Buyer's Guide

Applying for a Loan

A loan may be applied for, before or after you select a property. Sanction of the loan amount lets the buyer know what amount can be availed of. This helps to decide the budget as well as the purchasing power. Actual disbursement is done only after satisfactory verification of all necessary documents and completion of specific formalities.

If all the papers are to the satisfaction of the banks and HFIs, the disbursement could be done within 3-5 days. Proof of self contribution i.e. 15% of the cost of the property has been paid to the seller of the property is mandatory.

Immediate sanction to about 15 days.

Most institutions consider the incomes of the applicant and the co-applicant, usually the spouse; to decide the loan amount. The co-application may/may not be a co-owner of the property.

• Latest salaries slip (Proof of income)
• Photographs
• Proof of age
• Identity papers
• Proof of residence
• Bank statements of the previous six months

Certified copies of balance sheets, profit and loss statements and tax challans of the previous three years.

The Articles of Association, Partnership Deed and details about the firm. Before the actual disbursement of loans, all documents of the property, including "Agreement to sell". Are required to be handed over to the loan lending institution.