Tuesday, November 3, 2009

Like to apply for a home loan in India

I live out side India, would like to apply for home loan in India? is that possible from HDFC or from SBI?

I dont have NRI account yet , what will be the paper requirement?

yes, u can take a loan from a bank in India for housing . But for that u have to have an account (NRI ) and your personal presence is required. Secondly You would need details of the property u wish to purchase and letter of agreement to sell from the seller.And u have to prove that u are capable to pay off the loan and you also have to have a guarantor in India. This is roughly all the docs. required. Further details will be given by the bank to whom u are going to apply for a loan

Original Documentation to be submitted for a home loan?

I have bought an apartment in a complex under construction in Ghaziabad, with possession expected in Jul-2011. I had opted for the Down Payment option and had paid the booking amount as well. I am also opting for the home loan from HDFC, again through the builder alliances. Apart from all other documents, the bank has asked me to submit all the original copies given by the builder. This includes: - Allotment letter. I have signed 2 copies - one goes to the builder and the other to the bank. I do not retain any copy with myself - Receipt of the booking amount - GPA in favour of my father I am not sure if this is the right thing, and if this is a normal practice. I have retained photo-copies of all the documents, but nothing in original. Can somebody guide me please.

Yes, You have to submit all the original documents. They will return your file after repayment of loan.

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