About New Home Loan

Home loan is a loan an individual can avail to purchase a residential property. ABM Loans offers the lowest interest rate in the market. A home loan can be used to buy a new property like flats, bungalow and floors also.

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Features of Personal Loan

All loans are not created equal, personal loan has become a great option for people to use.

Loan Term

The maximum term of your home loan can be up to 30 years and it cannot extend beyond your retirement age or 60 years (whichever is earlier).

Loan Amount

You can get a home loan up to 90% of the cost of a chosen property for the loan requirement up to Rs. 30 Lakh*, depending upon the loan amount required.

Interest Rate & charges

Your home loan interest rate starts from 8.35%* p.a

Personal Loan - Eligibility

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 25,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Market value is the fair value of the property that you propose to mortgage with us as security against the home loan you avail of. Our specialized team calculates this value based on the prevailing market conditions and trends.

It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant.

An under construction property is one which is in the process of being built up. When you book a property in such ‘under construction’ property, you will gain possession at a future date.

Security of the home loan would generally be mortgage of the property that is financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Your home loan makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

  • PAN card (Mandatory, if income is considered for loan eligibility calculation)
  • Valid Passport
  • Voter ID card
  • Driving license
  • Aadhar Card
  • Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.
  • Ration card
  • Letter from employer
  • Bank statement /copy of Pass book reflecting address
  • Valid Rent Agreement
  • Sale Deed
  • Salary slips for the last 2 months or salary certificate*
  • Cash Salary – Income details on Company Letterhead
  • Copy of bank statements for the past 3 months (salary account)
  • Certificate of qualification for professionals : CA, Doctors or Architects
  • Copy of last two years’ income tax returns, along with computation of income
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable.
  • VAT or Service Tax returns or TDS Certificate
  • Bank statement for the last 6 months (Savings account, current account and O/D account)
  • Copy of your last two years’ income tax returns, along with computation of income
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable
  • VAT or Service Tax returns or TDS Certificate
  • Bank statement for the last 6 months (Savings account, current account or an O/D account)
  • Allotment letter from builder
  • Agreement of Sale
  • Registration and stamp duty receipt
  • Index- ii
  • NOC from builder
  • Own Contribution Receipt (OCR )
  • All builder linked documents (Applicable for cases which are not approved or previously not funded by DHFL)
  • Development Agreement
  • Tripartite Agreement
  • Partnership Deed
  • Sale Deed
  • Title Search Report
  • NA order

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Now apply for a Home Loan online, All you need to do is provide your details below application form.

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