Skip to content
LoanFastTrack
  • Home

Loanfasttrack

Loanfasttrack Wealth in Your Hand

What Is Advantageous? Purchasing A Resale Property Or Investing In A Builder Property

June 7, 2020 by admin

Mrs. Nayana- our family friend intends to buy a residential property. Baffled by flooded builders offers and calls from the estate agencies, she phones to seek guidance to her bewilderment towards builder and resale property. Soon after her request we directed her with the advantages of purchasing the either, leaving her with her decision to decide which one to invest. Hope our genuine opinions and thoughts expressed guide her to make a right decision. Opinion and thoughts expressed are genuine out of our sheer personal experiences. 

1) Identifying the purpose for purchase.

If you are purchasing a property with an intention of immediately moving into the property, going for a ready-to-move residential property will always be a suitable option. Here ready-to-move signifies resale purchase or newly constructed builder property ready for possession. What needs to be evaluated here is the property location, accessibility, road connectivity, its amenities, neighbourhood – markets, supermarket, hospitals, malls, restaurants, schools & colleges, power station, future developments, etc. However a lesser known fact is that a resale property will be cheaper than a newly constructed builder property. The cost of the builder property is usually high because of the various amenities provided by the builder such as swimming pool, gym, gardens, club house, etc. The more the amenities the higher will be the cost of the property. Therefore choose wisely between resale and builder property depending on your personal needs and requirements.  

2) Know the applicable taxes and charges. 

As per the property norms you are required to pay charges to the government for purchasing a property in India. These charges are in the form of stamp duty, registration, intimation to mortgage charge (applicable only in Maharashtra), GST, etc. You are required to pay GST of 5% for purchasing an under-construction builder property or ready possession builder property (where OC is not issued) valued at Rs. 45lakhs and above & GST of 1% for affordable housing for properties valued below 45lakhs. No GST is applicable on completed or ready to sale properties of the builder where the Completion Certificate i.e. CC and the OC are issued. Along with GST, you also need to pay stamp duty of 5% (in Maharashtra) and registration charges (Rs.30, 000 for properties valued above 30lakhs & 1% of the property value for properties valued below 30lakhs. Stamp duty and registration charges vary from state to state. Which means for buying an under-construction property you pay GST (5% or 1%) +stamp duty (6%) + registration charges (Rs.30, 000 or 1%). On the other hand, the advantage of buying a resale property is that you save on the GST cost. There is no GST applicable on the resale properties. You are liable to pay only the applicable stamp duty and the registration charges. 

3) Know the loan funding for purchase.

Buying a property with your own funds is a rare ratio. You mostly approach a lender bank/NBFC to fund your property. Banks/NBFCs provide loans on the basis of your income eligibility subject to the LTV (loan to value) criteria. The LTV is the percentage of the maximum funding available on the market value of your property. The LTV norms are, 90% for property less than 30lakhs, 80% for property between 30lakhs-75lakhs and 75% for property above 75lakhs. No lender can fund beyond the LTV norms. The LTV criteria remain the same for resale purchase or builder purchase of under-construction or ready to move property. But the final loan eligibility on the basis of the property is calculated as lower of the two i.e. percentage of the agreement value or applicable LTV of 75%-90% on the market value whichever is low. In resale purchase 100% of the agreement value will be considered while in builder case 80% of the agreement value is considered. 

For example: If the market value of the property is 1cr and the agreement value is 80lakhs, the loan eligibility will be:

In resale purchase

1cr * LTV of 75% = 75lakhs

80lakhs * 100% of 80lakhs = 80lakhs 

Therefore loan eligibility will be 75lakhs (lower figure).

Alternatively, if the market value of the property is 1cr and the agreement value is 60 lakhs, the loan eligibility will be:

1cr * LTV of 75% = 75lakhs

60lakhs * 100% of 60lakhs = 60lakhs 

Therefore loan eligibility will be 60lakhs (lower figure).

In builder purchase

1cr * LTV of 75% = 75lakhs

80lakhs * 80% of 80lakhs = 64lakhs 

Therefore loan eligibility will be 64lakhs (lower figure).

Alternatively, if the market value of the property is 1cr and the agreement value is 60 lakhs, the loan eligibility will be:

1cr * LTV of 75% = 75lakhs

60lakhs * 80% of 60lakhs = 48lakhs 

Therefore loan eligibility will be 48lakhs (lower figure).

However please note in the builder case the cost of the property (COP) is of vital importance. Many lender banks/NBFCs consider this COP as a base instead of agreement value to calculate the loan eligibility i.e. 80% of the COP is considered. The COP consists of the agreement value, legal charges, share money/society formation charges, club house charges, maintenance charges, development charges, water connection charges, GST charge, etc. Stamp duty and registration charges are not considered in COP.

4) Know the OCR requirements.

Own contribution refers to the own funds required for purchasing a property. The ground rule of the home loan mortgage industry states that banks do not provide 100% funding for your property. The standard ratio is assumed to be 20:80 percent i.e. 20% own funding and 80% bank funding. However as per the calculation of the property eligibility norms of the lender, it is seen that the loan funding in builder property is always lower in comparison to the loan funding available for resale property purchase. Low funding implies requirement of higher own contribution and maximum funding means less own contribution required. Particularly true in the resale purchase, especially when the market value of the property is high while the saleable value of the property is lower than the market value. In such a scenario, you can draw maximum funding at times more than 100% of the agreement value. What you pay is just a stamp duty and registration charges. But such a type of deal is a rare combination. 

