1. Try to take a loan for maximum tenure possible.
2. Try to apply for a joint loan, as you could be able to get big amount easily.
3. Prepay your pending loans before applying for a new one. This would increase the chances for you to get another loan.
4. Set up home loans! If you are qualified and currently not earning much, banks would still show interest to provide you a loan, as your income will grow as soon as your carrier would.
Yes, clubbing or applying for a joint loan with your spouse is allowed. Though, it is a better way to get big amount, over the condition that both husband and wife are working and have different sources of income.
The total loan amount that can be sanctioned to you will be 48 times of your monthly salary/income. The same thumb rule is followe by banks while calculating the loan amount.
Thumb rule is followed by the banks in Chandigarh who offer loans for properties, which is to ensure that your debt outflow should not increase the 50% of your salary/income.
For NRIs, it is quite easy to apply for loans, here is the list of documents they need –
1. Filled application with valid photograph and signature.
2. Age proof.
3. ID proof.
4. Sign proof.
5. Residence proof.
7. Salary slips fro last 6 months.
8. Bank statements for last 6 months.
9. Relevant income tax details.
10. GPA on the name of local guarantor.
11. Application from anyone in blood relation.
12. Copy of visa.
13. Credit report / credit score.
14. Photocopies of property related documents.
15. Work permits.
16. HRM email-ids.
17. Track of loan repayment record, etc.
All of these documents should be dully attested by govt. officials.
All of these terms and conditions vary as per the bank you are dealing with. So, do consult your bank and their process.
Every bank has its own process to provide loans to their customers. Here we are mentioning the standard process –
The very first thing that you should know while applying the loan is that you have all the valid certificates and documents required by the bank.
Here we have mentioned a few of them –
1. Income proof (salary certificate)
2. Age proof
3. Form 16
4. Identity proof
5. Address proof
6. Employment details
7. Bank statements
8. Property details
9. Income tax returns details for last few years
All of these certificates are required to ensure the eligibility and ability of the customer to repay the amount that he/she is borrowing as a loan from bank.
Documents that you need from the builder’s side!
1. Permission to mortgage
2. Apartment buyer agreement
3. Allotment letter
4. Tripartite agreement