Pune, the second major IT hub, attracts people from all the corners of the country. The pleasant year-round weather and a plethora of elite educational institutions make it an inviting destination to settle down.
All these factors account for the rising price of real estate in and around the city. Therefore, individuals willing to apply for home loan in Pune must compare the interest rates offered by several HFCs. Besides, they also need to have certain documents for hassle-free application.
What are the documents you need?
Below are some of the documents one must submit to apply for home loan in Pune.
- Duly filled application form with applicant’s signature
- Passport size photographs
- Identity proof (any one of the below)
- PAN card
- Aadhaar card
- Voter ID card
- Driving license
- Age proof (any one of the below)
- Birth certificate
- Class 10 marksheet
- Bank passbook
You can also provide the identity proof documents.
- Residential proof (any one of the below)
- Ration card
- Utility bills like electricity, telephone, gas, etc.
- LIC policy receipt
- Letter from a recognised public agency verifying the address
Apart from these, you can also submit all the listed documents under ‘Identity Proof’ and ‘Age Proof’ except class 10 report card.
- Income documents
- Form 16
- Certificate letter from your employer
- Promotion or appraisal letter
- IT returns of last 3 years
Other than these, one must also attach any investment proofs like fixed deposits, shares and others.
For self-employed individuals
- IT returns of last 3 years
- Balance sheet and Profit and Loss account statements of the enterprise (duly attested by a CA)
- Business license or any other equivalent document
- Registration certificate of establishment for shop, factories and others
- Professional practice license for doctors, lawyers, CAs and others
- Business address proof
- Records of the property against which the home loan is applied
- NOC from the builder
- Estimated cost of construction
- Registered sale deed, allotment letter/stamped agreement of sale
- Property tax receipts, maintenance and electricity bills
- Statements of advance payment (original receipts)
- Occupancy certificate for ready-to-move-in properties
- Copy of approved building plan
- Land tax paid bill and possession certificate issued by the revenue authority
- Payment receipts as proof of payment made to respective builder or seller
However, before arranging all these documents, a prospective borrower should check if he or she is eligible to apply for a loan with a particular lender.
Eligibility criteria to apply for home loan in Pune
For salaried applicants
Age limit- 23 to 62
Work experience- Minimum 3 years
For self-employed applicants
Age limit- 25 to 70 years
Current business vintage- Minimum 5 years
Besides, the applicant must be a residing citizen of India.
Qualified borrowers can start tallying home loan interest rates offered by various financial corporations. This will help them plan their finances effectively. Individuals should also calculate the EMIs beforehand for hassle-free repayment.
How to calculate EMIs
Reputed HFCs provide home loan calculator on their websites for quick and easy evaluation of EMIs. Follow the steps below-
- Visit your preferred lender’s website
- Navigate to ‘EMI calculator’
- Enter the principal loan amount, tenor and interest rate
Understanding what home loan is not enough. Using such calculators, one can find EMI, total interest due and total amount payable in just a few seconds. One can change the input values until he or she arrives at a feasible loan structure.
Prominent HFCs extend a high-value loan amount at reasonable interest rates. In addition, most of them offer pre-approved offers for a streamlined loan application process. An aspiring borrower can submit their name and contact details to check their pre-approved offers.
Considering all these will help an aspiring individual to opt for the best-suited home loan in Pune as per his capacity.