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Call us : +91 9846399200 | Email us : cfs@cochinfin.com

About Housing Loans

Getting a home loan from us is fast and basic. With financing and master counsel from cochin Financial Services, you can likewise be a glad homeowner. Regardless of whether you are salaried or independently employed, you can get a home loan with aggressive financing costs for the buy of line houses, lodges, pads and even plots. Quicker preparing and moderate EMIs settle on us the ideal decision for new or experienced home purchasers. We additionally offer legal and technical consultation to make the home purchasing process that a lot simpler. Give us a chance to loan you some assistance in making your blessing from heaven.

Home loan/Housing Loan is a single amount measure of cash obtained from any budgetary or banking foundations to purchase a house. Home loan comprises of two kinds of interest rates named as fixed and floating interest rates. According to the picked interest rates, purchaser reimburses the loan in type of EMIs for the ideal tenure.The responsibility for house is one of the key indications of progress among the quickly developing Indian white collar class. As the pay of the normal Indian family increments, there has been a persistent increment in the craving to possess a house and this has prompted predictable increment in the property costs in the course of the most recent couple of years. This is valid for the huge urban communities as well as for littler urban communities crosswise over India. This unbridled value rise has made it close incomprehensible for the normal man to buy their home through just savings.This critical hole between the pay and the craving to possess a house is among the noticeable purposes for the unmatched development in home loan business as of late. The impact has been to such an extent that planned home purchasers currently have various alternatives to look for a home loan from banks just as NBFCs.

Each EMI reimburses a piece of principal for example the borrowed sum and the interest due on the borrowed sum. The extent of each EMI used for reimbursement of principal and interest, in any case, changes after some time.

Banks and budgetary organizations, by and large, figure EMI through a typical numerical equation. Accordingly, for a given loan sum, residency and interest rate, the EMI determined and the amortization timetable offered by banks and Non-Banking Financial Companies (NBFCs) will normally be comparative. This implies example of decrease of principal sum through installment of each EMI will ordinarily pursue comparative pattern over every single monetary foundation.

The underlying EMIs contribute more towards installment of interest due when contrasted with the principal sum. Be that as it may, during the residency of the loan, ensuing EMIs contribute more towards reimbursement of principal sum when contrasted with past EMIs.

If you have an existing Loan, we helps you to take over the loan from your current to a new bank with less interest rate based on your eligibility and also helps you to Top up the loan with more amount.

Required Documents

NRI
  • Salary Certificate in Company Letter head /6 months pay slips
  • Copy of Job Contract, Passport and Visa
  • One year bank statement in which salary is credited
  • NRE bank account statement one year (Local bank)
  • Qualification Proof (if professional)
  • Job ID card
  • Pan card, Adhaar card
  • Co-Applicant Details (Photo, ID ,Address proof )
  • Two year income tax return (except gulf NRI’s)
  • Loan sanction letter & loan track (starting to till date)
SALARY CLASS
  • Salary Certificate in Company Letter head /6 months pay slips
  • Copy of Job Contract
  • One year bank statement in which salary is credited
  • Form 16 , ITR and computation (2018 and2019 march)
  • Qualification Proof (if professional)
  • Job ID card
  • Pan card, Adhaar card
  • Co-Applicant Details (Photo, ID ,Address proof )
  • Loan sanction letter & loan track (starting to till date)
PROPRITORSHIP
  • 3 years ITR .computation and Balance sheet
  • One year bank statement (S B a/c, C A a/c, O D a/c )
  • Local body licenses/ GST regi, MSME, Pollution, food and safety, export and import license (submit if you have)
  • Loan sanction letter
  • Loan track (starting to till date)
  • Business profile
  • Rental agreement (shop, godown )
  • Other loan details, loan track, loan closing letter
  • Photo , Pan card ,election card , Driving License, Ration card (h/w)
  • GST monthly return(April 2019 to till months)
  • Two year GST. Annual return
COMPANY/ PARTNERSHIP/TRUST
  • Company memorandum and articles / Partnership deed/ trust deed
  • Registration certificate
  • Pan card
  • Three years ITR ,computation and Balance sheet
  • One year bank statement (S B a/c, C A a/c, O D a/c )
  • Local body licenses/ GST regi, MSME, Pollution, food and safety, export and import licence……etc (submit if you have)
  • Business profile
  • GST Annual return (2018 march . 2019 march)
  • GST Monthly return (2019 Aril to till month)
  • Two year ITR, Computation, one year bank statement(Directors/ partners/ trust)
  • Directors: other loan details, loan track, loan closing letter
  • Photo , Pan card ,election card , Driving License (directors/ partners/ trust)
  • Loan sanction letter
  • Term loan statements(starting to till date)

Property details

  • Document of the property
  • Prior documents
  • Encumbrance certificate for last 30 years
  • Possession and non attachment certificate
  • Land tax receipt
  • Building tax receipt
  • Location sketch and certificate
  • Approved Building plan and permit
  • Estimates( construction/ repair and maintains )
  • Sale agreement copy(purchase )

 

 

Features

All loans are not created equal, Loans has become a great option for people to use.

Faster Loan

Cochin Financial Services helps you to get the loan faster than any other consultants! Starting from document prepartion, our main motto is to get you the money!

Choose amount

All charges are communicated up front in writing along with the loan quotation, and let us know how much money you want and we set strategy accordingly.

Enjoy the best rates

Our loan rates and charges are very attractive. We always get you loan for the best interest rates in the market. Its upto us to get you a hassle free loan.

Decide your tenure

As our loan rates and charges are very attractive, we help the clients to workout on tenure which never become a burden for them. We works for you.

 

Loan Eligibility

Eligible Age (Min-Max)The applicant’s age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee.
Eligible IncomeSalaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities.
Minimum Loan AmountThe salaried applicants can avail a personal loan starting from ₹100,000, based on their eligibility.
Maximum Loan AmountThe salaried applicants can avail a personal loan up to ₹35 Crores, based on their eligibility.
Eligible City180 Cities across India.
Co-applicantNot mandatory, but only immediate family members can apply as a co-applicant.
EmploymentThe salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company.
CIBILRequired (750-900)

 

 

 

 

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Your bank will assess your repayment capacity while deciding the home loan eligibility. Repayment capacity is based on your monthly disposable / surplus income, (which in turn is based on factors such as total monthly income / surplus less monthly expenses) and other factors like spouse’s income, assets, liabilities, stability of income etc. The main concern of the bank is to make sure that you comfortably repay the loan on time and ensure end use. The higher the monthly disposable income, higher will be the amount you will be eligible for loan. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income.

The amount of the loan depends on the tenure of the loan and the rate of interest also as these variables determine your monthly outgo / outflow which in turn depends on your disposable income.

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You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest. Repayment by way of EMI starts from the month following the month in which you take full disbursement.

The longer the tenure of the loan, the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your loan is repaid faster. If you have a short-term cash flow mismatch, your bank may increase the tenure of the loan, and your EMI burden comes down. But longer tenures mean payment of larger interest towards the loan and make it more expensive.

Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding. Prepayment penalty may vary according to the reasons and source of funds – if you obtain a loan from another bank for pre-payment the charges are usually higher than when you pay from your own sources. However, you may credit more than your EMI amount into your loan account on a periodic basis and bring down your interest burden as and when funds are available with you. Most banks do not charge a pre-payment penalty if you deposit more than your EMI payable on a periodic basis. Please check such stipulations while availing the loan.

Get a Quote

Now apply for a Loan online, All you need to do is provide your details below application form.



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