Home Improvement Loan

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8.60% FOR HOME IMPROVEMENT LOAN

The loan will be disbursed to the customer at various stages of the construction, and he/she is entitled to get income tax benefits for the extension loan as per the IT act.

For a renovation loan, the customer needs to get an estimate from his engineer/architect. Only renovation work that will add value to the property gets considered, like civil renovation work, fixed interiors, kitchen cabinets, etc.

General checklist

Salaried

Application form to be filled and signed by applicant and co-applicant.
One Passport Size photo of applicant and co-applicant.
Copy of Latest Telephone bill for residence address proof.
Copy of Pan Card of applicant and co-applicant.
Copy of last 3 months payslip and CTC letter.
Copy of last 2 years Form 16 and Saral.
Copy of last 6 months bank stmt where salary is credited.
Processing fee cheque in favour of Bank/ HFC’s.
Details of Present loans with sanction letter and repayment track record.

Self –Employed

Application form to be filled and signed by applicant and coapplicant.
One Passport Size photo of applicant and coapplicant.
Copy of Latest Telephone bill for residence address proof.
Copy of Pan Card of applicant and co-applicant.
Copy of Registration certificate of firm.
Copy of last 2 years ITRs with Statement of Income, Profit & Loss Account, Balance sheet with Form 3cb & 3cd.
Copy of last 12 months bank stmt
Copy of Partnership deed in case of partnership firm.
Copy of MOA & AOA in case of Pvt ltd co.
Processing fee cheque in favour of Bank/ HFC’s.
Details of Present loans with sanction letter and repayment track record.

Additional documents

Pre-Approved Projects (Direct Purchase from builder)

Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale and Construction agreement.
Copy of Assignment agreement (if transferred from assignor)

Un- approved Projects (Direct Purchase from builder)

Copy of legal documents of the project.
Copy of approved plan for the project.
Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale and Construction agreement.
Copy of Assignment agreement ( if transferred from assignor).

Individual Resale house:

Copy of legal documents of the property.
Copy of approved plan for the property.

Plot Purchase:

Pre-Approved project:

Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale agreement.

Un- approved Projects:

Copy of legal documents of the project.
Copy of approved plan for the project.
Copy of Allotment letter.
Copy of Cost Breakup letter.
Copy of Sale agreement.

Balance Transfer loans:

List of original documents held in bank
Foreclosure-Quote.
Loan sanction letter and Repayment track record.

Check Eligibility

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