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Rustomjee
Builders Guide on Housing Loans
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Nationwide Rustomjee Builders have built their
impression as marvelous builder in divine
hearts of all their clients and customer.
Without any discrimination in their service
they have expanded their trend by every rising
day. Rustomjee Builders have enabled their
customer and client to have exclusive details
on various topics without having any return
on it. Devoid of any hesitation client &
customer of Rustomjee Builders have not only
delightedly have renewed their contract but
also provide authentic previews and testimonials
as they are so pleased with services that
Rustomjee Builders provides. Some of the Housing
Loans related information is provided as below
:
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Housing
Loans |<~
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Eligibility <•
(i) Home Loan
1.You must be at least 21 years of age when
the loan is sanctioned.
2. The loan must terminate before or when you
turn 65 years of age or before retirement, whichever
is earlier.
3. You must be employed or self-employed with
a regular source of income
(ii) Office premise loan
1. You must be at least 21 years of age when
the loan is sanctioned.
2. The loan must terminate before or when you
turn 65 years of age.
3. You must be self-employed with a regular
source of income.
4. The loan can be for the purchase / construction
/ extension of a non-residential property.
5. A loan for renovation or improvement will
be given only at the time of acquisition of
property.
6. Professionally qualified and self-employed
individuals can apply.
7. A minimum of 3 year's work experience is
a must.
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Loan Amount <•
A number of factors are taken into account when
assessing your repayment capacity. Your income,
age, number of dependants, qualifications, assets
and liabilities, stability/ continuity of your
employment / business are some of them.
However, there are ways by which you can enhance
your eligibility.
1. If your spouse is earning, put him/her as
a co-applicant. The additional income shall
be included to enhance your loan amount. Incidentally,
if there are any co-owners they must necessarily
be co-applicants.
2. Did you know that your fiancée's income
can also be considered for sanctioning the loan
on your combined income? The disbursement of
the loan, however, will be done only after you
submit proof of your marriage.
3. Providing additional security like bonds,
fixed deposits and LIC policies may also help
to enhance eligibility.
While there is no need for a guarantor, it could
be that having one might enhance your credibility
with us. If so, our loan officer would provide
you with the necessary details.
The final amount to be sanctioned will depend
on your repayment capacity. However, what you
ultimately are entitled to will have to conform
within the limits fixed for each loan.
Also, when the company looks at the total cost,
registration charges, transfer charges and stamp
duty costs are included.
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Sanctioning Document <•
1. Passport size photograph.
2. Age verification: PAN card, Voters ID, Passport,
License.
3. Bank statement for the last six months.
4. Income Documents e.g. Latest Form 16, Certified
IT returns for latest 3 years.
5. Admin Fee cheque.
6. Loan Enclosure letter.
These are the documents required for sanctioning
a loan. You may be asked to submit further legal
documents if required by the Bank or its approved
lawyers. Do retain photocopies of all documents
being submitted by you.
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Disbursement <•
Your loan will be disbursed after you identify
and select the property or home that you are
purchasing and on your submission of the requisite
legal documents.
While you may be under the impression that the
list of documents asked for is rather extensive,
please note that it is for your own good. Each
and every single document asked for will be
verified and checked to ensure your safety.
This may take some time but we want to ensure
a clear title and will complete all the legal
and technical verifications to ensure that you
have full rights to your home.
The 230 A Clearance of the seller and / or 37I
clearance from the appropriate income tax authorities
(if applicable) is also needed.
On satisfactory completion of the above, on
registration of the conveyance deed and on the
investment of your own contribution, the loan
amount (as warranted by the stage of construction)
will be disbursed by Bank.
The disbursement will be in favour of the builder/seller.
(i) List of documents for disbursement Standard
documents:
1. Loan Agreements 2. Disbursement Requests
3. Post-dated cheques 4. Personal guarantor's
documents, as the case may be Some documents
are specific to each case.
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Repayment of Loan <•
(i) What is the repayment tenure?
1. Home Equity Loans - Maximum loan tenure of
15 years.
2. Office premise loan - Maximum loan tenure
of 15 years.
3. Home loan - Maximum loan tenure of 30 years.
(ii) How is the loan repaid?
All loan repayments are done via equated monthly
instalments (EMI).
(iii) What is an EMI?
An EMI refers to as equated monthly instalment.
It is a fixed amount which you pay every month
towards your loan. It comprises of both, principal
repayment and interest payment.
(iv) When does the repayment start?
EMI payments start from the month following
the month in which the full disbursement has
been made.
(v) How is the EMI paid?
The EMI is to be paid every month through post-dated
cheques (PDCs) or direct deductions from your
salary. If you are opting for PDCs, then you
will have to provide 36 upfront. The PDCs are
to be dated on the 1st of every month. However,
if you receive your salary a few days later,
no problem. There are some flexibilities of
dating the cheques, which depends on that financial
institution's rules & regulations.
(vi) What if a PDC bounces?
In the case of a bounced cheque or delayed payment,
charges and outstanding dues will be charged
as per the prevailing company policy. You can
replace old PDCs with new ones within 5 - 7
working days.
(vii) What is pre-EMI interest?
In the case of part disbursement of the loan,
monthly interest is payable only on the disbursed
amount. This interest is called pre-EMI interest
(PEMI) and is payable monthly till the final
disbursement is made, after which the EMIs would
commence.
(viii) When do I pay PEMIs?
The first PEMI is payable by cheque by the end
of the month in which the disbursement is made
and each subsequent PEMI at the end of every
month till the commencement of EMI.
(ix) When does the repayment start?
EMI payments start from the month following
the month in which the full disbursement has
been made.
•>Application Process <•
The moment you decide to buy a home, you can
put in your application. Yes, you can apply
for a loan even before you have selected the
property.
The property need not even be in the same city
where you are residing.
Should there be a change in your financial status
or plans, you can withdraw your sanction within
6 months of approval. |
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