For example- if the market value of the property is 1cr and the saleable value is 70lakhs, as per the property eligibility criteria the loan eligibility stands at 70lakhs. Which means if you make an agreement of 70lakhs, the entire 70lakhs will be funded. What you have to shell out from your own pocket is just the stamp duty and registration charges.

Alternatively, if the cost of builder property is 50lakhs (inclusive of stamp duty and registration cost of 3lakhs + 5lakhs other charges), agreement value is 40lakhs, your own contribution will be:

50lakhs – 3lakhs (stamp duty + registration) = 47lakhs * 80% (funding norms) i.e. 20% will be your own contribution which will be 9.4lakhs. Your total own fund required will be 9.4lakhs + 3lakhs.

5) Understanding the Pre- EMI cost.

Pre EMI is generally associated with under construction builder properties. In pre EMI you pay only the interest on the partial disbursements of your loan amount. The Pre-EMIs paid do not have any impact on your principal amount or loan repayment tenure neither is it deducted from the total interest you will be paying. It is not a part of loan repayment tenure. Your loan repayment tenure will consist of Pre-EMIs tenure + loan tenure. Also there are no tax benefits on Pre-EMIs. In resale purchase the concept of Pre-EMIs does not exist. In resale you directly start repaying the loan through EMIs which consist of both principal and the interest amount. Pre-EMI is suitable, if you have interrupted flow of funds or you are staying on rent or you have financial crises or medical emergencies to meet, etc. Pre-EMI is a cost incurred only when you opt for a housing loan on under-construction property. However if you are capable of paying the initial slab wise demand of your builder through your own funds, you can save a substantial amount of interest or you may simply save your Pre-EMI  by going for a ready to move property. 

Additional Read: IS PRE – EMI BETTER THAN FULL EMI. FIND OUT YOURSELF.

6) Identifying the investment opportunity.

The basic intention for investing in a property is to build an asset for you, an asset which will have an appreciation value in the future. Either of the properties whether resale or builder will have an appreciation value in the long run. With a personal note, a resale property that can go for redevelopment will be your bonanza. In redevelopment the re-developer/builder offers you an extra 20-25% square feet area in addition to your existing property area. This at once appreciates the value of your property by 20-25%. In urban cities like Mumbai, there exists a lot of scope for redevelopment projects. The properties as old as 30-100 years stand a chance of going for redevelopment. But before investing in 30year+ old property ensure the property has clear and marketable title and the minimum age of the property is 7years if you are going for a housing loan. Get a title search and structural audit done for the property. The title search gives the ownership details of the property over the years and the structural audit report shows the exact age of the property and its current condition. But be cautious with redevelopment investments, as the fact remains overshadowed that the properties going for redevelopment do not qualify for housing loans. 

Related Blogs:

  • Purchasing An Under-Construction Property? Here Are The Important Loan Facts You Must Know Before Making A Purchase
  • Quick Guide To Difference Between Home Loan Builder Case & Resale Case
  • What Loans Can I Get On My Property
  • Why Is It Difficult To Get A Loan On Grampanchayat Property?

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack- Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Commercial Property Loan With ICICI Bank – By Loanfasttrack

December 13, 2020 by admin
Commercial Property Loan With ICICI Bank – By Loanfasttrack
Commercial Property Loans @ lowest interest rates with ICICI Bank starting from 8% p.a. with extended loan tenure of up-to 20 years.

Introduction: What is Commercial Loan?

A loan taken to purchase a commercial property – office premises, shop, factory, industrial unit, manufacturing unit, gala & commercial plot loan/ commercial land loan, loan for construction of commercial property, etc. used only for commercial purposes is referred to as Commercial Property Loan, also referred to as Non-Residential Premises i.e., NRP Loans.

Funding taken for the extension, improvement, repairs & renovations and construction of the commercial property is also covered under the head of NRP loans.

It is easier to find and apply for residential property loans i.e. home loans with Banks & NBFCs, but finding a Bank/NBFCs to fund your requirement for commercial real estate loans might not be that easier because of the limited know-how of the borrower and since the business property loan is provided by only limited Banks/NBFCs. But the most popular and the leading name in the mortgage industry -The ICICI Bank Ltd. has made it easier for the buyer of the commercial property to avail loan to fund their commercial property at an attractive low ICICI commercial property loan interest rates with maximum loan tenure for commercial property loan. The borrower can take a loan to buy a resale/ready to move or under construction commercial property/ office/ shop/ industrial unit either to be self-used or for investment purposes.

