Home Loan

PROWESS INDIA FINANCIAL SERVICES understands more than others that your dreams are priceless and when it comes to buying your DREAM HOUSE, we prove to be the greatest help to provide the lowest interest rate of the market along with minimum documentation so that you can enjoy a hassle free moments of your life. We start guiding you for the needful documentation from the Day 1. We help you to compare all the loan providers’ offer under a single roof. A home loan can be used to buy a new property like flats, bungalow, and affordable apartments also. Banks generally provide 80% to 90% of the property value as a home loan. The remaining balance has to be arranged as the initial down payment. You can also avail a personal loan for further down payment amount. Home loans are available from 5 lakhs to 25 Cr. PROWESS INDIA FINANCIAL SERVICES suggests you the lowest rate of interest.



--> What are the different types of home loans?

The different types of loans provided by banks and NBFC’S associated with PROWESS INDIA FINANCIAL SERVICES are as follows:-

• Ready to move in / Under Construction home loans

• Home Construction Loans

• Land Purchase Loans

• Home Extension Loans

• Home Conversion Loans

• Home Improvement Loans

--> Who can avail Home Loans?

• All Individuals who are Salaried, Self Employed Professionals or Self Employed Non Professionals stand eligible for seeking Home Loans.

--> How much loan can be disbursed?

• A loan amount of maximum 80% to 90 % of property value is disbursed as Home Loan.

--> What are the documents required for salaried person?

You just need to get the following documents ready, we provide the facility of doorstep documents collection:-

• Application Form – Applicant & Co Applicant - Signed with photographs

• Proof of Identity - PAN card, Passport, Driving License, Aadhar Card, Voter id

• Residential/ Office Address Proof - Aadhar Card, Valid Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)

• Applicant & Co applicant Income Proof - Latest 2 Year Form 16/ Form 26AS, Latest 3 months salary slip, Last 6 months bank statement.

• Basic Age Proof - Valid PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.

--> What are the documents required for Self- Employed persons?

Get ready with the following documents and we’ll collect them from your home:-

• Application Form – Applicant & Co Applicant - Signed with photographs

• Proof of Identity - Clear PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card

• Certificate and Proof of Business Existence - PAN Card , SSI, GST registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI

• Residential/ Office Address Proof - Light Bill, Phone Bill, Bank statement, utility bill, Registry copy, lease or rent agreement, GST, TAN allotment letter

• Applicant & Co applicant Income Proof - Last 3 years ITR along with Balance sheet, Tax Audit report if required, Last 6 months bank statement

• Basic Age Proof - PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.

--> How do we work?

After applying for a Home Loan there are lots of parts included in availing Home Loan starting with identifying your property to filling up the loan application form. Following are the important stages in Home Loan approvals:

1. We contact the persons who are willing to take loans for various purposes such as buying a new home, buying commercial space/office/shops, personal loans, Loan Against Property, Business loans, Education loans, Car loans, Heavy Vehicle loans, Used car loans etc.

2. We collect the basic details of the prospective customers & compare with more than 30 banks and NBFC’S. Now we come in a position to decide which bank or NBFSC’S is lending you money at the lowest interest rate.

3. We contact the relevant Bank/NBFC which are associated with us and submit the loan application. We ourselves help our every customer to prepare all the relevant documents required by the bank. We try our best that customers don’t need to go bank again and again. This helps the customers to save quality time for their other routine works.

4. The Bank/NBFC accordingly gives provisional (soft) approval or rejection.

5. If the case is approved, We collect the documents from customers for logs in. All these documents are to be self attested by the applicant. The applicant also submits duly signed complete Application form. We submit all these documents along with application form to the concerned Bank/NBFC.

6. The Bank/NBFC gets certain verifications done for the applicant. If the verification is found to be positive then case is decided/approved by the Bank/NBFC.

7. We get the information from Bank about approval of loan for the customer, which is duly communicated to you.

8. The next step is to get disbursal kit signed by the customer and submit the same with Bank/NBFC.

9. If all the documents are in order, the Bank/NBFC transfers the amount of loan to the customer’s bank account.

--> What are the features of Home Loans?

Following are the features of Home Loans

• Interest rate starts from 8.60% per year

• Special rates for women borrowers

• Fixed EMI for whole term

• Interest Subsidy available through PMAY CLSS scheme

• Tax rebates up to Rs. 1.5 lakhs and Rs. 2 lakhs respectively on the principal and interest portion during the loan, even if the funds are used for renewal / expansion / reconstruction of the house.

• Option to take top up loan for the above purposes

• Convenience of home loan balance transfer

• Maximum tenure is up to 30 years Loan amount depends on the outstanding amount of existing home loan under LTV ratio

• Processing Fee - 0.35% to 1 of loan amount and later GST

• Availability of substitute income documents - ITR or annual turnover

• The importance of additional income in the loan eligibility

• Co-borrower of the loan can also avail tax benefits if they are co-owners of the property.




DOCUMENTS REQUIRED


SALARIED

  • KYC Documents:- Voters ID/PAN Card/Aadhar Card(any one).
  • Proof of Residence:- Utility Bill(not more than 3 months old) /Passport/Aadhar Card (any one).
  • Latest 3 months Bank Statement(where salary/income is credited).
  • 2 Passport Size Photographs.

SELF EMPLOYED

  • KYC Documents:- Voters ID/PAN Card/Aadhar Card(any one).
  • Proof of Residence:- Utility Bill(not more than 3 months old)/Passport/Aadhar Card/Rent Agreement (if customer is rented).
  • Latest 3 months Bank Statement(where salary/income is credited).
  • Salary slips for last 3 months.
  • 2 Passport Size Photographs.

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