Are looking to invest in a residential property? Are you a young professional who wants to invest in their dream home but finding it hard to secure Lowest Home Loan Services in Madhya Pradesh. A coveted and established Home Loan Provider in Betul. VJ Bank Loan can provide with seamless home loan solution with years of expertise in the field. We provide home loans for the purchase of all types of houses like Town house, independent houses, flats, bungalows, etc. at pocket-friendly prices.
We also provide loans for the purchase of resale housing property at attractive interest prices. Our professionals are industry experts and aid our clients to help take maximum advantage of the current housing market opportunities. We help our clients secure home loans as low as 6.40% interest rate with easy repayment modes for value-added service.
Our company is amongst the leading Home Loan Services Company in Madhya Pradesh that offers customized home loan services for purchasing a new house, construction of the house on a plot, home improvement, extension, and renovation of our clients existing house. With easy EMI options, you can now make your dream of owning a cherished home a reality. With our flourishing Home Loan Services in Betul, we charge only 1% processing fee from our clients for maximum client satisfaction and ensure every hassle of the loan task is taken care of within time.
As per the current rates, SBI, HDFC, LIC HFC offer the lowest home loan interest rate of 6.40%. These rates can vary depending upon the value of the property and your repayment capacity. Higher the loan amount, the higher will be the rate of interest. After the latest home loan rate revision announced by SBI, HDFC, LIC HFC, BANDHAN BANK in 2022, new home loan interest rates start from 6.40% for home buyers as well as for those who want to transfer their loan from other banks.
Quick Guide on Home Loan :
Purpose
Home loan can be used for purchasing a new house, construction of the house on a plot, home improvement, extension, and renovation of your existing house.
Key Features :
-
1. Construction
Loan available for both salaried and self-employed borrowers within the age group of 21 and 75 years.
-
2. Security
Mortgage of home you are planning to purchase, renovate, or construct.
-
3. Loan Amount
In the range of Rs. 10 Lakh to Rs. 1000 Cr.
-
4. Loan to Property Value Ratio
Varies from 75% to 100%.
-
5. Loan Tenure
Can range from 5 to 30 years.
-
6. Interest Rates
Home loan Interest Rates starting from 6.66%. Special rates for women borrowers.
-
7. Lowest EMI
Lowest EMI of Rs. 774 per lakh.
-
8. Processing Fees
Up to 1% of the loan amount or Maximum Rs. 10,000.
-
9. Prepayment Charges
Nil charges on floating rate home loans.
-
10. Other Charges
Legal charges, technical charges, etc.
-
11. Documents Required
Address Proof, Identity Proof, Income.
Sanction List Of Documents
Salaried :
- Application form completed with 2 photographs duly filled in and signed.
- ID Proof: PAN CARD.
- Residence Proof: Latest Telephone bill / Bank Statement containing the address for last 6 months / Electricity bill / Ration card / Letter from Employer.
- Salary slips for last 3 months.
- Latest Form 16.
- Copy of Appointment Letter with Latest CTC & Confirmation Letter.
- Original Bank Statement / Passbook of salary A/C for the last 6 months (updated).
- Last Qualification Proof.
- Previous Employment details if an applicant is in probation.
- Investment Proof.
- Processing Fees Cheque.
- Repayment Track Record if any.
Self Employed / Professional
- Application form completed with 2 photographs duly filled in and signed.
- ID Proof : PAN CARD / PASSPORT / VOTER ICARD / Employer ID Card / Driving license.
- Residence Proof: Latest Telephone bill / Bank Statement containing the address for the last 6 months / Electricity bill / Ration card.
- Last 3 years ITRs ( SARAL, Computation of Income, Profit & Loss A/c, Balance Sheet, TDS Certificates ( if applicable ), Tax Paid Challans.
- In case of a Partnership firm: ITRs for the last 3 years and Partnership Firm.
- In the case of a company: Audit Reports for the last 3 years and MOA & AOA.
- Bank Statement / Passbook of Current & SB A/C for last 6 months ( updated ).
- Alternate Business Proof (Shop Registration Certificate Certificate etc.).
- Processing Fees Cheque.
In Case Of Take Over
Outstanding loan quotation.
Copies of Property Agreement.
Sanction plan copy ( Blue Print ).
NIR
- Copy of Passport, Visa, Service Contract, Salary slip ( all duly attested by Indian Embassy / Notary / HFL Officials / Bank )
- GPA (GENERAL POWER OF ATTORNEY ) in our format ( all duly attested by Indian Embassy / Notary / HFL Officials / Bank )
- Bank Statement for the past one years of recent employment
- NRI Bank Statement for 6 months
- And see list of salaried documents
# above mentioned income documents are required for the Co-applicant also
if His/her income is considered.
