Frequently Asked Questions: FINANCE & INSURANCE
	Project Finance & Insurance: What is the Bank Finance Facility? We have our tie up with HDFC Bank for Finance facility. What is the maximum loan can I avail of? 85% of cost of property in case of residential and 60% in case of commercial units How will Bank decide the loan amount I am eligible for? Depends upon the income, generally maximum limit will be 50%of income. When can I make an application? At any time after you have decided to acquire/construct the property even if construction have not commenced, Can make 15 days before the installment due How do I make an application? On a simple form with required documents attached with form. Can I apply for a loan to repay a housing loan availed by me from another bank/housing finance company? Yes What is the processing fee chargeable? 0.5% of loan amount on residential loan and 1% in case of commercial units plus 12.36% service tax in each case. What is a pre-payment charge? If full payment is before one year in case of EMI 2% of outstanding principle What is rate of interest? 10.25% p.a. in case of residential and 12.75% p.a. in case of commercial What is maximum period of loan? 20 years in case of residential and 10 years in case of commercial units. What are the Pre- EMI payments and EMI payments per lac? In case of residential unit pre EMI installment is Rs. 854/- and EMI is Rs. 982/- per lac and in case of commercial unit pre EMI installment is Rs. 1063/- and EMI is Rs.1479/- per lac Who can be co-applicant? Co- applicant can be any one in the family except daughter. What are the documents required? Agreement to sell, Allotment letter, Payment receipts, Tripartie Agreement, Permission to Mortgage How long it will take for disbursement? After completing all papers/documents it will take 3-4 days for disbursement. Is agreement to sell being registered? No need of registration. It shall be notarized only. Is insurance needed? No requirement of insurance. What is the requirement in case of NRI investment? GPA needed for Indian representative to sign loan document and also Credit Bureau Report required. How installment will be paid in case of NRI investment? Payment shall be made through NRE/NRO account. What are the documents required (salaried or non salaried)? FOR SALARIED: Salary Slip for last 3 Months. Contract/Appointment Letter Passport/Visa Social Security Report Credit Bureau Report NRENRO Account Statement for last 6 Months General Power of Attorney here in India A Cheque in favor of HDFC LTD. Of an amount of .5% of the total Loan Amount. *Property Docs. From COPL. Max.- 85% Finance available @ 10.25% ROI FOR NON-SALARIED: Income Tax Returns for last 3 years. Minimum Income of Rs. 1 Lakh/Month. Passport/Visa Social Security Report Credit Bureau Report NRENRO Account Statement for last 6 Months General Power of Attorney here in India A Cheque in favor of HDFC LTD. Of an amount of .5% of the total Loan Amount. *Property Docs. From COPL. Max.- 85% Finance available @ 10.25% ROI Is agreement to sell being registered? No need of registration. It shall be notarized only. What are the disabilities for procuring loan? Income less than 1 lakh Rs. /Month Is there any special condition for NRI No How the loan is disbursed in installments by the bank? We can understand this by example. Suppose for an industrial unit of total consideration of Rs. 5,00,000/- to be paid 40% to be paid by customer and 60% i.e. Rs. 3,00,000/- to be borrowed from bank and disbursed on pro-rata basis as follows: Installment Paid by bank Paid by Customer 1st - 1,25,000/- 2nd 1,00,000/- 25,000/- 3rd 1,00,000/- 25,000/- 4th 75,000/- 25,000/- 5th 25,000/- - 6th 3,00,000/- 2,00,000/- Can the allotment letter be pledged as security for a bank loan? Yes.