Features & Benefits of Commercial Property Loan ICICI Bank: –

  • Provider for a lowest interest rate for commercial property loan.
  • ICICI commercial property loan for purchase of commercial property -office premises, shops, loan for industrial property, for purchasing the ready to move or under-construction commercial property, loan for commercial land purchase and construction, etc. are available at competitive interest rates in the mortgage industry.
  • ICICI Bank commercial property loaninterest rate starts from 8% p.a.
  • Both salaried and self-employed/ self-employed professionals can apply for loan to buy commercial property with ICICI Bank.
  • Lowest per lakh EMI starting from Rs.836/- onwards.
  • Maximum funding up-to 70% of the cost of the property.
  • Various range of commercial property loans including the loan against commercial property & lease rental discounting & balance transfer of commercial property loan.
  • Faster loan processing.
  • Simplified documentation.
  • No hidden costs.

Commercial Property Loan Eligibility with ICICI Bank

  • Profile:
    * Both salaried and self-employed borrowers can apply for commercial loan with ICICI Bank.
    * ICICI’s commercial loan is also available for NRI loan borrowers. NRIs can apply for commercial loan in India with ICICI Bank.
  • Eligibility Criteria: Eligibility criteria for all eligible loan borrowers: –
    * Age – minimum 21 years & maximum up-to 70 years.
    * Minimum Income – Rs.25,000/- p.m. for salaried & net profit of Rs.2,50,000/- p.a. for self-employed.
    * Co-Applicant – An earning Co-applicant/s (spouse, children- son or daughter, parents-father or mother & siblings -brother or sister) with minimum 18 years can be added to the loan application in order to increase the loan eligibility. A Co-applicant has to be in blood relation to an applicant.
  • Minimum Sq. Ft. Area Requirement:
    Minimum area required for the commercial property is 200 sq. ft.
  •  Geographical Location of the Property:
    * The commercial property has to be within the approved corporation limits i.e., within the city limits.
    * Grampanchayat property or plot is not considered for the loan.
  • LTV (Loan To Value):
    ICICI provides the maximum LTV under loan for commercial purchase which is up-to 70% of the market value of the property.
  • Commercial Property Loan Rate Of Interest:
    Uniform commercial property interest rates for all (salaried/self-employed/self-employed professionals/NRI) (including loan against commercial property interest rates) starting from 8% p.a.

    Compare home loan interest rates of leading banks
  • Commercial Property Loan Tenure:
    Up-to 20 years is the commercial property loan maximum tenure with ICICI Bank.
  • Processing Charges:
    * Processing Fees: 1% of the loan amount plus applicable GST.
    * Administration Charges: Rs.5,900/-.
    (Click to know the complete loan charges applicable)
  • Commercial Loan Takeover:

Commercial loan takeover is available for all eligible loan borrowers at lowest interest on commercial property loan starting from 8% p.a. with a good repayment history/ track record for 12 months.

 Also Read: Loan transfer requirements, Benefits of loan transfer.

  • Top Up Loan on Commercial Property Loan:

Existing loan borrowers can easily fulfil their personal & professional funding needs by applying for a top-up amount on commercial loan at attractive commercial property loan interest rates ICICI Bank (commercial shop loan interest rates, commercial building loan interest rates, commercial home loan interest rates commercial land loan interest rates). Pre-requisite to apply for top up loan – the loan must be at-least 3 months old & the borrower must have a satisfactory EMI repayment track record with no EMI bounce for the last 12 months.

Top up interest rate ranges from 8% p.a. – 8.50% p.a.

Know more on ICICI Bank home loan top up.

  • Foreclosure Charges:

Up-to 4% on the outstanding commercial loan amount.

  • CIBIL Score:

Minimum CIBIL score of required is 750 and above.

(Understand the significance of CIBIL in home loan & know how does an home loan inquiry impacts the CIBIL score.)

Additional Read: How To Apply For Home Loan With Bad CIBIL Score – By Loanfasttrack

  • Tax Benefits:  The tax rebate on commercial property loan is allowed in the year in which it accrues irrespective of the year in which it has been paid.
    * Principal Repayment: No deduction is available under Section 80C for repayment of principal for commercial property loan.
    * Interest Paid: The interest deduction is applicable for any loan amount whether borrowed from bank, private financer/ patpedi or friends or relatives.
    => The interest paid on loans taken for construction/ purchase/ repairs or reconstruction of the commercial property, can be claimed under section 24 of the Income Tax Act.
    => The processing fees and prepayment fee paid for commercial property loans is also treated as interest and can also be claimed under Section 24.
    => The borrower can claim tax on the whole interest amount paid. There is no limit for interest deduction on commercial property unless for the rent out commercial property which is up-to the net annual value i.e., the gross rent received p.a. Less municipal taxes paid on the property.
    => For under construction builder commercial property – no interest deduction available for loans taken for repairs/ renovations / reconstruction. However aggregate interest paid during the construction on the purchase/construction of the commercial property can be claimed in next 5 years on the completion of the construction.

(Read important loan facts before purchasing an under construction property.)

Commercial Real Estate Loan Documentation Checklist for ICICI Bank

  • KYC: Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.
  • Income Documents:
    * For Salaried:
    4 months Salary Slips, 6 months Bank Account Statement & 2 years Form 16
    * For Self-Employed:
    3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified & 12 months bank account statements of all bank accounts (savings + current account)
  • Property Documents:

Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy & Property Tax Receipt.

  • Additional Documents for Commercial loan transfer:

LOD, Outstanding Balance Letter & 18 months repayment track record.

