Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds. The title should be clear and marketable.

This shall be determined as per to the company’s policy.

Yes, you can avail re-finance at applicable Home Loan rate within 6 months from the date of property purchase.

In case of cheque return due to ‘Insufficient funds’ or any other reason, a cheque return charges of Rs.177/- including GST will be charged to discourage recurrence in addition to the charges debited by the Bankers on account of the return.

As per to FEMA, Person Residing outside India is the term used for an NRI, being a person who has gone out of India or who stays outside India for the purpose of employment or carrying on business or vocation outside India or any other circumstances which indicate his intention to stay outside India for an uncertain period.

In case of change of status from Non-resident to Resident Indian, SRG HFC shall reassess the loan of the applicant as per to the rates applicable to the Resident Indian. The applicant repayment capacity as Resident Indian shall be determined again and revised rate of interest (applicable as on date) shall be charged on the outstanding balance being converted.

An NRI can purchase the property, either as a single owner, or jointly, with any other NRI. However, a resident Indian or a person, who is otherwise not allowed to invest in a property in India, cannot become a joint holder in such property, irrespective of the second holder’s contribution towards the purchase.

If the Applicant is not present in India while at the time of submission of application or at the time of disbursement of loan, the same can be availed by him/her by appointing a power of attorney as per SRG HFCs format.

You can request for a provisional IT certificate that can be issued any time during the course of the year.

As per IT rules, only one certificate can be issued for a Home Loan hence one certificate will be issued in the name of both the applicant and co applicant.

Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rupees 2,00,000/- for the interest amount paid in the financial year and up to Rupees 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.

Any loan against a residential or commercial property can be used for both personal (like education, marriage, travel etc.) and business purposes. In fact, you can use it for anything other than speculative or non-prohibitive activities.

For calculating the loan amount, your income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration. However the eligibility of loan does not, generally, exceed 60 percent of the market value of the property.

As the name implies you need to mortgage your property for availing this loan. This mortgage is equitable mortgage by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary.

You can include your spouse as a co-applicant and that results in a higher amount being lent. However, if the property is co-owned, all co-owners mandatorily need to be co-applicants.

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

For EWS/LIG - Husband, Wife and unmarried children constitute household/Beneficiary Family For MIG - Husband, wife and unmarried children An adult earning member (irrespective of its marital status be considered as separate household).

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As the applicant does not own a Pucca house, he can apply for subsidy under the scheme subject to additional qualifiers such as annual household income, property in urban/adjacent area etc.

Scheme mentions that “The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India to be eligible to receive central assistance under the mission” Therefore, beneficiary family already owning shop, commercial establishment, plot, factory but not owning a pucca house clears the eligibility parameter of 1st house ownership.

Carpet area of house being constructed or enhanced under this component of the mission should be up to 30 squares meters for EWS category and up to 60 square meters for LIG category. In case of MIG I & II – Area Upto 120 square meters and upto 150 square meters respectively.

The maximum and minimum loan amount would be in line with the extant Home Loan scheme of the Bank. However, subsidy shall be available for loan up to first ` 6 lakh.

The applicants from Urban area belonging to EWS/LIG categories intending for acquisition / construction of residential units are eligible borrowers. The list of eligibility parameters are as under : EWS : Annual household income up to ` 3 lakhs LIG : Annual household income above ` 3 lakhs and up to ` 6 lakhs. The beneficiary family should comprise husband, wife, unmarried sons and /or unmarried daughters. The beneficiary family should not own a pucca house either in his /her name or in the name of any member of his / her family in any part of India to be eligible to receive central assistance under the mission. Preference under the scheme, subject to beneficiaries being from EWS/LIG segments, should be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes / Scheduled Tribes /Other Backward Classes, Minorities, Persons with disabilities and Transgender. The property to be located in one of the 4041 statutory towns as identified for this scheme. meters. for EWS and LIG respectively. This carpet area norm is applicable for all types of residential properties, constructed / acquired / enhanced.

The Interest subsidy to be computed based on Net Present Value(NPV) method to be discounted @9% based on the following parameters : Loan amount up to INR 6 lakhs i.e. actual loan amount or INR 6 lakhs, whichever is lower. Irrespective of rate of interest charged, the subsidy would be computed for interest up to 6.5% p.a.

Customers need not have to submit the claim neither to NHB nor to MoHUPA. SRG HFC on behalf of the customers would submit the claim to NHB for availing the interest subsidy.

There is no loan limit under this scheme. However, interest subsidy would be computed only on the first ` 6 lakhs.

It takes approximately5 daysfor the loan to get approved. .