Propery Related Documents To Be Attached
E or F or G or H whichever applicable:
E) For Purchase of New Flats from Builders/ Promoters:
- Agreement to sale with the builder and the Registration Receipts.(2 copies).
- Blueprint of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red color for easy identification.
- N.A. Permission and ULC order copy.
- Title investigation report for the last 12 years (Search report for 12 yrs. Conducted within one year.
- Development Agreement and Power of Attorney/sale deed in favor of the builder.
- Receipts of payments made to the builder.
- 7/12 OR CTS extract OR Property card.
- NOC from the builder in a prescribed format.
- Completion Certificate, if obtained.
- Society documents mentioned below (I). ( if applicable )
F) For Purchase of Resale Flat:
- Agreement to sale with the vendor and the Registration Receipt. (2 copies).
- Agreement to the sale between the vendor and the builder and its Registration receipt.
- Copy of the conveyance deed between the builder and the society is registered.
- Receipts of payments made to the vendor.
- Documents 2, 3, and 4,5,7,8,9,10, of point (E).
G) For construction / Extension / Renovation of House:
- Sale deed / Lease deed and its Registration.
- 7/12 extract and Index II.
- Demarcation / Layout certification.
- Abstract & Detailed Estimate for construction / extension prepared & certified by a Licensed Surveyor / Architect.
- Documents 2, 3,4,10, of point (E) above.
H) For Plots / Houses / Flats allowed by MHADA / PCNTDA / MIDC / MHB
- Allotment letter.
- NOC from the body.
- Additional certificate (in PCNTDA) cases only).
- Lease deed & its Registration receipts.
- Blueprint of the sanction building plan and commencement certificate attested by the sanctioning authority.
- Receipts of payment made to the body.
In point E, F, G & H above, if the flat / house is located in a registered society, the following.
Additional Documents are to be submitted:
- Society Registration Certificate.
- Society Bye-laws.
- Share Certificate.
- Letter of allotment of flat/house / plot.
- Society NOC. (prescribed format available with our office).
In the case of Builder APF or Reference:
- Agreement to sale with the builder and the Registration Receipts.
- Blueprint of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red color for easy identification.
- Receipts of payments made to the builder. If cheque Payment then Bank clearance required.
- NOC from the builder in the prescribed format.
- Builder Demand Letter.
LOAN AGAING PROPARTY MORDGE LOAN
E or F or G or H whichever applicable:
E) For Purchase of New Flats from Builders/ Promoters:
Proof of identification (any one of the following)
Address proof (any one of the following)
Utility bill (telephone, electricity, water, gas) – less than 2 months old
Letter from a recognized public authority verifying the customer’s residence address
Bank passbook or Bank account statement
Residence ownership proof (any one of the following)
Proof of income (any one of the following)
Increment or Promotion letter
Certified letter from Employer
Proof of job continuity (any one of the following)
- Current job appointment letter (if more than 2 years have been spent in the same job)
- Current employment certificate
- Experience certificate (including previous job certificate or appointment and relieving letter)
Bank statement: Last 6 months bank statements of salary account
Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
Investment proof (if any): fixed deposit, fixed assets, shares, etc.
Copies of all property documents: Sales deed/copy of Agreement, share certificate (if society formed), latest maintenance bill
Advance processing cheque: to process loan documents for sanction
For self-employed Individual/Businessman
Proof of Identification
Address Proof
Residence ownership proof (any one of the following)
- Property documents
- Electricity bill
- Maintenance bill
Office address and ownership proof (any one of the following)
- Property documents
- Electricity bill
- Maintenance bill
Proof of business existence (any one of the following)
- Sales deed/ agreement (executed)
- Saral copy (3 years old)
- Copy of tax registration
- Company registration license
Proof of Income (any one of the following)
- Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
- Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
Bank statement: Latest 1-year bank statement (both savings and current)
Copies of all property documents: Sale deed/copy of Agreement, share certificate (if society formed), maintenance bill
Advance processing cheque: to process loan documents for sanction
Passport size, colored photograph
Investment proof (if any): fixed deposit, fixed assets, shares, etc.
Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
Professional Degree Certificate: (in case of professionals).