  • Other Documents:

Duly signed ICICI Bank commercial loan application form & Processing fee cheque.

Click for detailed documents required for commercial property loan for salaried resale case, for salaried builder case, for self-employed proprietorship firm builder case / resale case, for self-employed partnership firm builder case / resale case, for self-employed private limited company builder case / resale case.

Apply for other loan products of ICICI Bank

Home Loan Mortgage Loan Home Loan Balance Transfer Mortgage Loan Balance Transfer Top Up Loan Mortgage Overdraft

Commercial Property Loan Interest Rate Comparison Chart of 2020

ICICI Bank 8% p.a. Up-to 20 years
HDFC Ltd. 8.25% p.a. – 9.75% p.a. Up-to 15 years
Canara Bank 12% p.a. onwards Up-to 10 years
Axis Bank 10.50% p.a. onwards Up-to 20 years
Bank Of India 10.50% p.a. onwards Up-to 15 years
PNB Housing Finance Limited 9.50% p.a. – 11% p.a. Up-to 15 years
Bajaj FinServ 10.10% p.a. – 14.50% p.a. Up-to 20 years
IDBI Bank 10.25% p.a. onwards Up-to 15 years
South Indian Bank 10.05% p.a. – 10.30% p.a. Up-to 12 years
Kotak Mahindra Bank 9.60% onwards Up-to 15 years

Additional Read: Why interest rates with NBFCs are higher than rate of interest with Banks.

Commercial Property Loan Questionnaire:

Q. Is it mandatory to have an ICICI Bank account to apply for a commercial loan?

Ans:Yes. It is mandatory to have an account with ICICI Bank in order to service the commercial loan EMIs.

Q. What is the commercial property interest rate today?

Ans: ICICI Bank provides the best commercial property loan rates starting from 8% p.a. Onwards.

Q. What is the processing charge for ICICI bank loan for commercial property?

Ans: ICICI Bank commercial real estate financing processing fees applicable is 1% of the loan amount plus applicable GST.

Q. Is it mandatory to have a co-applicant to the loan application?

Ans: Yes. It is mandatory to have a co-applicant to the commercial real estate loan application with ICICI Bank.

Q. How much loan can I get on the property value of Rs.1 Crore?

Ans: Maximum loan funding provided by ICICI bank is 70% of the market value of the property and therefore maximum commercial property finance that can be availed on a commercial property worth Rs.1 Crore is Rs.70 Lakhs.

Use Loanfasttrack’s commercial property loan eligibility calculator to calculate your loan EMI.

Q. I am an NRI working in London & investing in a commercial property in India. Can I get a commercial loan?

Ans: Yes. ICICI Bank commercial home loan is also available for NRIs.

Q. Is there any limitation on the property sq. ft. area?

Ans: The minimum sq. ft. area required for commercial property is 200sq. ft.

Q. How to find a commercial mortgage broker near me?

Ans: Simply visit Loanfasttrack on www.loanfasttrack.com.

You may also email on info@loanfasttrack.com or call on 9321020476.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Loanfasttrack’s specialized services includes providing:

  • The best bank for home loan.
  • Best Banks For Mortgage Loan In India
  • Assured low interest rates for loan against property in Mumbai.
  • Lowest home loan rates in Mumbai.
  • Instant loan in Mumbai.
  • Instant personal loan in Mumbai & business loan in Mumbai
  • Low cost home loan balance transfer.

Home Loan List Of Documents For Self-Employed- Proprietorship Firm-Builder Case

June 18, 2020 by admin

A complete document checklist for self-employed proprietor from home loan sanction till disbursement is as follows: –

Sanction List Of Documents

KYC

1) Pan Card copy of all applicants.

2) Latest passport size colour photograph of all applicants. 

3) Residence proof – copy of aadhaar and electricity bill.

Financial Documents

1) 3 years latest financials of the applicant with Saral Copy, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

2) Latest 3 years Form no-26 AS.

3) Latest 1 year Copy of GST returns – 3B form.

4) For rental income receivable- if any:

            a) Copy of registered rental agreement.

            b) Latest 1 year bank account statement reflecting the rental credit.

5) Latest 12 months bank account statement of the current account (if any).

6) Latest 12 months bank account statement of all savings account.

Other Documents

1) Business profile on the letter head of the company.

2) Business proof – GST registration, Ghumastha or Copy of AAdhar Udoyg.

3) Copy of contract letter if any.

4) If proprietor profile is:

            a) Chartered Account (CA) – Copy of COP & passing certificate.

            b) Doctor – Copy of Degree Certificate.

5) Details of all existing loan along with the sanction letters (for calculating loan obligation).

6) Processing fees cheque in favour of bank/NBFC.

7) Bank form duly signed by applicant & co-applicant.

Documents For Conducting Legal & Technical Process -Of The Property

For APF Projects- APF means where the builder project is approved by bank & NBFC

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for legal – Nill. (Legal is not mandatory in APF projects).

For NON- APF Projects – Non-APF means where the builder project is not approved by bank & NBFC. Under such cases both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer makes the property’s legal report. The legal report may demand for additional documents from builder. List of such additional documents required would be:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) Allotment letter or Possession letter from Builder.

5) Payment receipt from Builder.

