Here is the list of the Loans offered by us:

• Home Loans
• Home Improvement Loans
• Home Extension Loans
• Plot Loans
• Construction Loans
• Composite Loans
• Loan Against Property
• Lease Rental Discounting
• Loans For Acquiring Commercial Properties
• Balance Transfer
• Top Up
• Project Finance
• Personal Loan
• MSME/Business Loan

No. We Don't.

Income :

• Salaried - Rs.10,000/- per Month.
• Self Employed - Rs.2,00,000/- per Annum.

Age :

• 21 to 65 Years.

If you (Applicant & Co-Applicant) are a Salaried Individual with Formal Income, You need to submit the following documents along with application.

• PAN Copy.
• Adhaar Copy.
• Current Residence Proof.
• Employement ID Copy.
• Payslips for the latest past 3 Months.
• Bank Statement of the salary credit account for the latest past 6 Months.
• Form 16 for the latest past 3 Years.
• Form 26AS for the latset past 3 Years & Current running year.
• ITRs for latest past 3 Years.
• Sanction Letter & Repayment Track of existing loans if any.
• Qualification Proof if the Applicant or Co-Applicant is a Professional.

Note: Actuals may vary from case to case, so get in touch with us for the details.

If you (Applicant & Co-Applicant) are a Salaried Individual with Informal Income, You need to submit the following documents along with application.

• PAN Copy.
• Adhaar Copy.
• Current Residence Proof.
• Employement ID Copy.
• Payslips for the latest past 3 Months.
• Bank Statement of the salary credit account for the latest past 12 Months.
• ITRs for the latest past 3 Years.
• Form 16 for the latest past 3 Years.
• Form 26AS for the latset past 3 Years & Current running year.
• Sanction Letter & Repayment Track of existing loans if any.
• Qualification Proof if the Applicant or Co-Applicant is a Professional.

Note: Actuals may vary from case to case, so get in touch with us for the details.

If you (Applicant & Co-Applicant) are Self Employed with Formal Income, You need to submit the following documents along with application.

• PAN Copy.
• Adhaar Copy.
• Current Residence Proof.
• Business Address Proof. 
• Business Registration Certificate.
• Bank Statement of all CA/OCC/OD/CA accounts for the latest past 12 Months.
• ITRs (IT Acknowledgement + Computation + Balance Sheet + PnL Account) for the latest past 3 Years duly attested by a CA.
• Form 26AS for the latset past 3 Years & Current running year.
• UDIN attested by a CA.
• Sanction Letter & Repayment Track of existing loans if any.
• GST Registration Certificate.
• Brochure & A Brief write up about the business.

If the business is a Partnership Firm the following documents must also be submitted along with the above

• PAN Copy of the Firm.
• Partnership Deed. 
• Firm Registration Certificate.
• ITRs (IT Acknowledgement + Computation + Balance Sheet + PnL Account) for the latest past 3 Years duly attested by a CA.
• Form 26AS for the latset past 3 Years & Current running year.
• Partner Account for the latest past 3 Years duly attested by a CA.
• UDIN attested by a CA.  
• Bank Statement of all CA/OCC/OD/CA accounts for the latest past 12 Months.
• Sanction Letter & Repayment Track of existing loans if any.
• GST Registration Certificate.
• Brochure & A Brief write up about the business.   

Note: Actuals may vary from case to case, so get in touch with us for the details. 

Here is the list of Property related document to be submitted along with application for a Home Loan 

• Agreement Of Sale.
• Plan Copy with Proceedings.
• Complete set of link documents.
• Latest up to date EC.

Note: Actuals may vary from case to case, so get in touch with us for the details.

Yes, As an NRI you can avail a Home Loan through us.

