time of application:
    Following are the documents that lenders require at the pre-approval stage:
    For All:
    • Proof of Age
    • Copy of Bank A/C statements for the last 6 months
    • Copy of latest credit card statement
    • Passport size photograph
    For Salaried Employees:
    • Salary and TDS certificate
    • Latest pay slip
    • Letter from employer
    For Self-Employed/Businessmen:
    • Copy of audited financial statements for the last 2 years
    • Copy of Registration Certificate of establishment under shops and Establishments Act/Factories Act
  • Time Required For Loan Disbursement:
    The average time required for loan disbursement is 3 - 15 days subject to satisfactory and complete documentation and completion of all relevant procedures.
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