6) Architecture report from Builder.

7) Copy of ROC and Lien letter from Builder- if project is funded by bank.

8) OCR clearance. (Own contribution –requires bank statement details & OCR Source confirmation via Email).

9) Docket kit duly signed by all applicants.

10) Facility agreement duly franked and signed.

11) Cheque or DD-demand draft towards Administration Fess.

12) Sanction letter copy duly signed.

13) 7 security cheque in favour of Bank.

14) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

Note:   1) All documents have to self -attested by respective, applicants & Co-applicants.

            2) All property owners have to be on the loan structure.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Home Loan List Of Documents For Self-Employed- Private Limited Company-Builder Case

June 18, 2020 by admin

I) Checklist for loan sanction.

II) Documents required for legal and technical – (For APF & Non- APF projects).

III) Document checklist for disbursement process.

I) Checklist for Loan Sanction

KYC

1) Company pan card copy along with stamp & director signature.

2) Self attested Pan card copy of all directors. 

3) One Passport size colour photograph of all applicants.

4) Copy of residence proof (passport/electricity bill & Aadhaar card copy) of all directors.

5) Copy of office proof (electricity bill/telephone bill).

6) Pan card of shareholders having minimum stake of 51%.

Financial Documents

1) CA certified copies with membership number:

a) 3 years latest financials of the company including Saral Copy, computation of income, Balance Sheet, P&L account, Capital Account.

b) 3 years latest financials of all directors including saral copy, computation of income, Balance Sheet, P&L account, Capital Account.

            c) Company Annual report.

            d) Directors report.

            e) Auditor Report and Annexure to auditor’s report.

            f) Tax audit report (Form 3CB & 3CD) (42 Points) -If applicable.

            g) Copy of company’s Debtors & Creditors aging 1 Year – if case is booked under banking product.

2) Latest 12 months bank account statement of all directors.

3) Latest 18 months bank account statements of all current accounts of the company.

4) Latest 3 years Form no-26 AS.

5) Latest 1 year Copy of GST returns – 3B form.

6) Director’s self attested copies of: –

            a) Latest 4 months salary slips.

            b) Latest 2 years form 16.

            c) Updated salary credit statement for 6 months.

            d) For any rental income receivable b y the director:

                        i) Copy of registered rental agreement.

                        ii) Latest 1 year rental credit – bank account statement.

Other Documents

1) MOA & AOA of the company. 

2)) List of directors and share holding of the company- CA certified.

3) Business/company profile on the letter head of the company.

4) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

5) Copy of contract letter- if any.

6) If applicant Director is:
a) Chartered Account (CA) – Copy of COP & passing certificate.

b) Doctor – Copy of Degree Certificate.

7) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the applicant-director.

8) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the company.

9) Processing fees cheque in favour of bank/NBFC.

11) Bank form duly signed by applicant (director) and co-applicant/directors/company.

12) Any other documents as required by the credit manager.

II) Checklist For Legal &Technical Document

For APF Projects- APF means where the builder project is approved by bank & NBFC

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for legal – Nill. (Legal is not mandatory in APF projects).

For NON- APF Projects – Non-APF means where the builder project is not approved by bank & NBFC. Under such cases both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer makes the property’s legal report. The legal report may demand for additional documents from builder. List of such additional documents required would be:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

III) Checklist For Disbursement Process

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –requires bank statement details & OCR Source confirmation via Email).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

16) If applicant partner owns < than 51% stake in the company:

            a) All partners & partnership firm to be co-applicant in loan.

            b) Financials of all partners & partnership firm.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

Note:   1) All documents have to self -attested by respective, applicants & Co-applicants.

            2) All property owners have to be on the loan structure.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Home Loan List Of Documents For Self-Employed- Partnership Firm-Builder Case

June 18, 2020 by admin

I) List Of Documents Required For Loan Sanction Process

KYC

1) Pan card copy of all partners.

2) Company pan card copy along with stamp & director signature.

3) Residence proof- copy of passport/electricity bill & Aadhaar card copy.

4) Office proof – copy of electricity bill/telephone bill.

Financial Documents

1) CA certified copies with membership number:

a) 3 years latest financials of the applicant including Saral Copy, computation of income, Balance Sheet, P&L account, Capital Account.

b) 3 years latest financials of all partners including saral copy, computation of income, Balance Sheet, P&L account, Capital Account.

            c) Tax Audit Report (Form 3CB & 3CD) (42 Points).

            d) Copy of company’s Debtors & Creditors aging 1 Year – if case is booked under banking product.

2) Latest 3 years Form no-26 AS.

3) Latest 1 year Copy of GST returns – 3B form.

4) For rental income receivable- if any:

            a) Copy of registered rental agreement.

            b) Latest 1 year bank account statement reflecting the rental credit.

5) Latest 12 months bank account statement of all partners.

6) All current account statements of the partnership firm updated for a latest of 18 months.

Other Documents

1) True certified copy of partnership deed.

2) Business/company profile on the letter head of the company.

3) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

4) Copy of contract letter if received any contracts.

5) If applicant partner is:
a) Chartered Account (CA) – Copy of COP & passing certificate.

b) Doctor – Copy of Degree Certificate.

6) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the applicant.

7) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the partnership firm.

8) Processing fees cheque in favour of bank/NBFC.

9) Bank form duly signed by applicant and co-applicant/partner/company.

II) Legal &Technical Document checklist

If APF- If the project is approved by bank & NBFC, only technical of the property is done & legal is not mandatory. 

Documents for technical – cost sheet & approved plan copy from builder.

Documents for legal – Nill.

If NON- APF– If the project is not approved by bank & NBFC, both legal and technical of the property is mandatory.

Documents for technical – cost sheet & approved plan copy from builder.

Documents for Legal – copy of draft agreement from the builder.

Additional documents required from builder on the basis of legal report generated by the lawyer taking draft agreement as a base are: –

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

III) Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) Payment receipt from Builder.

5) Allotment letter or Possession letter from Builder.

6) Architecture report from Builder.

7) ROC and Lien letter from Builder – if project is fund by bank.

8) OCR clearance. (Own contribution –requires bank statement details & OCR Source confirmation via Email).

9) Docket kit sign duly signed by all partners/ loan applicants.

10) Sanction letter copy duly signed.

11) Facility agreement duly franked and signed.

12) 7 security cheque in favour of Bank.

13) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

14) If applicant partner owns < than 51% stake in the company:

            a) All partners & partnership firm to be co-applicant in loan.

            b) Financials of all partners & partnership firm.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two additional documents:

1) Title search Report.

2) Any other documents as per property legal report.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

List Of Documents For Commercial Loan–For Self-Employed –Proprietorship Firm-Builder Case

June 17, 2020 by admin

A complete document checklist till disbursement of NRP / Commercial loan is givens below:

Sanction List Of Documents

KYC

1) Applicant and co applicant pan card copy.

2) Applicant and co-applicant latest passport size colour photograph. 

3) Residence proof – copy of aadhaar and electricity bill.

4) Bank form duly signed by applicant & co-applicant.

Financial Documents

1) 3 years latest financials of the applicant with Saral Copy, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

2) Latest 12 months bank account statement of the current account.

3) Latest 12 months bank account statement of all savings account.

4) Latest 3 years Form no-26 AS.

5) Latest 1 year Copy of GST returns – 3B form.

6) For rental income receivable- if any:

a) Copy of registered rental agreement.

b) Latest 1 year bank account statement reflecting the rental credit.

7) Debtors & Creditors statement aging for 1 year-CA certified.

Other Documents

1) Business profile on the letter head of the company.

2) Business proof – GST registration, Ghumastha or Copy of AAdhar Udoyg.

3) Copy of contract letter if received any contracts.

4) If proprietor profile is:

            a) Chartered Account (CA) – Copy of COP & passing certificate.

            b) Doctor – Copy of Degree Certificate.

9) Details of all existing loan along with the sanction letters (for calculating loan obligation).

10) Processing fees cheque in favour of bank/NBFC.

Documents For Conducting Legal & Technical Process (Of The Property)

If APF- If the project is approved by bank & NBFC, only technical of the property is done & legal is not mandatory. 

Documents required for technical process– cost sheet & approved plan copy from builder.

Document required for legal – Nill.

If NON- APF– If the project is not approved by bank & NBFC, both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Document required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer’s opinion is taken on non-APF project and a legal report for the property is generated by the lawyer, wherein he might demand additional copies of few documents from the builder. Such lists of copies demand are:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

List Of Documents For Commercial Loan–For Self-Employed –Private Limited Company-Builder Case

June 17, 2020 by admin

I) Checklist for loan sanction.

II) Documents required for legal and technical – (For APF & Non- APF projects).

III) Document checklist for disbursement process.

I) Checklist for Loan Sanction

KYC

1) Company pan card copy along with stamp & director signature.

2) Pan card copy of all directors. 

3) One Passport size colour photograph of all applicants.

4) Copy of residence proof (passport/electricity bill & Aadhaar card copy) of all directors.

5) Copy of office proof (electricity bill/telephone bill).

6) Pan card of shareholders having minimum stake of 51%.

Financial Documents

1) CA certified copies with membership number:

a) 3 years latest financials of the company including Saral Copy, computation of      income, Balance Sheet, P&L account, Capital Account.

b) 3 years latest financials of all directors including saral copy, computation of income, Balance Sheet, P&L account, Capital Account.

            c) Company Annual report.

            d) Directors report.

            e) Auditor Report and Annexure to auditor’s report.

            f) Tax audit report (Form 3CB & 3CD) (42 Points) -If applicable.

            g) Copy of company’s Debtors & Creditors aging 1 Year – if case is booked under   banking product.

2) Latest 12 months bank account statement of all directors.

3) Latest 18 months bank account statements of all current accounts of the company.

4) Latest 3 years Form no-26 AS.

5) Latest 1 year Copy of GST returns – 3B form.

6) Director’s latest 4 months salary slips.

7) Director’s latest 2 years form 16.

8) Director’s salary credit statement for 6 months.

9) For any rental income receivable b y the director:

            a) Copy of registered rental agreement.

            b) Latest 1 year bank account statement reflecting the rental credit.

Other Documents

1) MOA & AOA of the company. 