SANCTION LIST OF DOCUMENTS
SALARIED
- Application form completed with 2 photograph duly filled in and signed
- ID Proof : PAN CARD
- Residence Proof : Latest Telephone bill / Bank Statement containing address for last 6 months / Electricity bill / Ration card / Letter from Employer
- Salary slips for last 3 months
- Latest Form 16
- Copy of Appointment Letter with Latest CTC & Confirmation Letter
- Original Bank Statement / Passbook of salary A/C for last 6 months (updated)
- Last Qualification Proof
- Previous Employment details if applicant is in probation
- Investment Proof
- Processing Fees Cheque
- Repayment Track Record if any
SELF EMPLOYED / PROFESSIONAL
- Application form completed with 2 photograph duly filled in and signed
- ID Proof : PAN CARD / PASSPORT / VOTER ICARD / Employer ID Card / Driving license
- Residence Proof : Latest Telephone bill / Bank Statement containing address for last 6 months / Electricity bill / Ration card
- Last 3 years ITRs ( SARAL, Computation of income, Profit & Loss A/c, Balance Sheet, TDS Certificates ( if applicable ), Tax Paid Challans
- In case of Partnership firm : ITRs for last 3 years and Partnership Firm
- In case of company : Audit Reports for last 3 years and MOA & AOA
- Bank Statement / Passbook of Current & SB A/C for last 6 months ( updated )
- Alternate Business Proof (Shop Registration Certificate Certificate etc.)
- Processing Fees Cheque
IN CASE OF TAKE OVER
- Outstanding loan quotation
- Repayment Track Record
- List of Documents
- NOC for take over
- Copies of Property Agreement
- Sanction plan copy ( Blue Print )
NIR
- Copy of Passport, Visa, Service Contract, Salary slip ( all duly attested by Indian embassy / Notary / HFL Officials / Bank )
- GPA (GENERAL POWER OF ATTORNEY) in our format ( all duly attested by Indian embassy / Notary / HFL Officials / Bank )
- Bank Statement for past one years of recent employment
- NRI Bank Statement for 6 months
- And see list of salaried documents
# above mentioned income documents are required for the Co-applicant also if His/her income is considered.
PROPERTY REALATED DOCUMENTS TO BE ATTACHED
E or F or G or H whichever applicable
E) For Purchase of New Flats from Builders/ Promoters:
- Agreement to sale with builder and the Registration Receipts.(2 copies)
- Blue print of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red colour for easy identification.
- N.A. Permission and ULC order copy.
- Title investigation report for last 12 years (Search report for 12 yrs. Conducted within one year.
- Development Agreement and Power of Attorney / sale deed in favour of the builder.
- Receipts of payments made to the builder.
- 7/12 OR CTS extract OR Property card.
- NOC from builder in prescribed format.
- Completion Certificate, if obtained.
- Society documents mentioned below under (I). ( if applicable )
F) For Purchase of Resale Flat
- Agreement to sale with the vendor and the Registration Receipt. (2 copies).
- Agreement to sale between vendor and the builder and its Registration receipt.
- Copy of the conveyance deed between builder and the society is registered.
- Receipts of payments made to the vendor.
- Documents 2, 3, and 4,5,7,8,9,10, of point (E).
G) For construction / Extension / Renovation of House
- Sale deed / Lease deed and its Registration.
- 7/12 extract and the Index II.
- Demarcation / Layout certification
- Abstract & Detailed Estimate for construction / extension prepared & certified by a Licensed Surveyor / Architect.
- Documents 2, 3,4,10, of point (E) above.
H) For Plots / Houses / Flats allowed by MHADA / PCNTDA / MIDC / MHB
- Allotment letter.
- NOC from the body.
- Additional certificate (in PCNTDA) cases only).
- Lease deed & its Registration receipts.
- Blue print of the sanction building plan and commencement certificate attested by the sanctioning authority.
- Receipts of payment made to the body.
I) In point E, F, G & H above, if the flat / house is located in a registered society, the following.
Additional Documents are to be submitted:
- Society Registration Certificate
- Society Bye-laws.
- Share Certificate.
- Letter of allotment of flat / house / plot.
- Society NOC. (prescribed format available with our office)
In case of Builder APF or Reference
- Agreement to sale with builder and the Registration Receipts.
- Blue print of the building plan attested by the corporation/ Town Planning authority and the commencement Certificate. The applicant flat should be marked in red colour for easy identification.
- Receipts of payments made to the builder. If cheque Payment then Bank clearance required.
- NOC from builder in prescribed format.