Here are some Key Benefits & Features of Loans for NRIs

• Your work might have taken you abroad but the yearning for the homeland remains unabated. With us turning your dream home in India, into a reality, is convenient and easy.
• Loans to NRIs, PIOs and OCIs for the Purchase of a Flat, Row House, Independent House, Bungalow, Villa, Duplex Flat etc from private developers or from a reseller in approved projects in India
• Loans for the Purchase of properties from Development Authorities such as HMDA, GHMC etc.
• Loans for Construction on a Freehold / Lease hold plot or on a plot allotted by a Development Authority in India.
• Loans for Purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association or Development Authorities settlements or Privately built up homes.
• Attractive interest rates.
• Avail of Home Loan Advisory Services in India.
• Property Search Advisory Services - expert legal and technical counselling to help you make the right home buying decision.
• Valuable insights on Developer Projects, Location, Documentation and Offerings.
• Loan for Purchase of property located anywhere in India.
• Loans also available for those employed in the Merchant Navy.

NRE/NRO accounts are two diffeent categories of Bank Accounts that NRIs can Open & Operate in any bank in INDIA.

NRE - Non-Resident External Account.

An NRE account can be opened in India by NRIs to deposit and maintain their foreign earnings. It is a rupee-denominated account and comes in two variants – current and savings accounts. 

The features and benefits of an NRE account are as below:

• NRI can deposit only foreign earnings in an NRE bank account.
• NRE accounts can be fully repatriable i.e. you can transfer funds (principal and interest) from an NRE account to your account in the country of residence. 
• Both principal and interest earned in NRE savings accounts are NOT taxable in India. 
• You can open an NRE account jointly with eligible NRIs/ PIOs.
• Exchange rate risk is usually higher in NRE bank accounts as the funds are transferred to Indian currency. 

NRO - Non-Resident Ordinary Account. 

An NRO account is also a rupee-denominated bank account used by NRIs to deposit their earnings in India, such as Rent, Dividends, Pensions, etc. There are two types of NRO accounts – current and savings accounts. 

The features and benefits of an NRO account are as under:

• NRI can deopsit both foreign and Indian earnings in an NRO bank account.
• You can transfer the interest earned without restriction from NRO accounts, but the principal amount has limited repatriability. NRIs can transfer funds only after paying applicable taxes. The repatriation is limited to 1 million USD in a financial year.  
• Income accumulated in the NRO account is taxed. The interest earned above Rs. 10,000 in a financial year is subject to taxation.  
• NRO accounts can be held jointly even if one of the account holders is an Indian resident. 
• There is no exchange rate risk in NRO bank accounts as long as the deposit is made in INR. 

Here is an explanation about CIBIL in simple terms. 

What is CIBIL? 

CIBIL or  The Credit Information Bureau (India) Limited (CIBIL) score is a three-digit number that indicates an individual’s creditworthiness. The score ranges from 300 to 900, with the higher end of the spectrum reflecting a stronger credit profile. 

A score of 750 and above is considered excellent and often ensures a smooth loan or credit card application process. A low score, on the other hand, can pose challenges in securing loans or credit cards, thus making the quest to improve one’s CIBIL score a critical concern for many individuals.

How Does the CIBIL Score Work? 

The CIBIL score is calculated based on the information in one’s credit report, which is a record of their credit history. This information includes data on the types of credit they have (credit cards, loans, etc.), their payment history, the amount of debt they have and their credit utilisation ratio, among other factors. 

Payment History: One’s repayment behaviour plays a crucial role in determining their CIBIL score. Regularly paying off the credit dues indicates responsible credit behaviour, which in turn improves one’s score. Conversely, late payments, defaults and settlements can harm one’s chances of landing a better mark on how to improve CIBIL score after settlement. 

Credit Utilisation: This refers to the ratio of one’s credit usage to their credit limit. A high credit utilisation ratio may imply dependency on credit, which can negatively impact their score. It is recommended to maintain a ratio of 30% or less. 

Credit Mix and Duration: The type of credit (secured and unsecured) and the duration of one’s credit history also factor into their CIBIL score. A balanced mix of secured (such as home loans) and unsecured loans (such as credit cards) and a longer credit history can enhance one’s score. 