2)) List of directors and share holding of the company- CA certified.

3) Business/company profile on the letter head of the company.

4) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

5) Copy of contract letter- if any.

6) If applicant Director is: a) Chartered Account (CA) – Copy of COP & passing certificate.

                                       b) Doctor – Copy of Degree Certificate.

7) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the applicant-director.

8) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the company.

9) Processing fees cheque in favour of bank/NBFC.

11) Bank form duly signed by applicant (director) and co-applicant/directors/company.

12) Any other documents as required by the credit manager.

II) Checklist For Legal &Technical Document

For APF Projects- APF means where the builder project is approved by bank & NBFC

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for legal – Nill. (Legal is not mandatory in APF projects).

For NON- APF Projects – Non-APF means where the builder project is not approved by bank & NBFC. Under such cases both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Documents required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer makes the property’s legal report. The legal report may demand for additional documents from builder. List of such additional documents required would be:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

III) Checklist For Disbursement Process

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

16) If applicant partner owns < than 51% stake in the company:

            a) All partners & partnership firm to be co-applicant in loan.

            b) Financials of all partners & partnership firm.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

Note:   1) All documents have to self -attested by respective, applicants & Co-applicants.

            2) All property owners have to be on the loan structure.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

List Of Documents For Commercial Loan–For Self-Employed –Partnership Firm-Builder Case

June 17, 2020 by admin

I) Checklist for loan sanction.

II) Documents required for legal and technical &

III) Document checklist for disbursement process.

I) List Of Documents Required For Loan Sanction Process

KYC

1) Pan card copy of all partners.

2) Company pan card copy along with stamp & director signature.

3) Copy of residence proof (passport/electricity bill & Aadhaar card copy).

4) Copy of office proof (electricity bill/telephone bill) of partnership firm.

Financial Documents

1) 3 years latest financials of the applicant including Saral Copy, computation of income, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

2) 3 years latest financials of all partners including saral copy, computation of income, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

3) Latest 12 months bank account statement of all partners.

4) All current account statements of the partnership firm updated for a latest of 18 months.

5) Latest 3 years Form no-26 AS.

6) Latest 1 year Copy of GST returns – 3B form.

7) Tax Audit Report (Form 3CB & 3CD) (42 Points).

8) Debtors & Creditors statement aging for 1 year-CA certified.

9) For rental income receivable- if any:

            a) Copy of registered rental agreement.

            b) Latest 1 year bank account statement reflecting the rental credit.

Other Documents

1) True certified copy of partnership deed.

2) Business/company profile on the letter head of the company.

3) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

4) Copy of contract letter if received any contracts.

5) If applicant partner is:
a) Chartered Account (CA) – Copy of COP & passing certificate.

b) Doctor – Copy of Degree Certificate.

6) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the applicant.

7) Details of all existing loan along with the sanction letters (for calculating loan obligation) of the partnership firm.

8) Processing fees cheque in favour of bank/NBFC.

9) Bank form duly signed by applicant and co-applicant/partner/company.

II) Legal &Technical Document checklist

If APF- If the project is approved by bank & NBFC, only technical of the property is done & legal is not mandatory. 

Documents for technical – cost sheet & approved plan copy from builder.

Documents for legal – Nill.

If NON- APF– If the project is not approved by bank & NBFC, both legal and technical of the property is mandatory.

Documents for technical – cost sheet & approved plan copy from builder.

Documents for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer’s opinion is taken on non-APF project and a legal report for the property is generated by the lawyer, wherein he might demand additional copies of few documents from the builder. Such lists of copies demand are:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

III) Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

16) If applicant partner owns < than 51% stake in the company:

            a) All partners & partnership firm to be co-applicant in loan.

            b) Financials of all partners & partnership firm.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

If you are looking for housing loan guidance for your property purchase in Mumbai, visit Loanfasttrack on https://www.loanfasttrack.com/. Loanfasttrack provides you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. You can also contact us on 9321020476 or email on info@loanfasttrack.com. 

About Loanfasttrack– Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan, unsecured business loans, home loan transfer, top-up loans, car loans, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Home Loan Salaried List Of Documents – Builder Case

June 14, 2020 by admin

Sanction Process

Find below the list of documents required for sanction process.

1) Applicant and Co-Applicant’s photograph.                                                       

2) Applicant and Co-Applicant’s pan card copy.

3) Applicant and Co-Applicant’s residence proof electric bill & adhar card copy.

4) Latest 4 months salary slips.

5) Latest 6 months bank account statements. 

6) Latest 2 years Form 16.

7) Latest 1 year bonus copy.

8) If receiving rental income – registered rental agreement copy & 12 months rental credit statement.

9) One cheque favouring bank name towards the processing fees from the salary account.

Legal & Technical Process

If APF- If the project has APF No that is if the project is approved by the lender bank & NBFC, only technical of the property is done & legal is not mandatory. 

Documents required for technical – cost sheet & approved plan copy from builder.

Document required for legal – Nill.

If NON- APF– If the project is not approved by the lender bank & NBFC both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Document required for Legal – copy of draft agreement from the builder.

