1. Why should I purchase a flat when it is available on Rent?
Nowadays it is very difficult to get a flat for Rent, because the demand is more than the supply. It is likely to become only worse in the coming years due to several reasons like increase in population, urbanization etc., Even if you manage to get one, you are not sure how long you can live in that flat and when the owner may ask you to vacate. In addition the rent is rapidly increasing every year.

2. Can I get loan for buying my flat?
Yes. You can.
Loan for buying flat is available from several sources such as Provident Fund, Nationalized Banks, LIC, HDFC, INDBANK, ICICI, GIC,State Bank , bob, all State CAN FIN and so on.

3. How much Housing loan can I get?
Depending upon your repaying capacity, and up to a maximum of 75-80% of the cost of flat is available as housing loan or 30 Times of your Salary.
For example: If you avail Rs. 1 lakh as a housing loan, You have to pay E.M.I (Equated Monthly Installment= Principal+Interest) Rs. 1,500/- every month for 15 years.

Further details can be obtained upon request
Housing Loan

 Can I avail of Home Loan from Bank?

• Yes, you can avail a Home Loan from Bank, if you plan to construct or purchase a house/flat or extend your existing house/flat and,you are :
• A minimum of 21 years
• Employed or Self Employed with regular income.

 Who can be co-applicant ?

• The proposed owners of the residential accommodation as per the Agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife, father-son or mother-son etc.

 How much does Bank lend ?

• Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc.
• The maximum loan would be Rs.100 lacs per unit to any individual applicant. We will extend loan upto 85% (for fresh houses / flat) of the cost of property under our Housing Loan Scheme.

 For how long a period can I get the loan ?

• We grant term upto a maximum of 25 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

 But can I prepay the loan ahead of schedule ?

• Yes, you have the option to prepay the loan ahead of schedule either in part or in full from your own sources.

 What is the mode of repayment ?

• Equated Monthly Instalment (EMI) : It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily products basis.
  
  or
• Fixing the monthly / quarterly instalments on graduated basis is permitted of EMI as requested by customers.

 What is the security for the loan ?

• The security for the loan is equitable mortgage of the property to be financed.You will also be required to furnish guarantee by one/two individual/s of sound financial standing acceptable to us.

 Do you insist on LIC policy as additional collateral security ?

• No, it is not mandatory.

 What are the supporting documents required while applying for the loan ?
I. Common requirements for all applicants.

• Application form duly filled in (with photograph of all the applicant).
• Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers licence and Ration card etc.
• Copy of approved plan and sanction letter from local civic authority.
• Copy of NA permission.
• One/two guarantor/s form/s and salary certificates. - If guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
• Bank Pass-book of statements for the last two years.
• Latest salary slip/statement showing all deductions in case of employed applicants.
• Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (for both company/firm and personal account) for the last three years in case of self employed applicants.
• Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self employed applicants.
• Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers license and Ration card etc.

II. Additional requirement.

A. (In case of purchase from builder) 

• Copy of Agreement for sale.
• Copy of registration receipt.
• Copy of sanctioned plan & sanction letter of the competent authorities.
• Copy of NA permission/ULC order.
• Copies of receipts of payments already made.
• NOC from builders in our format.

B. (In case of 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 in our format.
• Possession letter in original.

C. (In case of resale)

• Copy of all previous vendors agreements duly stamped and registered and the registration receipts. (original to be given before disbursement).
• NOC from Society/Builder in our format.
• Original Share Certificate.

 Whether you have any Housing loan product for NRIs ?
Yes. bank have Housing Loan product for NRIs / PIOs .

4. How should I be cautious? What are all the points to be considered while I decide to purchase a flat?
1. Reputation of the Builder- Reliability.
2. Proven track record of the builder. How many projects the builder has so far completed on their own?
3. Financial soundness of the builder.
4. Pricing policy of the builders.
5. Does the builder deliver the flat within the time schedule?
6. Are the title deeds clear and free of all encumbrances?
7. Quality of design, construction, amenities and specifications offered by the builder.
8. Is the builder able to achieve financial discipline among the purchasers of other flats in the same building?
9. Customer satisfaction so far established by the builder.
10. After sales service offered by the builder.
11. Adherence to CMDA, Corporation and other Government rules and regulations.
12. Does the builder pay any interest/incentive for earlier payments?
In short consider what you spend? And what you get in return? If necessary kindly make a comparative study of prices of flats offered by other builders in similar areas.

5. Do non–resident Indian nationals require permission of the Reserve Bank to acquire residential/Commercial property in India?

No permission is required by non-resident Indian nationals to acquire immovable property in India.

6. Are Foreign Nationals of Indian origin allowed to purchase immovable property in India?

Yes, Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

7. What should be the method of payment for purchasing residential immovable property in India by Foreign Nationals of Indian origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

8. For Non-resident Indians staying abroad, can the property be purchased through an agent or through power of attorney?

Non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possessions, etc) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.

9. Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of puchase of Immovable property.

10. Can such residential property be given on rent if not required for immediate residential use?

Yes.

11. Can the rental income from such property be remitted outside India?

No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.