Home Loan
Overview
Maruti Fincorp understands that owning a home is a cherished dream for many individuals and families. With our expertise in the field, we help turn this dream into reality by providing comprehensive home loan solutions. Whether you are purchasing your first home or looking to upgrade to a new one, our team of experts will assist you throughout the loan process.
⦁ Competitive Interest Rates: We offer home loans at competitive interest rates, ensuring affordability and cost-effectiveness for our customers.
⦁ Flexible Repayment Options: Our home loan packages come with flexible repayment options, allowing you to choose a plan that suits your financial capacity.
⦁ Customized Loan Amount: We understand that every individual’s housing needs are unique. Hence, we provide customized loan amounts based on your requirements and eligibility.
⦁ Quick Processing: Maruti Fincorp is committed to providing a seamless and efficient loan application process. We strive to ensure quick processing and timely disbursement of funds.
⦁ Assistance with Documentation: Our dedicated team assists you in gathering the necessary documents and ensures a smooth documentation process, minimizing any hassle for you.
⦁ Expert Advice: With our in-depth knowledge of the real estate market and industry trends, we offer expert advice to help you make informed decisions regarding your home loan.
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Personalized Service: We only follow your profile and your requirement to well knowledge vendors who understand your profile and give you best.
Detailed Inquiry Form: We have prepared two types of inquiry form which helps you to take decision about your loan process. Our detailed application form submitted to our expert analyst and then result it within 24 hours. So you can easily know your eligibility, loan probability, and offers also.
Best Analyst – Lotus Financial Services has best analyst team which is highly educated, many years experienced and well knowledge of all bank policies. It helps you to platform your profile at right way.
Latest Offers – Lotus Financial Services updates immediately all new schemes running from all banks. So it is easy to choose best rate loan from all banks.
No consulting Charges – Lotus Financial Services itself and all vendors who are related to Lotus Financial Services do not take any consulting charges from customers.
Doorstep Services – Lotus Financial Services gives you doorstep services for all products from all banks. Vendor will come to you place from application to disbursement process. So it is easy to get best without investing time.
All Bank Offer At One Time – Every BANK and NBFC have different interest rate for different salary and profile. Lotus Financial Services give you the right platform where all bankers offer his best to particular profile. So it is for customer to select best option with best scheme.
Helpline – Lotus Financial Services has a customer care team and a virtual number who helps you take advice about loan and also help to increase your credit profile.
Stop Frauds – Some time customer are being part of fraud from vendors and of some executives. Lotus Financial Services give you surety of fraud free loans
Interest Rates
Current Home Loan Interest Rates in India:
You have various options to get Home loan. Each bank has different interest rates different tenure and different loan amount criteria. Home loan amount and rate of interest is dependent on customers profile like working company, take home salary, Average bank balance, designation, Cibil score etc. Every banks give Home loan on bases Net salary and for businessmen on bases of last 3 years of It Returns.
Balance Transfer Scheme:
If you want to release your current burden of high interest rate or don’t want to take multiple EMI burden for new loan and also required best rate compare to your older loan than Balance transfer scheme is the right option for you. Some banks are giving best scheme for balance transfer like they are offer 6.75% to 7.5% interest rate and nill processing fees. They also offer top up amount by this way you can get new loan and keep only EMI from same bank even though you have get new funds.
Special Scheme:
If you are working with some reputed and super cat A company then always ask if there is any special scheme are live or not. Most of the banks are every month announce new scheme for super cat A companies or for reputed big companies or for some Higher designation employee. So when you get right scheme it is better to take immediate apply and choose the right bank.
Prepayment Condition and Charges:
Whenever you go for home loan firstly get detail about pre closer charges. As per RBI every bank has withdraw pre payment charges for Home loan only. But beside there is a hidden condition that if you going for Balance Transfer then some of banks are taking for closer charges. There are various offers in market who offers normal loans and with facility of pre payment with nil charges. You should have to decide first your purpose of your loan, your repayment capacity, your saving planning, your extra income like incentive and then after you have to decide that are you able to do pre payment before the tenure or not. If first you clear your perfect concept of loan then you can do best deal.
Difference between Flat Rate and Reducing Rate:
Major customer does not understand what is difference between flat interest rate and reducing interest rate? There is only calculation difference between flat interest rate and reducing interest rate. If you go for the flat rate then reducing will be Flat rate * 1.75 Example if your flat rate is 10% yearly then your reducing will come 10% * 1.75 = 17.5% reducing yearly. Both are same but some people misguide customer with flat and reducing interest rate.
Eligibility Criteria
There are some different criteria for Home loan. It is different for both profile salaried and businessman. Most of Bank is generally follows below criteria for Home loan.
