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Banks Documents HDFC Bank 1. Sales Deed 2. Legal search report(Bank advocate) 3. Design & Estimate (architect) 4. Valuation report 5. ITR(last 3 years) 6. balance sheet and P/L (last 3 years ) 7. Bank statements (current & savings,6 months) 8. Business profile 9. ID proof 10.Residence proof 11. Photos 12. Property papers Rate of interest 0-30 lacs 11.25% 0-30 lacs 0-30 lacs 0-30 lacs 0-30 lacs ITR & Balance sheet (last 2 years) SAME Others same All same All same SBI IDBI AXIS ICICI
10.75% 30-75 lacs 11.25% >75 lacs 12% 0.5% of loan taken+ Lawyers fee For flat max years 20 For construction max years -10
11.25% 30-75 lacs 11.50% >75 lacs 12% 0.5% of loan taken
Processing fee
>75 lacs 12% >75 lacs 12% 0.5% 0f loan 1% of loan taken + Legal taken opinion Max 25 years repayment period Max 20 years repayment period
Repayment terns
Max 20 year
85% of the property or 4 times the amount of income Yes (optional) Guarantor required N/A
85% of cost of Based on property<30 gross lacs income 80% for >3o lacs Yes (optional) Not required NO Depends upon case
Insurance of the property Yes (optional) Guarantor Additional security Depends upon case N/A
case Documents required Income tax returns(years) Balance sheet and income statements Six months bank statements Residence proof Pan card Business Profile Property paper Passport photographs 3 3 Required 3 3 Required 3 3 Required
upon case 2 2 3 3
Comparative analysis of various banks for home loans ( for employed people )
Banks Documents HDFC Bank 1. Latest original 6 months pay slips with gross and net SBI IDBI ITR & Balance AXIS ICICI
deductions 2. Latest form 16/salary copy/pf statement 3. Design & Estimate (architect) 4. Valuation report 5. ITR(last 3 years) 6. Bank statements (6 months) 7. Past employment history 8. ID proof 9.Residence proof 10. Photos 11. Property papers Rate of interest 0-30 lacs 10.25% 30-75 lacs 10.50% >75 lacs 11% 0-30 lacs 10.25% 30-50 lacs -10.50%
sheet (last 2 years) SAME Others same All same All same
Processing fee
12% 12% 0.5% of loan 0.5% of taken+ loan taken Lawyers fee For flat max years 20 For construction max years -10 Max 20 year
Repayment terns
85% of the property or 4 times the amount of income Yes (optional) Guarantor required N/A
85% of cost of Based on property<30 gross lacs income 80% for >3o lacs Yes (optional) Not required NO Depends upon case
Insurance of the property Yes (optional) Guarantor Additional security Documents required Income tax returns(years) 3 Depends upon case N/A
Salary copy Six months bank statements Residence proof Pan card Past employment Property paper Passport photographs Required Required Not required
Formula for calculation of EMI The formula for calculation of EMI given the loan, term and interest rate is: EMI = [(p*r) (1+r)^n ] / [ (1+r)^n 1 ] p = principal (amount of loan