Credit Enquiries: Each time one applies for a new line of credit, a ‘hard enquiry’ is made, which can temporarily lower their CIBIL score. Hence, too many credit applications within a short period can negatively affect your score. 

Public Records: Records such as bankruptcies and tax liens can severely harm one’s CIBIL score. 

Understanding these factors can provide clear insights into how to maintain or to improve one’s CIBIL score. By managing these aspects of one’s financial behaviour, one can begin to work towards enhancing their creditworthiness. 

How to Maintain/Increase CIBIL Score? 

Timely Bill Payments 

Paying one’s bills on time is the cornerstone of a healthy credit profile. This is more than just meeting the deadline for one’s credit card payments; it extends to all forms of bills that might be associated with their name. These can include household utility bills, loan EMIs and even mobile phone bills. Each missed payment is a mark against their credit health, lowering their CIBIL score. When contemplating how to improve CIBIL score immediately, it is essential to prioritise on time bill payments. 

Lower Credit Utilisation 

Credit utilisation refers to the proportion of one’s available credit that they are currently using. If one is regularly nearing their credit limit, it can be an indicator to lenders that they are heavily reliant on credit, which can negatively impact their CIBIL score. If you’re exploring how to increase your CIBIL score, aim to maintain a credit utilisation ratio of no more than 30% of your available credit limit. This indicates to lenders that you’re using credit responsibly and not living beyond your means. 

Eliminating Debt 

Debt can be a significant factor in determining one’s CIBIL score. The more debt one has, the more it can decrease their score. It’s not uncommon for individuals to wonder how to improve their CIBIL score after settlement. The answer lies in eliminating their outstanding debt. Regular payments towards their debt, coupled with strategies to reduce the total debt amount, can gradually improve their CIBIL score. Debt consolidation loans, for instance, can be a viable option to manage high-interest debt effectively. 

Diversifying Credit 

Another aspect of understanding how to increase one’s CIBIL score is diversifying their credit. A mix of secured loans (such as home loans and car loans) and unsecured loans (such as credit cards and personal loans) can positively impact their CIBIL score. Lenders view this credit mix as an indication of responsible credit management. It suggests that they can handle different types of credit products and that they are more likely to handle repayments responsibly. 

Regular Monitoring 

In the journey of increasing one’s CIBIL score, regular monitoring is a crucial but often overlooked step. Regular checks of your CIBIL score and report help you understand your credit standing, track your progress and identify any inaccuracies or fraudulent activities in the credit report. Errors in the credit report can pull down your score; hence, it’s essential to get them rectified to get a better hit on how to improve CIBIL score immediately. Monitoring services provide timely updates and can be a valuable tool in understanding how to increase your CIBIL score. 

Conclusion 

In conclusion, mastering the art of improving your CIBIL score unlocks a world of financial opportunities, from securing a mortgage to achieving lower interest rates on loans. This journey, though demanding, is a worthwhile investment in your financial health. As you embark on this mission, remember, every step you take towards improving your CIBIL score brings you one step closer to your financial dreams. 

Ready to reap the rewards of your improved CIBIL score? Explore our diverse range of financial products today. With offerings tailor-made to every need, PRANEETA PARTNERS is the ally you need on your path to financial success. Start your journey with us now. 

As per policy, banks can offer 75% to 90% of the COP (Agreement Value + GST + Other costs). List of papers/documents applicable to all applicants:

• Employer Identity Card.
• Loan Application: Completed loan application form duly filled in and affixed with 3 passport-size photographs.
• Proof of Identity (Anyone): PAN/Passport/Driver’s License/Voter ID Card.
• Proof of Residence/ Address (Anyone): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or a copy of Passport/Driving License/Aadhar Card.
• Property Papers:
  • Permission for construction (where applicable).
  • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale.
  • Occupancy Certificate (in case of ready-to-move property).
  • Maintenance Bill, Electricity Bill, Property Tax Receipt.
  • Approved Plan copy (Xerox Blueprint) & sale deed, Registered Development Agreement of the builder, Conveyance Deed (For New Property).
  • Payment Receipts or bank account statements showing all the payments made to Builder/Seller.
• Account Statement:
  • Last 6 months' Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year
• Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
  • Salary Slip or Salary Certificate for the last 3 months.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years, acknowledged by IT Department.
• Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
  • Business address proof.
  • IT returns for the last 3 years.
  • Balance Sheet & Profit & Loss A/c for the last 3 years.
  • Business License Details (or equivalent).
  • TDS Certificate (Form 16A, if applicable).
  • Certificate of qualification (for C.A./ Doctor and other professionals).

