Other Loans :

We will soon be offering a wide range of loans such as:

• Education Loans
• Car Loans
• Personal Loans
• Marriage loans
• Loan Against Property
• Business Loan

FAQs'

Ques 1. Can I get loan for purchasing consumer durables ?
Ans. Yes. There are separate schemes for purchasing consumer durables like TV, Music System, Computer, Washing Machine, AC etc.

Ques 2. Who Can Apply For The Loan ?
Ans. You must be in permanent service or engaged in a profession or business to be eligible for a loan. You should have a stable job and a regular income
Loan schemes are for those going in for a residential house. We may be able to advance you a loan under our scheme if you want to -

1. Construct/purchase a new House/Flat.
2. Buy an existing house or flat not more than 35 years old.
3. Extend an existing House.
4. Renovation/repairs to an existing House/Flat.

Ques 3. Who Can Be Co-Applicant ?
Ans. The Co-owners of the property in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife,father-son or mother-son.

Ques 4. How Much loan can I get ?
Ans. Loan amount is determined on the basis of the repayment capacity of the applicant/s. Repayment 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 lakhs per unit to any individual applicant. It will extend loan upto 85 % of the cost of property vaue (including Stamp duty & Registration charges).

Ques 5. For How Long A Period Can I Get Loan ?
Ans. Home Loans are granted for a term upto a maximum of 20 to 25 yrs. The term for the loan will under no circumstances exceed the age of retirement or completion of 70 yrs of age whichever is earlier.

Ques 6. What Is The Mode Of Repayment ?
Ans. 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 Monthly Rest basis. The amount is payable monthly.
EMI can commence - :

1. Immediately after full disbursement. or
2. After the loan is fully disbursed or until 12 months from the date of first disbursement whichever is earlier.

Until EMI starts, Interest is payable on the Amount Disbursed on monthly basis.

Ques 7. What Is The Security For The Loan ?
Ans. The security for the loan is the first mortgage of the property to be financed by way of deposit of the title deeds, subject to local laws.

Ques 8. When / How / Where Can Loan Application Be Made And How Long Will It Take?
Ans. case of purchase of new flat , you may apply for a loan after you have entered into an agreement with the Builder/Seller and have paid earnest money to the Builder/Seller to purchase the dwelling unit. Loan can be applied only at the Area/Unit office where the proposed property is situated.
In case of re-sale, the loan will be disbursed in a Single installment, with least time-lag, provided, all the requirements are complied with expeditionsly.
In case of construction, loan will be disbursed in installments depending upon the progress of construction and on the requirements being complied with.

Ques 9. What Will Be The Interest Rate ?
Ans. The Interest Rate is dependent on the purpose for which the Housing loan is taken. The latest rates are mentioned in the News Flash

Ques 10. What Will Be The Interest Rate ?
Ans. The Interest Rate is dependent on the purpose for which the Housing loan is taken. The latest rates are mentioned in the News Flash

Ques 9. What Are The Supporting Documents Required While Applying For Loans ?
Ans. Common requirements for all applicants:

1. Application form duly filled in with two latest photographs of applicants
2. Current residence proof like telephone bill, ration card.
3. Xerox coy of original documents, link documents along with encumbrance certificate
4. Copy of sanctioned plan and sanction letter.
5. Copy of NA permission/ULC clearence, wherever applicable.
6. Bank Pass-book or statements for the last two years.
7. Power of Attorney, wherever applicable

Additional Requirement

For salaried persons

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

For Businessmen / Self-employed/ Professionals

1. Latest 3 years' years' income tax returns/assessment orders and supporting computation of income statements.
2. Latest 3 years' audited balance sheet, P&L account, annual reports etc.
3. Tax paid challans
4. Form No.16A, if applicable
5. Bank statement of firm/business for last 12 months
6. If any loan has been availed by applicant credit worthiness certificate from lenders.
7. In case applicant is a partner of a firm, then Audited Financial reports of the firm for last 3 years.
8. ITRs and computation of the firm for last 3 years. Profile of the firm, Certificate of Registration of the firm.
9. Copy of partnership deed
10. Copy of firms bank statement for last 6 months.

Purchase from builder

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

Direct allotment in a Co-operative Housing Society

1. Allotment letter.
2. Share certificate.
3. Society registration certificate.
4. Copy of sale/lease deed in favour of the society.
5. NOC from society

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

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

Public Agency's allotment to individuals

1. Allotment letter from Public Agency
2. ripartite 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)

1. 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.
2. List of the documents held by the bank/FI as security for the loan on letter head.
3. NOC in favour of LICHFL for release of mortgage and release of original documents directly to LICHFL after receipt of the money.
4. Type of mortgage created (Equitable or registered).
5. Closure quotation giving break up principal, interest and any other charges.
6. 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:

1. Submission of application with supporting documents.
2. Scrutiny of application personal interview by a company official.
3. 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).
4. Issue of Loan offer Letter by the Company.
5. 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.
6. Title clearance through our panel advocate..
7. Disbursement will be made after the applicant has invested his/her share.(Total cost less the amount of loan sanctioned).
8. Letter to Panel Valuer of inspection of property.
9. If the valuer's report is O.K., collect documents for stamping.
10. Execution of documents and disbursement.
    1. Since the validity of a stamped document for its execution is 6 months, the documents should be stamped only after approval of the valuer's report.
    2. Stamping of documents such as Memorandum of Deposit of Title Deeds, Deeds of guarantee etc. are as per the local law.