Alliance Homes get all of its projects pre approved for home loans from number of nationalized and new generation banks and major financial institutions like HDFC and LIC housing finance etc. even before we launch the projects so that our valued customers can enjoy the benefit of hassle free home loans for owning their dream home.
NRI's and Resident Indians are eligible for the home loans for buying flats or villas to a maximum of up to 85% of the total cost of the property including its registration charges, taxes and other statutory payments.
Each client's repayment capacity is the deciding factor in determining how much amount he can borrow. Repayment capacity is calculated on the basis of applicant's income including the co applicant if any, age of the applicant/s, qualifications, work experience, number of dependants, assets liabilities etc.
Documents Required:
- Duly filled and signed loan application form with photograph
- Latest original salary slip /certificate.
- Latest work permit copy (For NRI applicants).
- Employment Identity card
- Copy of the passport with visa page on the passport (for NRI applicants).
- Last six months bank statement where salary gets regularly credited
- NRE/NRO Bank Account Statement for the last six months (for NRI applicants).
- Copy of Income Tax return for the last 2 years (for resident applicants
- Original Receipts for initial payments made for purchase of the villa/apartment
- Original Allotment letter/sale agreement from the builder
- Power of attorney executed in favor of local contact person (foe NRI applicants)
Interest Rate & Repayment:
Current rate of interest varies from 9% to 11% annually and the interest rate is calculated on a monthly, quarterly or annual reducing balance basis depending on the institutions. The period of repayment of the loan is normally between 3 to 10 years. But in certain cases, banks approve the longer duration as well. Repayment of loan is in Equated Monthly Installments (EMIs) which consisted of both principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement of the loan.
EMI is payable every month, by the end of that month. You can opt for commencing the EMI even before the final disbursement of loan. In respect of the period prior to commencement of EMI, you pay interest on the amount/s of the loan disbursed. This interest is called Pre-EMI interest. Pre-EMI interest is payable every month, by the end of the month, from the date of each disbursement up to the date of commencement of EMI. Pre-EMI is calculated at the simple interest rate calculation method.
Security:
Normally, no special collateral security is necessary for obtaining a housing loan for a project of an approved builder for its pre approved project. Therefore, normally by way of deposit of original sale agreement and initial payment receipt with the financing bank, loan can be availed and later once the registration is done, the original title deeds needs to be deposited with the financing banks / institutions.
Loan Disbursement:
The loan will be disbursed in full or in suitable installments as per the payment schedule with builder and also the progress of construction. Loans can be repaid ahead of your schedule and most institutions don’t charge any pre payment penalty in such case.
Disclaimer:
The information given above are general in nature for your general awareness and you may have to consult properly with the concerned banks / institutions before availing the loan for clear norms as the rules and regulations may vary from one bank to the other
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