How to know about your property loan eligibility? Loan eligibility The home loan amount sanctioned is a function of various parameters such as monthly income, tenure, rate of interest, property value, etc. One needs to check the eligibility for the loan amount with the lending institutions viz bank or Housing Finance Company (HFC). At least 20 per cent of the property value has to be put up by the borrower as equity/margin. Banks and HFCs provide home loan upto a maximum of 80 per cent of the value of the property. The final loan amount sanctioned depends on the credit policy of the lending institution. Normally, lending institutions finance upto 75-80 per cent of the market value of the property. Within definitive parameters, 50 per cent of your income is considered towards repayment through EMI. Gram Panchayat approved plots One can get loan against Gram Panchayat approved plots from any HFC or bank. You will have to contact your lending institution for product details and assistance in availing the home loan for this type of property. Slum Rehabilitation Authority (SRA) One can avail a home loan for buying an apartment in an SRA project. However, the beneficiary has to give an affidavit that he has no outstanding loan from any other bank and that he will repay the loan on time and follow all the conditions. The beneficiary cannot sell or rent the house for 10 years. Construction loan on detached area property One cannot seek approval for the plans of a property from the Corporation if the property is located outside the corporation limits. One must seek approval from either the municipality or the town panchayat or the panchayat, as applicable to the plot location to apply for a construction loan from any bank or HFC.
Posted on: Fri, 20 Jun 2014 08:01:51 +0000
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