Loan

Home Loan

Why Home Loans?

To own a home is everyone's dream. From a single room to multi-storeyed apartments, private villas, holiday homes, second homes - the Housing market is well developed in most towns.

Get loan for:

  • purchase of residential Plot/House/Flat
  • Construction of Residential House/Flat
  • Renovation/Extension/Repairs to Residential House/Flat
  • Take over of housing loans from other financial institution

Get Loan against Liquid Security such as:

  • Life Insurance Policies
  • Post Office Instruments
  • Fixed Deposits with Nationalised Banks

Who can avail of this plan:

  • Salaried Group (State / Central / Semi-Central / Public Limited / Private Limited / Corporations)
  • Self employed persons
  • Professionals

Why buy from us?

We operate in the Financial Services industry with you as the center of focus. We provide complete, holistic financial solutions to meet all your financial needs. We ensure well-trained, professional financial planners at your service, as well as provide you with personal finance education and money management tools, to help you make the right decisions for your secure future.

NRI Loan

Who can avail of this plan:

  • NRIs (persons of Indian Origin)
  • working abroad (must be in Service)

Get loan for:

  • purchase of residential Plot/House/Flat
  • Construction of Residential House/Flat
  • Renovation/Extension/Repairs to Residential House/Flat

Mortgages

A )Loan against Mortgage of:

Residential House / Flat

Loan against Mortgage of Residential Home / Flat and rent receivables for the unexpired Period of Lease specified in the Lease Agreement:

  • Residential House / Flat
  • Commercial Property

Who can avail of this plan:

  • Salaried Group (State / Central / Semi-Central / Public Limited / Private Limited / Corporations)
  • Self employed persons
  • Professionals

Meet needs .. Both personal or business like..

  • Children’s Education
  • Marriage
  • Foreign Travel
  • Purchase of another property
  • Business Expansion

Office Loans :

On the basis of projected income and Cash Flow this plan can be availed by:

Professionals like

  • Doctors
  • Engineers
  • Architects
  • Chartered Accountants etc.

FAQ

Can I get loan for purchasing consumer durables?
Who Can Apply For The Loan?
Who Can Be Co-Applicant?
How Much loan can I get?
For How Long A Period Can I Get Loan?
What Is The Mode Of Repayment?
What Is The Security For The Loan?
When / How / Where Can Loan Application Be Made And How Long Will It Take?
What Will Be The Interest Rate?
What Are The Supporting Documents Required While Applying For Loans?

Additional Requirement For salaried persons

  • Employer's salary certificate in our format/salary slips for the last 3 months.
  • PAN CARD and Identity card of applicant/s/passport copy/Driving licence.
  • Latest Form No.16 for last two years
  • Bank pass book where salary is credited for last six months.
  • Copies of other bank accounts if any for last six months

For Businessmen / Self-employed/ Professionals

  • Latest 3 years’ years' income tax returns/assessment orders and supporting computation of income statements
  • Latest 3 years’ audited balance sheet, P&L account, annual reports etc.
  • Tax paid challans
  • Form No.16A, if applicable
  • Bank statement of firm/business for last 12 months
  • If any loan has been availed by applicant credit worthiness certificate from lenders.
  • If any loan has been availed by applicant credit worthiness certificate from lenders.
  • ITRs and computation of the firm for last 3 years. Profile of the firm, Certificate of Registration of the firm.
  • Copy of partnership deed
  • Copy of firms bank statement for last 6 months.

Purchase from builder

  • Copy of Agreement for sale.
  • Copy of registration receipt.
  • Copies of receipts of payment already made.
  • NOC from builders.
  • Set of title documents along with legal opinion if any.

Direct allotment in a Co-operative Housing Society

  • Allotment letter.
  • Share certificate.
  • Society registration certificate.
  • Copy of sale/lease deed in favour of the society.
  • NOC from society

Direct allotment in a Co-operative Housing Society by Public Agency

  • Allotment letter, Share Certificate, Society Registration certificate.
  • Lease Agreement.
  • Public agency's approved list of members.
  • NOC from Public Agency in favour of LICHFL.
  • NOC from society.

Public Agency's allotment to individuals

  • Allotment letter from Public Agency.
  • Tripartite Agreement between the borrower, LICHFL and the Public Agency in the prescribed format.

Resale cases and the property is mortgaged to the bank/FI by the Vendor(sellor)

  • Copy of all previous vendors' registered documents duly attested by bank along with copy of purchase agreement duly stamped and registered and the registration receipt wherever applicable.
  • List of the documents held by the bank/FI as security for the loan on letter head.
  • NOC in favour of LICHFL for release of mortgage and release of original documents directly to LICHFL after receipt of the money.
  • Type of mortgage created (Equitable or registered).
  • Closure quotation giving break up principal, interest and any other charges.
  • In case of takeover of loan, apart from the above, applicant has to submit Track record of monthly repayments made by applicant since inception of the loan.

Stages Involved From Application To Disbursement:

  • Submission of application with supporting documents.
  • Scrutiny of application personal interview by a company official.
  • If loan application is accepted the upfront fees(non- refundable) payable is 0.5% of the amount applied + service tax( total upfront fee is 1% of loan amount + Service tax).
  • Issue of Loan offer Letter by the Company.
  • On receiving Loan Offer Letter pay the balance upfront fees(non-refundable) 0.5% Loan sanctioned as mentioned in the LOL and submit requirements, if any.
  • Title clearance through our panel advocate.
  • Disbursement will be made after the applicant has invested his/her share.(Total cost less the amount of loan sanctioned).
  • Letter to Panel Valuer of inspection of property.
    • If the valuer's report is O.K., collect documents for stamping.
    • validity of a stamped document for its execution is 6 months, the documents should be stamped only after approval of the valuer's report.
    • Stamping of documents such as Memorandum of Deposit of Title Deeds, Deeds of guarantee etc. are as per the local law.