The average time to sanction a housing loan for a salaried person is around 5-7 days and for Self-employed Non-professional (SENP) individuals is around 7-10 days (about 1 and a half weeks).

The Subvention Scheme is offered by banks for a specific term ranging from 12- 36 months (about 3 years), where the developer will pay interest on the disbursed amount till the end of the subvention period (Interest liability is on the Developer).

EMI: When you make interest & Principal payments towards your outstanding Amount.

Pre-EMI: When you only make interest payments towards your outstanding Amount.

• Loan disbursal: The full EMI option is more apt for a one-time disbursal of the entire loan amount. The pre-EMI option is suitable when loan disbursal happens in parts.
• Interest rate calculation: The interest of pre-EMI is compounded based on the loan amount disbursed to the developer, unlike the interest of Full EMI which takes into account the entire loan amount.
• Loan repayment tenure: Since the monthly installments under full EMI contribute to the principal amount, the debt is repaid sooner by choosing this option compared to the pre-EMI option.
• EMI payments: The monthly payments begin from the start of the construction for the pre-EMI option. Whereas, the EMIs for the full EMI option start only after the completion and possession of the property.
• Impact on the components of the loan: With the payment of each monthly installment using the full EMI option, the principal amount and tenure get reduced. On the other hand, the EMIs paid using the pre-EMI option do not have any impact on the principal amount, loan repayment tenure, or rate of interest.
• Resale of property: With pre-EMI, the borrower will be able to sell the property right after or within a few years of its completion. On the other hand, individuals who have availed of the full EMI option may not be able to sell the concerned property for a certain period of time.
• Impact on finances: Paying pre-EMI can be easier on the pocket owing to the fact that the borrower has to only pay the interest during the pre-construction period while this might not be the case with the full EMI option.
• Pre-EMI is Ideal for:
• • Those who wish to save money during the pre-EMI period and invest it in such a way that they get good returns on the amount.
  • The pre-EMI option is also ideal for property investors who wish to sell the property once construction is completed
  • Those who are waiting for a change in income capacity or cannot afford to pay full EMI at the moment will find the pre-EMI payment to be the best option
• Full EMI is Ideal for:
• • Those who wish to pay the home loan by the time of possession of the property.
  • This option is also ideal for those who face the risk of delay in construction. This would mean payment of pre-EMI for a longer period, which makes the total cost of availing the loan higher
• Tax Benefits:
• • Both pre-EMI and full EMI repayment methods for home loans enjoy the same tax benefits. The tax deduction is not applicable during the under-construction phase. However, once the borrower obtains the possession certificate, the amount paid as interest (in pre-EMI or full EMI option) will be aggregated and is considered for a tax deduction in 5 equal installments.  
    • Conditions for choosing the Full-EMI option.
    • • The property has been purchased as a long-term investment.
      • You wish to repay the debt at the earliest.
      • You want to enjoy tax benefits as soon as the repayment tenure starts.
      • You foresee a delay in the construction of the project which means pre-EMI will have to be paid for a longer period, hence will increase the cost of the loan.
      • This is the best available option for the investment of funds.
    • Conditions for choosing the Pre-EMI option.
    • • You do not want to pay the rent as well as the loan repayment EMI.
      • You plan to sell the property in the first few years after construction.
      • You wish to sell the property right after the construction is completed.
      • You have an urgent credit requirement.
      • You want to further invest the difference amount between pre-EMI and full EMI in order to gain higher returns.