On the basis of draft agreement a lawyer’s opinion is taken on non-APF project and the lawyer makes a legal report for the property which demands certain copies of documents from the builder. Such lists of copies demanded from the builder are:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8 A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

Disbursement Process

If APF

The lists of documents required for the disbursement of the loan in case of APF project are:-

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Administration Fess –clearance by cheque or DD-demand draft.

15) 7- Security mandate cheque in favour of Bank.

If Non-APF

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Any other documents as per property legal report.

15) Cheque or DD-demand draft towards Administration Fess.

16) Title search Report.

Commercial Loan List Of Documents – For Salaried Customers-Builder Case

June 14, 2020 by admin

Documents required for Sanction Process

KYC

1) Applicant and co applicant pan card copy.

2) Applicant and co-applicant latest passport size colour photograph. 

3) Residence proof – copy of aadhaar and electricity bill.

4) Bank form duly signed by applicant & co-applicant.

Financial Documents

1) Latest 2 years Form 16.

2) Latest 4 months salary slips.

3) Latest 1 year bonus copy.

4) Latest 6 months updated salary account statement. 

5) For rental income receivable if any- Copy of registered rental agreement With 12 months rental credit statement of bank account.

6) For agricultural income receivable if any- Latest 2 years ITR copy reflecting agricultural income.

7) If joined new company –

            a) Copy of resignation letter.

            b) Copy of joining letter/ appointment letter/ offer letter of the new company.

            c) One month salary credited – from the new company.

8) Processing fees Cheque for the said amount of the bank/NBFC.

Documents required for Conducting Legal & Technical Process (Of The Property)

If APF- If the project is approved by bank & NBFC, only technical of the property is done & legal is not mandatory. 

Documents required for technical process– cost sheet & approved plan copy from builder.

Document required for legal – Nill.

If NON- APF– If the project is not approved by bank & NBFC, both legal and technical of the property is mandatory.

Documents required for technical – cost sheet & approved plan copy from builder.

Document required for Legal – copy of draft agreement from the builder.

A lawyer’s opinion is taken on non-APF project on the basis of draft agreement and a property’s legal report is generated by the lawyer. The legal report so generated might require additional documents from the builder. Such lists of additional documents required are:

1) Sales Deed/Lease Deed/Development Agreement of the builder/society

2) If a development agreement is executed, power of Attorney from Land owner.

3) Chain of agreements from the previous landowner.

4) Layout Copy.

5) Approved Layout and building plans.

6) Commencement Certificate from Municipal Council/Corporation.

7) Completion Certificate.

8) ULC Certificate for Clearance of land under ‘Urban Land Ceiling Act’1976.

9) N.A permission and Latest N.A tax receipt.

10) Property Card / 7/12 Extract.

11) 6D Extract.

12) 8A Extract, if applicable.

13) If the land is within the Survey Limits, collect the City Survey Extract instead of the 7/12, 6D, 8A.

14) Title and Search Report.

15) Copy of bye laws and registration certificate of the society in case the society is a registered cooperative society.

16) Index 2 issued by the sub registrar.

17) Copy of Draft sale agreement.

18) Partnership deed/MOA/AOA of the builder /Developer.

19) Marketing Brochure / highlights of the project.

20) Copies of Sanction plan with technical request.

21) Carpet and Saleable area Statement.

22) Public Notice and its objection if any.

23) APF application form.

24) Covering Letter indicating the LOD submitted.

25) Cancelled cheques.

26) Construction Schedule.

27) Payment Schedule.

28) RERA Certificate.

Disbursement List of Documents

IF APF Project

1) Original Agreement with index2.

2) NOC from Builder.

3) Demand letter from Builder.

4) OCR clearance. (Own contribution –required bank statement details & Source).

5) Docket kit sign and franking 0.2% of loan amount.

6) If project is fund by the bank- ROC and Lien letter from Builder.

7) Payment receipt from Builder.

8) Architecture report from Builder.

9) Allotment letter or Possession letter from Builder.

10) 7 security cheque in favour of Bank.

11) Administration Fess –clearance by cheque or DD-demand draft.

12) Facility agreement duly franked and signed.

13) Sanction letter copy duly signed.

14) Cheque or DD-demand draft towards Administration Fess.

15) Any other documents as per:

            a) Credit Manager’s requirement.

            b) Sanction condition on sanction letter.

If Non-APF Project

All documents mentioned above in the APF project checklist along with the following two documents:

1) Title search Report.

2) Any other documents as per property legal report.

Posts navigation

  • 1
  • 2
  • 3
  • 4
  • …
  • 6
  • Next

Recent Posts

  • Online Vs Offline Home Loan – Which One Is Better?
  • Income Tax Benefits On Home Loan
  • Still Worried How To Manage Your Multiple Loan Repayments? Here Are The 5 Astute Ways To Effectively Manage Them.
  • Commercial Property Loan With ICICI Bank – By Loanfasttrack
  • Home Loan Comparison Chart Of Leading Banks

Recent Comments

  • Ushali Mishra on REVERSE MORTGAGE- Loan For elderly
  • sonal jadhav on REVERSE MORTGAGE- Loan For elderly

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • July 2019

Categories

  • Finance
  • Health
  • Home Loan
  • Mortgage Loan
© 2021 Loanfasttrack | WordPress Theme by Superbthemes