 This loan is granted to people who are in the need to buy some property or just want to invest for future potential earning. Mostly the banks keep the property of the customer as the security but they also ask for the income tax returns. If the person who has taken the loan is unable to pay back the installments then the bank takes over the property and auctions it. The banks takes its principle amount from the auctioned money and give the rest to the customer if any left because of appreciation of the property value. The interest on this type of loan varies from 14% to 16%.
Eligibility
You are eligible if you are:
- An individual who is;
- An Employee or
- A Professional, self-employed or an income tax assesse or
- engaged in agricultural and allied activities.
Your Net Monthly Income (salaried) is in excess of Rs.12,000/- or Net Annual Income (others) is in excess of Rs.1,50,000/-.
Maximum age limit: 60 years.
Documents Required for Approval of Real Estate Loans:
- Application form with photograph
- Educational qualification
- Identity and residence proof
- Proof of business existence with business profile and last three years income tax return
- Last 3 years income statement and balance sheet.
- Last 3 month's personal and business bank statements.
- Processing fee check
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