 |
|
FREQUENTLY
ASKED QUESTIONS ABOUT LOANS
|
 |
|
| |
|
|
|
|
Q.1 How do I
repay the loan?
A. The Loan can be repaid in Equated monthly installments ( EMIs')through
post-dated cheques.
Q.2 Can I prepay
my loan?
A. Yes, you can prepay the outstanding loan amount in a year
with a nominal charge.
Q.3 How much loan
can I get?
A. The amount of loan for which you would be eligible is linked
to the value of the property and your repayment capacity. The maximum
amount to which you may be entitled is between 40%and 50% of the market
value of the property.
Q.4 What would
be my monthly installment?
A. The amount of each Equated Monthly Installment payable by you
depends on the amount of loan, period for which the loan is taken and
the rate of interest. Our representative will be happy to give you
the precise details for the loan you require.
Q.5 What kind
of property can I take loan against?
A. Residential property which is occupied by the owner .
Q.6 Can I get
a loan by offering as security property belonging to some other person?
A. Yes, but the owner of the property will either have to be a co-borrower
or a guarantor.
Q.7 Can I avail
the loan in installments?
A. Yes, subject to conditions.
Q.8 How much time
will it take to get my loan sanctioned?
A. On receipt of your completed application form, along with all required
documents and the application fee, we would normally process your
case within 7 working days.
Q.9 What documents
are required to be submitted with the application?
A.Following documents are required to be submitted (Photocopies
only):
|
|
Proof
of identification (any one)
- BirthCertificate/School/College
certificate
- Passport
- Voter's ID Card
- Income Tax ID Card
- LIC policy
- Driving License
- Photo Credit Card |
Proof
of Residence (any one)
- Ration Card
- Passport
- Rent receipt
- Utility bills
- Lease agreements
- IT return
- Voters ID Card
|
|
Asset Documents: Title documents
- e.g. Sale/Lease Deed/Society No Objection Certificate and allotment
letter.
Proof of Income
Salaried
- Latest Form 16/Income Tax returns of salary certificate.
Proprietorship/Self Employed - Individual, Partner, Director
- Last two years P & L, Balance Sheets, Income Tax returns.
- Partnership deed/ Memorandum of Association if the individual is partner or
director in the business.
- Bank statements for last 12/24 months.
Partnership firm
- Last two years P&L, Balance Sheets, Income Tax returns.
- Partnership Deed copy.
- Letter of Authority singed by all partners authorizing the designated
partner to enter the finance agreement.
- Bank statements for last 12/24 months.
Private Limited Companies
- Last two years P & L, Balance Sheets, Income Tax returns and Audited
returns wherever applicable.
- Memorandum & Article of Association with certificate of incorporation
and income tax returns acknowledgement. Form 32 in case there
is a change in Directors.
- Board resolution authorizing signatory to enter into the requested loan.
- Forms 8 and 13 should be filed with the ROC, if the asset belongs to
the company. It will be the responsibility of the company to file this
document.
|
|
|
|
|
|
|
