Home loans are an excellent tool for asset creation combined with tax benefits. We present here six simple steps to follow to make your dream house come true.
Home Loans
Treasure Hunt! Money, that
terrible thing, is never available when you need it most. Like when you need to buy a new
house. And just when real estate prices seem so favourable for buying a house. Nothing to
worry about. See this section for our road map and the treasure is yours.
Start! Your hunt for home loan starts here. Follow these directions :
Milestone 1: Take a calculator and work out the
kind of loan you require. This depends on your repayment capacity, which will be
considered by the financier after assessing the income, age, qualification, work
experience, number of dependents, spouse’s income, stability of income, etc. Get the
quotations offered by financiers in the market, compare them on various factors like
interest rates, up-front fees, prepayment penalty, commitment charges, finance limits,
tenors, age of property, security required, insurance coverage, other benefits. Or
visit your nearest KARVY branch & our personal finance advisor will tell you not only
the kind of loan & best financier to suit your need but will guide you at every
milestone of treasure hunt.
Milestone 2 : Get ready with the following personal documents. a. Income proof of the
applicant. b. Age proof of the applicant. c. Guarantor forms along with net worth
proof/income proof. Number of guarantors as per the norms of the company.
Milestone 3 : Get ready with your property documents.
Milestone 4 : Submit the loan application form with processing fee and documents.
Milestone 5 : Tired ? Go ahead, you are nearing
your treasure. Wait for the following formalities to be completed by your financier :
Legal scrutiny, pre-sanction inspection of the property, issue of sanction letter,
documentation for the loan, loan papers to be signed by the applicants, guarantors to
execute the guarantee, agreements, verification of the draft of the sale deed by the
financier and NOC from the society.
Milestone 6 : Complete the documentation and get the loan disbursed. The release of
the loan amount will be on the day of registration of the property in favour of the
applicant/ applicants. Documents required will be the sale deed duly registered, receipts
of all tax paid till date and a no encumbrance certificate.
Yes ! finally You have got it! Enjoy the comfort of your own home with the tax benefits.