A pre-approved loan is given based on your income and CIBIL score. A pre-approved loan can be availed by submitting your income documents to the bank. The bank will assess your income and provide you with a letter which will be known as a pre-approved sanction letter. The Main Advantages of a Pre-Approved Home Loan:

• Loan-effective property search: By having a clear picture of you, you can focus your search on affordable properties.
• Negotiations with the seller: With a pre-approved loan offer in hand, you have better bargaining power with the property seller.
• Quick processing: As lenders finish the credit appraisal in advance, the turnaround time on the entire loan process (from loan approval to disbursement) is reduced. You do not have to miss out on a good property deal or worry about an increase in prices.
• Interest rates: With pre-approved home loans, you do not have to worry about the interest rates going up by the time you choose a house and apply for a home loan.

NOTE: The quantum of loan offered in Pre-Approved loan is NOT binding. The actual quantum depends on various other factors such as Cost & Market Rate of the property.

• Interest rate: You should find out if the rates are fixed or floating. As opposed to Fixed Rates, Floating rates vary according to market conditions. For shorter loan tenure of 2-5 years, it is better to opt for fixed rates. But for a longer tenure, floating rates work best.
• Pre-Approved loans: Banks with your salary account might offer you a pre-approved loan. This has certain advantages like less documentation and faster processing.
• Processing charges and prepayment: The processing fee is the charge banks deduct for processing the loan. This can be anywhere between 0.25%-2% of the loan amount and varies from bank to bank.
• Documentation: Though most lenders seek the same documents, like proof of age, address, and income, actual requirements may vary.
• Turnaround time: The time taken to sanction and disburse home loans varies from bank to bank. There are several post-disbursement services involved. These include getting regular account statements and interest certificates on time every year. Choose a lender with strong systems and a good record of after-sales service.
• Pre-approval on Property/Developer: A lot of projects are pre-approved for availing home loans for buying a property in that project by a certain number of banks. This means that the bank has done due diligence on the legal aspects of the property and only then approved the property beforehand. So, whether or not you avail of a loan from that bank, you can conclude that the project is safer given that it has been pre-approved by some reputed banks.

Credit Score is determined by an agency called CIBIL. They give you a Score out of 900 based on your past loan repayment history. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan and hence, the better the chances of your application getting approved. Anything above 750 is considered a good credit score. CIBIL score can be checked from cibil.com.

Individuals can enjoy tax benefit which includes a maximum of Rs. 2 Lakhs on the interest paid and up to Rs. 1.5 Lakhs on the principal amount. (Tax Slab Changes every fiscal year).

You can apply for tax deduction under the following sections:

• Section 80C: This section provides a tax deduction for the amount paid by an individual towards repayment of the principal amount of a home loan. The maximum tax deduction allowed is 1.5 lacs under this section. Flat/House property should not be sold within 5 years of possession.
• Section 24B: This section entails tax benefits on interest paid on home loans. The maximum tax deduction is 2 lacs for a self-occupied property. The loan must be taken for the purchase/construction of a house, the construction must be completed within 5 years from the end of the financial year in which the loan was taken. 
  For let out property, there is no upper limit for claiming  tax exemption on interest, which means that you can claim deduction on the entire interest paid on your home loan. Incase the construction exceeds the stipulated time i.e 5 years, you can claim deductions on interest of home loan only up to Rs 30,000/- for the financial year.
• Section 80 EE: This section provides tax exemption on home loan interest for first-time home buyers. An additional deduction of Rs.50000 is provided which is over and above the tax deduction of Rs.2 Lacs provided under section 24B and Rs.1.5 lacs under section 80C. However, the deduction is applicable only if: Price of Property purchase < 50 lacs
  Home Loan amount < 35 lacs
  The benefit is available till repayment of the home loan. The home should be taken between 1st April 2016 to 31st march 2017 and on the date of loan sanction, the individual does not own any other house, i.e first time house owner.