- Builder Demand Letter
GOLD LOAN
Gold Loan :
Gold loan (also called loan against gold) is a secured loan taken by the borrower from a lender by pledging their gold articles (within a range of 18-24 carats) as collateral.
The loan amount provided is a certain percentage of the gold, typically upto 80%, based on the current market value and quality of gold.
When a customer pledges gold (including jewelry, ornaments and bank-issued coins) as collateral for taking a loan, it is known as a gold loan.
The bank/lender uses the gold as security against potential payment default by the customer. The loan amount sanctioned is a certain percentage of the value of the gold that has been pledged.
Gold loan are short-term loans and the repayment period can range from one month to a few years.
if you are in need of money for immediate expenses and expect to be able to pay it back in the short term, then this type of loan might be a good option.
Things to keep in mind before deciding on a gold loan
Emotional issue
Gold as an asset has emotional value in India since it is largely in the form of family jewelry.
Providing gold as a collateral means that you run the risk of losing your family jewelry in case you are unable to repay the loan.
This can cause undue mental and emotional pressure not just on the borrower but the entire family. So think carefully if you will be able to pay back the loan in full before you apply.
It is good to have a proven track record of making loan repayments so that you are confident about your ability to recover your gold.
Quality of lender
There are several NBFCs in the country who offer attractive terms for these loans.
However, some of them could be poorly run and could possibly shut down without notice leaving you at a loss.
It is very important to study the various lenders and choose one that has a good reputation. In addition to these NBFCs, several nationalized and private banks offer gold loans.
Quality of gold
Usually, only gold of 18K value and above is accepted by lenders. You also need to be above 21 years of age to apply for this type of loan.
If you think you a gold loan is a good option for you but are unsure who to approach, Apnarupee.com can put you in touch with reputable lenders who suit your individual requirements
Document Required For Gold Loan:
- Two passport size photograph.
- ID Proof such as Driving License / PAN Card / Form 60/61 / Passport Copy / Voter ID Card / Aadhaar Card / Ration Card. Any one document needs to be submitted.
- Address Proof such as Driving License / Voter ID Card / Ration Card / Aadhaar Card / Passport Copy / registered lease agreement with not older than 3 months utility bills in the name of landlord (any one).
- Proof of land holding in case of agriculture loan of more than Rs. 1 lakh.
Frequently Asked Questions:
Q. What are the advantages of a gold loan?
Ans.
Lower interest rate on gold loans:
In general, interest rates on these loans are lower than on personal loans since this is a relatively low-risk loan for lenders as they hold your gold as collateral.
The interest rate also varies depending on how much you want to borrow in relation to the total value of the gold you have pledged.
The interest rates are lower when the loan amount is not more than 50-60% of the total value of the gold pledged.
However, if the amount borrowed is high as compared to the value of the gold, the interest rate will be correspondingly higher.
For example, if you pledge Rs. 1,00,000 worth of jewelry and borrow an amount of Rs.50,000 you will get a better (lower) interest rate on gold loan than if you pledge the same value of gold but want to borrow Rs.70,000.
Quick process
In India, gold loans are some of the quickest loans to be sanctioned as the banks have your gold as security in case of default, removing the need for checks on credit scores or reports.
The loan can be approved, over the counter, in a matter of minutes or just a few hours. Many lenders can have your gold valued quickly and sanction the loan immediately, after verification of the purity and value of the gold.
No income proof required
In many cases, you are not even required to submit a salary certificate since your gold is held as security by the lender.
So, even if you are currently unemployed or do not have a good credit score, you will still be eligible for this kind of loan.
However, it is possible that some lenders might ask for a salary certificate for loans above a certain amount.
Features:
Loans are not given out for free.
Lenders charge interest on loans as the price paid for borrowing the money.
It is important to know whether the interest is fixed or variable.
A fixed interest rate means that the interest rate remains the same for the duration of the loan and its payback period.
A variable interest rate indicates that the interest rate can fluctuate based on a variety of determinants.
Other features of a loan to pay attention to are the payback period (months or years) and what the lender will use as collateral if the business is unable to pay the loan back timely.
Significance:
Business loans allow companies to have a chance at success.
As such, loans are in high demand, but not every company that applies for a loan will receive one. When applying for a business loan, lenders evaluate the company’s history, the amount of debt the company has and whether the business seems risky. Risky businesses, such as startup companies, are often not the winning recipients of traditional loans.
Considerations:
Businesses that take out loans with high interest rates should make plans to pay the loan back as quickly as possible, so the interest owed does not accrue into an exorbitant amount.
High-interest loans are best used for short-term financing needs.