For Salaried: (Normal Profile)
• Applicant should be Indian Citizens
• Applicant must be Minimum age required is 21 years and Maximum 55 years.
• Applicant must be working in Limited, Pvt. Ltd, Government, LLP, MNC company
• Applicant must be working in current companies from last 6 months and 3 years overall but if customer is working with cat A company then stability is not necessary.
• Customer is must having a salary account.
• Salary must be credited in salary account by ECS or NEFT
• Needful deduction from salary like PF, PT, TDS must required
• If customer is highly educated or working with super Cat A companies then some banks will give loan him even if it is his first job or 3 rd salary.
• If customer is working with Super Cat A company then Minimum take home salary required – Rs.15,000/- and above per month. If customer is working with Cat A or any listed company in bank’s approved list then Minimum take home salary required – Rs.15, 000/- and above per month. If customer is working with any small Pvt. Ltd company, LLP or with government sector then Minimum take home salary required – Rs.20, 000/- and above per month.
• Residence-either Owned, rented or company provided.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• CIBIL having score of minimum 700 and above ( CIBIL score between 650 to 700 can be considered in some profile with proper justification)
For Salaried (Normal Plus Profile)
• Applicant should be Indian Citizens
• Applicant must be Minimum age required is 21 years and Maximum 55 years.
• Applicant must be working in Limited, Pvt. Ltd, Government, LLP, MNC, Partnership, Proprietorship, Trust, NGO, Semi Government Company.
• Applicant must be working in current companies from last 6 months and 3 years overall but if customer is working with cat A company then stability is not necessary.
• Salary must be credited in account by ECS, NEFT, IMPS, Bank Transfer
• Any one deduction from salary like PF, PT, TDS must required (Salary with no deduction is also accepted with some other parameter
• Minimum required salary is Rs. 15000/- and above
• Residence-either Owned, rented or company provided.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• CIBIL having score of minimum 700 and above ( CIBIL score between 650 to 700 can be considered in some profile with proper justification)
For Salaried (Affordable Profile)
• Applicant should be Indian Citizens
• Applicant must be Minimum age required is 21 years and Maximum 55 years.
• Applicant must be working in Limited, Pvt. Ltd, Government, LLP, MNC, Partnership, Proprietorship, Trust, NGO, Semi Government Company. Even Individual company is also accepted
• Applicant must be working in current companies from last 6 months and 3 years overall but if customer is working with cat A company then stability is not necessary.
• Salary must be credited in account by ECS, NEFT, IMPS, and Bank Transfer. Cash salary is Also accepted
• Salary with deduction and without deduction both are accepted
• Minimum required salary is Rs. 15000/- and above. For cash salary maximum salary Rs. 25000/- is accepted. Salary more than Rs. 25000/- in cash will not be considered.
• Residence-either Owned, rented or company provided.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• CIBIL having score of minimum 600 and above
For Self Employed: (Prime Profile)
• Minimum 4 Years old business required ( Complete 3 Financial year is accepted)
• Minimum turnover is required more than 5 lacks
• Manufacturing, Trading, Wholesaler, Retails, Distributor, Service provider, Consultancy, Self employed profession are accepted
• 1 year old current account required. Loan amount calculation is as per DSTR calculator
• Loan amount is depends on average IT Return of last two years.
• 3 Year old Business registration must require just like Shop Establishment, VAT, CST, GST, Excise, Import – Export License, Food License or any other government proof.
• IT Return must be increased rather than last year.
• No EMI Bounce allowed in last 3 Month and 1 allowed in last 6 Month
• Inward cheque return should not be more than 2% of total Transaction.
• Banking should not be deep more than 30% of Total Turnover
• Average bank balance must be is equal to or more then applied EMI for new loan.
• For Private Limited company and Partnership firm minimum 60% share holding must required.
• Residence and office premises both required. (Residence cum office is not considered)
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• Valid Business Address proof required for business premises like rent agreement, Any Utility bill, Mobile bill, Bank statement
• CIBIL having score of minimum 700 and above ( CIBIL score between 650 to 700 can be considered in some profile with proper justification)
For Self Employed: (Prime Plus Profile)
• Minimum 3 Years old business required ( Complete 3 Financial year is accepted)
• Minimum turnover is required more than 5 lacks
• Manufacturing, Trading, Wholesaler, Retails, Distributor, Service provider, Consultancy, Self employed profession are accepted. Other major all categories are accepted
• 1 year old current account required. Saving account with business transaction is accepted
• Loan amount is depends on average IT Return of last two years.