As per RERA, Carpet Area is the net usable area of the apartment. This excludes the area covered by external walls, areas under service shafts, exclusive balconies, or verandas. However, this includes the area covered by the internal partition walls of the apartment.

Built-up Area includes the carpet area, outer wall thickness, and the balcony..

The built-up area along with a share of all common areas such as the lobby, lift shafts, stairs, etc. proportionately divided amongst all units makes up the Super Built-up Area.

Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under regulations) to the total area of the plot. It varies from locality to locality depending on the surrounding infrastructure to support the development. A higher FSI will have a higher built-up area.

Loading Factor is the multiplier applied to the carpet area that accounts for a flat's proportionate share of the common area. Thus, the Loading Factor, when combined with the carpet area, leads to the super built-up area.

The Indian Green Building Council or IGBC is a rating body that rates green building projects in 4 grades, viz. Certified, Silver, Gold, and Platinum, in ascending order. The rating is based on established criteria and benchmarks, hence making it easier to measure and quantify the green performance of a building. There are 6 categories in which the building performance is measured, namely Site Measures, Water Conservation, Energy Conservation, Material Conservation, Indoor Environment Quality, and Innovation. Green Building: Consume lesser resources, such as electricity and water. Compared to conventional buildings, this brings down the maintenance costs significantly. Are more comfortable for the occupants because the spaces receive lesser heat from outside due to a combination of climate-responsive design and high-performance walls, windows, and roofs. This helps reduced electricity bills for fans and air conditioning. Are naturally well-lit using daylight, which reduces the need for artificial lights during the day, thereby lowering the electricity bill for lighting. Utilize renewable energy sources such as solar and wind. Conserve water with the help of low-flow fixtures and recycling of wastewater. Help preserve natural resources such as wood and sand by using environment-friendly building materials with recycled content. Reduce the garbage directed to landfills by effective waste management strategies such as segregation at source and composting.

A Clearance Certificate is used to attest that an entity/person has paid all dues and is clear of any liabilities that they held towards another entity/person.

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A Commencement Certificate is issued by the local authorities to a real estate Project Promoter /Developer giving them the final permit to start construction. It is issued only after the developer presents all required clearances and sanctions. It is mandatory for a Promoter/Developer to obtain this document before commencing the construction of a building.

A Conveyance Deed is a legal document that shows the transfer of property title from one person to another. It is similar to a sale deed; however, it has a broader application. It not only covers cases where title is transferred through sale, but also includes transfer of title in case of a gift, exchange, lease, mortgage, or any other circumstances.

Encumbrance Certificate or EC is a certificate that assures that a property is free from all liabilities and has an adequate legal title. An EC may also contain liabilities created on a property that is held against a home loan as security. It is a clear indicator of all transactions with regard to the property.

A Completion Certificate is issued by a local authority stating that the development has been in accordance with the approved sanctioned plans or specifications.

NOC is issued by any agency, organization, or institute indicating the intent of not objecting to the development proposed in a vicinity or the sale of the said Flats constructed on the said Project/Land.

An Occupation Certificate or Possession Certificate is issued by the local government authorities pronouncing a building suitable for habitation.

A Sale Deed is a very important legal document for evidencing the sale and transfer of ownership of property in favour of the buyer from the seller. The sale deed is executed subsequent to the execution of the sale agreement/agreement for sale and after compliance with various terms and conditions detailed in the agreement for sale/sale agreement.

Stamp Duty is a tax levied by the government on the purchase of a property.

• Basic KYC – Aadhar, PAN Card, Address Proof, Photo ID.
• Booking Form (Duly filled and signed).
• Price Sheet.
• Channel Partner form (if applicable).
• Booking Cheque basis price sheet.
• In case of Bank Funding, a sanction letter is a must.

• KYC – Aadhar, PAN Card, Photo Id, Address Proof.
• Photos of Applicants.
• Stamp duty and Registration Fee challan.
• Copy of the ‘Agreement for Sale.
• Index II.
• Registration Fees.