BRIQ FOUNDATION have tie-ups with leading Housing financial institutions such as HDFC, State Bank Of India, LIC and Can Fin homes Ltd, which provide various housing loan schemes.
We assist our customers from Chennai in getting through all sorts of documentation process so as to enable the procedural routines to purchase their dream home from us.
We introduces flats for sale in West Tambaram , villa for sale in Sriperumbudur etc.,” on a regular basis. Interested customers can get in touch with us for any assistance regarding acquiring loans for their apartments/villa purchase from one of our affiliated banks.
To find more information on apartments and Villas for sale in and around West Tambaram and Sriperumbudur areas. Please visit our “Ongoing Projects”
Housing Loan schemes are available to different categories of people such as
- Salaried People
- Business Men
- Self Employed individuals
- Different Organizations
- Simple Documentation Procedure
- Nominal interest rates
- Easy & Comfortable payment of loans in equated monthly installments
- Flexible repayment system
- Hassle- free loan
- No hidden charges
- Nominal processing charge
- Tax Benefits
WEIGH YOUR HOME LOAN OPTIONS
Your bank will assess your repayment capacity while deciding the home loan eligibility. Repayment capacity is based on your monthly disposable / surplus income, (which in turn is based on factors such as total monthly income / surplus less monthly expenses) and other factors like spouse’s income, assets, liabilities, stability of income etc. The main concern of the bank is to make sure that you comfortably repay the loan on time and ensure end use. The higher the monthly disposable income, higher will be the amount you will be eligible for loan. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income.
The amount of the loan depends on the tenure of the loan and the rate of interest also as these variables determine your monthly outgo / outflow which in turn depends on your disposable income. Banks generally fix an upper age limit for home loan applicants.
Generally the documents required to processing your home loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application :
- Age Proof
- Address Proof
- Income Proof of the applicant & co-applicant
- Last 6 months bank A/C statement
- Passport size photograph of the applicant & co-applicant
In case of Salaried
- Employment certificate from the employer
- Copies of pay slips for last few months and TDS certificate
- Latest Form 16 issued by employer Bank statements
In case of Self-employed
- Copy of audited financial statements for the last 2 years
- Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
- Profit and loss account for the last few years
- Income tax assessment order
You also need to submit the completed application form along with your photograph. Loan applications form would give a checklist of documents to be attached with the application.
It takes around fifteen days for processing of one’s application if the documents are in order. It takes another week for the company to check out the property papers and make the disbursement.
Co-Applicants are the Co-Owners of the property in respect of whom the financial assistance has been sought. Usually joint applications are from: husband-wife, father-son or mother-son.
The fees charged by a lending institution for processing loans have one or more components. However, the components to be charged are at the discretion of the banks and varies from time to time. We are providing the list of components that generally falls under the preview of lending fee – Processing and administrative charges: They range between 0.25-0.5 per cent of the home loan amount sought from the home loan provider.
Mortgage fee. The charge is usually 0.5-1 per cent per annum of the property value and is in the form of stamp duties and mortgage charges for the property value that is being offered as collateral to the lender.
Commitment charge : This charge is generally 1 per cent of the loan amount and is recovered by the bank if a borrower has not completed the loan withdrawal within the stipulated period.
Prepayment charge : This is usually 2 per cent of the outstanding loan amount and also depends on terms in the home loan agreement. This is recovered from the borrower if he pre-pays the loan amount in excess of the stipulated limit.
Loan swap charges :To discourage the practice of borrowers shifting to another Lender offering lower rates, banks are now charging a loan swap charge of 2 per cent on the loan outstanding on the date of the full premature repayment of the home loan.
Technical and legal fee : In addition to the above charges, some banks also charge for securing an independent legal opinion on issues like the owner’s title to the property and an independent property valuation report. There could also be charges for examining technical aspects of a property like adherence to sanctioned plans.
You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest. Repayment by way of EMI starts from the month following the month in which you take full disbursement.
Sometimes loan is disbursed in installments, depending on the stages of completion of the housing project. Pending final disbursement, you may be required to pay interest only on the portion of the loan disbursed. This interest called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.
However, many banks offer a special facility whereby customers can choose the installments they wish to pay for under construction properties till the time the property is ready for possession. Anything paid over and above the interest by the customer goes towards Principal repayment. The customer benefits by starting EMI payment earlier and hence repays the loan faster. Please check with your banker whether this facility is available before availing of the loan
Repayment period options range generally from 5 to 20 years.. As a non-resident, you can avail of a loan only for a maximum period of 7 years.