FOIR is used for the purpose of calculation of eligibility of the borrower.
For example, suppose a bank has a policy of offering maximum FOIR of 50%. It means if you apply for the loan to the said bank, your total monthly obligtions (Existing monthly obligations + EMI of loan to be availed) cannot exceed 50% of your income Yes. Co-applicant can be added while taking a home loan. If co-applicant also has some income, it can help increase the eligibility of the loan. In fact, most Banks/NBFCs today insist on having a co-applicant while applying for the home loan.
It is not mandatory that co-applicant needs to be a co-owner in the property. However it is mandatory for co-owner to join as co-applicant for the loan Following are the property documents required to be submitted -
In case of purchase of the property from the builder- 1. Original Registered Sale agreement between the Borrower and the Builder alongwith original stamp duty and registration receipt 2. Original NOC from the Builder. The NOC should be in bank's format 3. Original stamped receipts of payment of own contribution of the borrower (The receipt will be issued by the Builder) In case of purchase of a Resale Property- 1. Original Registered Sale agreement between the Borrower and the Seller alongwith original stamp duty and registration receipt 2. Original NOC from the Society The NOC should be in bank's format 3. Original stamped receipts of payment of own contribution of the borrower (The receipt will be issued by the seller) 4. Original Share Certificate of the property Following are the documents required at the time of home loan application-
For salaried borrower - 1. Last 3 months' salary slips 2. Last 6 months' bank statement 3. Latest Form 16 4. Pan Card 5. Address Proof For Self Employed Borrower - 1. Last 3 years' Income Tax Returns 2. Last one year's bank statement 3. Pan Card 4. Address Proof The self attested photocopies of above-mentioned documents should be submitted along with home loan application form A Home Loan is a loan taken for the purpose of purchasing a residential property.
Following are some of its features- 1. Home Loan is granted against the mortgage of the property to be purchased. 2. Maximum Tenure for a home loan is 20 years (Some Banks offer Home Loans for a period of 30 years also) 3. Maximum amount that can be granted as a home loan is 75% to 90% of property cost |
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