AGE LIMIT FOR HOME LOANS?
The applicant should be at least 21 years of age to be eligible for a home loan and having a regular source of income from employment or personal business. The loan must terminate before or when the applicant turns 65 years of age.CAN I GET MY ABHI HOME FINANCED?
Yes. All Abhi Constructions properties have clear titles. All Abhi’s projects are approved with most leading banks (HDFC, ICICI & SBI to name a few) and financial institution for availing home loans.WHAT IS THE MAXIMUM PERCENTAGE OF LOAN THAT I CAN AVAIL?
You can avail a home loan upto a maximum of 85% of the Agreement value plus stamp duty charges. However your loan amount may differ depending on your Annual Income and last three years tax returns. All Loans are disbursed at the sole discretion of the bank.The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits etc. However, there are ways in which to increase loan eligibility and amount. If a spouse of fiancée is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners, they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help in enhancing eligibility. However, the most important factor in sanctioning loans is its repayment ability. The total amount also includes registration charges, transfer charges and stamp duties.
WHAT IS THE TERM OF LOAN THAT BANKS OFFER?
The maximum term that banks and financial institutions offer home loans ranges from 10 to 20 years.WHAT ARE THE DOCUMENTS REQUIRED FOR AVAILING A HOME LOAN?
Below is the list of documents that need to be submitted in order to obtain a home loan. All the documents must be self-attested prior to submission.Basic Documents
- Completed application form
- Photograph of the applicant
- Photo Identity Proof
- Residence Address Proof
- Signature Verification Proof
- Age Proof
- Fee Cheque
For Salaried applicants
- Form 16
- Repayment Track record of existing loans/Loan closure letter
- Bank Statement for the last 6 months from Salary Account
- Last 3 month’s Salary Slip
For Self Employed Applicants
- An Introduction of Business / Profession
- Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors of the Business
- Repayment Track record of existing loans/Loan closure letter
- Bank statement for the last 6 months from operating account
- Last 2 years IT Returns / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account Statement certified by A Chartered Accountant.
- Board Resolution in case of a company
- Proof of existence of the company
- Office Address Proof
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Abhi Constructions is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize Abhi Constructions to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to Abhi Constructions. The Company may receive remuneration from lenders for services provided to them.