• 3 Year old Business registration must require just like Shop Establishment, VAT, CST, GST, Excise, Import – Export License, Food License or any other government proof. Udhyog Aadhar is also accepted. For Company partnership deep, MOA also can considered as business proof. Even there is no any government proof then 3 year old Current account then IT return of 4 years with proper timely filled is also accepted
• IT Return must be increased rather than last year.
• No EMI Bounce allowed in last 3 Month and 1 allowed in last 6 Month
• Inward cheque return should not be more than 2% of total Transaction.
• Average bank balance must be is equal to or half then applied EMI for new loan.
• For Private Limited company and Partnership firm minimum 60% share holding must required.
• Residence and office premises both required. Residence cum office is also considered with business activity or business setup.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• Valid Business Address proof required for business premises like rent agreement, Any Utility bill, Mobile bill, Bank statement
• CIBIL having score of minimum 600 and above ( CIBIL score between 600 to 650 can be considered in some profile with proper justification)
For Self Employed: (Affordable Profile)
• Minimum 3 Years old business required ( Complete 2 Financial year is accepted)
• Minimum turnover is required more than 5 lacks
• Manufacturing, Trading, Wholesaler, Retails, Distributor, Service provider, Consultancy, Self employed profession are accepted. Other major all categories are accepted
• Current or saving, any type of 1 year old account required. Loan amount is depends on average IT Return of last two years.
• No business proof required
• No EMI Bounce allowed in last 3 Month and 1 allowed in last 6 Month
• Inward cheque return should not be more than 5% of total Transaction.
• Average bank balance must be is equal to or half then applied EMI for new loan.
• For Private Limited company and Partnership firm minimum 60% share holding must required.
• Residence and office premises both required. Residence cum office is also considered with business activity or business setup.
• Your current residence address must required in any one govt. proof like Aadhar card, Voting Card, Passport, Driving License etc
• Valid Business Address proof required for business premises like rent agreement, Any Utility bill, Mobile bill, Bank statement
• CIBIL having score of minimum 600 and above.
Documents
DOCUMENT FOR HOME LOAN (SALARIED)
1) 3 Month Salary slip Latest
2) 6 Month salary Bank account
3) Company Appointment Letter
4) Last two year form no. 16 or 26AS
5) 3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
6) Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
7) Resident light bill latest
8) Rent Agreement (If Rented)
9) If any loan live then welcome letter of all
10) 1 Passport size photo (Applicant + Co- Applicant)
11) Visiting card
12) Office I-card
13) 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be deducted in processing fees
14) Banakhat copy or Draft sale deed or Booking letter
15) Property Master file copy
Property Document list
1) Builder agreement
2) Society registration permission letter
3) Society registration certificate
4) Unit plan and Layout Plan
5) N.A Permission
6) Permission of construction
7) Allotment letter
8) Possession letter
9) Payment receipts
10) Share certificate
11) Agreement with builder
12) Village no. 6
13) Village no. 7 x 12
BALANCE TRANSFER AND TOP UP
DOCUMENT FOR HOME LOAN (SALARIED)
1) 3 Month Salary slip Latest
2) 6 Month salary Bank account
3) Company Appointment Letter
4) Last two year form no. 16
5) 3 Years old Job proof (Old appointment letter, Form no. 16, Reliving letter)
6) Pan card copy and Aadhar card copy (Applicant + Co- Applicant)
7) Resident light bill latest
8) Rent Agreement (If Rented)
9) If any loan live then welcome letter of all
10) 1 Passport size photo (Applicant + Co- Applicant)
11) Visiting card
12) Office I-card
13) 1 login Cheque (Not more than 5900/-) in Favor of Bank name which will be
deducted in processing fees
14) Property Master file copy
15) Current Home/Mortgage Loan Statement of Account from Existing Loan Bank
16) List of Document from current loan bank (LOD)
17) Foreclosure letter from current Loan bank.
Property Document list (Xerox copy)
1) Builder agreement
2) Society registration permission letter
3) Society registration certificate
4) Unit plan and Layout Plan
5) N.A Permission
6) Permission of construction
7) Allotment letter
8) Possession letter
9) Payment receipts
10) Share certificate
11) Agreement with builder
12) Village no. 6
13) Village no. 7 x 12
Process
Home loan process is divided in 5 steps. By following all 5 steps you will get best loan as per your requirement. If there is any problem with your loan then your application will stop on related stages and its shows current status. Every stage result you that its stop or in process. Understand clearly all the stages so it is easy to take Home loan.
