All the projects of Trimurty Group are backed by loan facilities from leading banks and financial institutions like SBI, HDFC, ICICI Bank, LIC Housing Finance, CITI Bank, Axis Bank, etc. You may avail flexible and hassle-free finance options for residential and even commercial property purchase.
The following Quick Guide would answer most of your questions on this subject. If you have any other queries, the team at Trimurty will be glad to help you in loan procurement, financial planning and related matters. Please feel free to get in touch with us.
Trimurty’s Home Loan Guide
As you buy a new property, these questions will answer all common queries regarding home loans (loans for purchase of residential property) in India.
1. Who can apply for a home loan?
Any Indian resident, non-resident Indian or person of Indian origin between the age 21 years (at the origin of the loan) and 65 years (at loan maturity) can apply for a home loan.
2. Where do I apply for a home loan?
Housing finance companies (HFCs) usually give home loans for properties located in India to people who are employed or self-employed, with a regular source of income.
3. How much loan can one get?
You can get a home loan of up to 80% of the Total Consideration Value or one’s “eligibility�? whichever is lower.
4. From where can one get home loans?
Several housing finance institutions provide home loans for properties located in India. Some of these are:
- HDFC Ltd.
- ICICI Bank
- LIC Housing Finance
- CITI Bank
- Axis Bank
5. Can a home loan be pre-approved?
Yes, you can avail for a pre-approval loan from any financial institution. However all pre-approvals have a validity period, which should be checked with the concerned financial institution.
6. What is the application process?
Application needs to be made in the prescribed application form of the financial institution, along with relevant documents and processing fees to the concerned financial institution. On approval/ sanction of the application, the financial institution forwards an approval/sanction letter to the applicant & co-applicant. On receipt of the approval letter, the property can be selected/ if selected the disbursement process can be initiated.
7. What documents are required to get the loan sanctioned?
8. Who can be a co-applicant for the loan?
The spouse of the applicant can be included as a co-applicant for the home loan and his/her income shall be included to enhance the loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.
9. Is co-applicant/local power of attorney mandatory for applying for home loans, even if one doesn’t have a co-borrower in the property?
Certain financial institutions have made it mandatory for a co-applicant to join in the loan (irrespective of his/her being/not being a co-owner in the property) with a local power of attorney holder in India. This may further be clarified with the financial institution.
10. Can one have co-ownership in the property?
Yes you can have your wife/husband, son/daughter, father/mother as a co-borrower. However you are again requested to check with the financial institution regarding their permissible ownership grid.
11. What is the repayment period of the loan?
You can select the payment period you are comfortable with up to 15 years or retirement age whichever is earlier.
12. How is the loan disbursed?
The loan will be disbursed on:
- The identification and selection of the property.
- Submission of legal documents.
- Legal and technical clearance of the selected property.
- On satisfactory completion of the above and on the investment of the owners' contribution, the loan amount (as warranted at the stage of construction) will be disbursed.
13. How are home loans repaid?
The home loan repayment is by Equated Monthly Installments (EMIs) comprising interest and principal amount calculated on monthly rests through Post-dated Cheques or ECS mode.
In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called Pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMIs would commence.
14. What is the security provided for the loan?
The property being financed is mortgaged with the financial institution as the primary security. However other co-lateral security can be asked for based on the applicant’s financial profile/ others, which are solely determined by the financial institutions.