Stage 1: Enquiry – Take Advise – Compare – Select
When you have choose this platform to compare all banks and financers then always try to attend all calls and talk with all financers. Do not irritate by lots of call but share your choice, your demand, your purpose, loan amount, profile with every bank and NBFC. Its helps you to take decision about your loan and helps you to choose right option. If you have any negative points then also share it with consultants so they will show you the right way. It is better to choose option who suite to your profile and advised by majority consultants.
Stage 2: Documents Sumiton – Application Form – Apply
Firstly choosing right option prepare all required documents and once verify with your Vendor and if there is some documents pending arrange it on priority bases. Verify that all documents are enough as per bank policy or not. Sign application form properly.
Stage 3: Application alert – Query – CIBIL
When you submit your application completely to the bank then you will get one SMS with application number from respective bank. You can follow your status by this application number online. Major Banks does not login if there is any query in your application so try to complete your document. After login please ask your lender about CIBIL and query. If there is any problem with your CIBIL your application will reject with this stage. If there is any doubt query in CIBIL your application will hold for query. If there is no query then your application will move for next stage of verification.
Stage 4: Verification – Home Discussion
After completing 3rd stage your application moves to verification stage. Verification agencies representative will visit your office and resident and collect detail respecting you and submit it to bank. Besides Some bank Credit offices do telephonic Home discussion about your application and some bank credit officers Homely visit you for Home discussion. They try to know your profile, your attitude, your loan purpose, your credit history, your financially stability etc. After getting Home discussion if credit manager feel any doubt then he will reject your loan or ask for query. If he satisfied with profile then your application will move to final stage.
Stage 5: Loan approved – Sanction offer – Agreement – Disbursement
After cleared all above four stages your application will moved for approval and meanwhile you will get approval from bank. After getting approval customer has to do agreement with bank and submit security deposit cheque in favor of bank name. Once your agreement completely submitted to bank then within 48 hours you will get RTGS in your account of DD from respected banks.
Factors
Salaried
1) Company Type – Individual, Proprietorship, Partnership, LLC, LLP, Pvt. Ltd, Govt, Semi Govt, Trust, MNC
2) Gross salary – Total cost to company
3) Net Salary – Salary after all Deduction
4) Deduction details – PF, GPF, PT, Credit society Loan, ESCI, Income tax,
5) Salary credit system – ECS, NEFT, Cheque, Cash
6) Form no. 16 – Available, Not available, N.A,
7) Appointment letter – Available, Not Available
8) Stability – Total Stability, Current company Stability
9) Age – Current Age, Retirement Age
10) Education – Total Education
11) Designation – Company designation, For Govt- class applicable
12) Current obligation – Total EMI live and balance tenure pending
13) Property value – Total purchase price of property
14) Sale deed value – Govt Registration sale deed amount
15) CIBIL – CIBIL score, CIBIL History
Self Employed
1) Company Type – Individual, Proprietorship, Partnership, LLC, LLP, Pvt. Ltd, Trust, MNC
2) Business Type – Manufacturer, Trader, Wholesaler, Retail, Service provider, Exporter
3) Company Stability – Total company Establishment period
4) Business registration Proof – Gumasta, Sales Tax, CST, GST, VAT, EXCISE, Import Export Code, SSI, MSME
5) Business Premises – Office, Shop, Factory, Shed, Resi cum office,
6) Business banking – Current Account in company name, CC/OD account
7) Banking Turnover- Credit entry banking ratio of total turnover
8) ABB – Average bank balance in current account and saving account
9) ITR Filling – Last 3 years Regular, No ITR
10) Total Turnover – Sales as per books, Total sales with and without books
11) Turnover ratio yearly – Increasing, stable, decreasing, Zig Zag ratio
12) Gross Profits – Profit before expenses,
13) Net Profit – Actual profit shown in ITR, Interest paid, Depreciation
14) Current obligation – Total live EMI
15) Age – Current age, Retirement age, Co-Business owner age, Business Nominee Age
16) Property value – Total purchase price of property
17) Sale deed value – Govt Registration sale deed amount
18) CIBIL – CIBIL Score, CIBIL History
Best Tips
If you are going for a business loan please follow the best tips from us –
- Always get quotation from multiple vendors and multiple banks then analyst it and select what is best
- Always try to hear all vendors particularly so from that you can something new which you don’t know
- Don’t hide your negative points from vendors because it helps you provide the right option
- Discuss your all credit history with vendors so it is give you perfect results without rejection
- Don’t make rude attitude to vendors because it makes your relation temporary and not profitable to you.
- Always prepare your all documentation and also security cheques before you apply for business loan. It saves your time.
- Be in touch with your vendors till you get particular status about your loan application
- Follow Application number on bank’s website. It will keep you on track.