At Capital Corp, we understand that purchasing a home is a significant milestone. Our comprehensive Home Loan services are designed to guide you through every step of the process, ensuring a seamless and personalized experience.
Loan Options
We offer a diverse range of home loan products tailored to meet various needs:
- Purchase of Ready-to-Occupy House/Villa/Apartment: Ideal for those looking to buy a move-in-ready property. We provide financing up to 80% of the property’s value, based on the lesser of the agreed purchase price or the bank’s assessed value. The loan is disbursed directly to the seller during property registration, and borrowers may be eligible for income tax benefits as per the IT Act.
- Purchase of Plot and Construction (Composite Loans): For clients intending to purchase a plot and subsequently construct a home, we offer composite loans. Funding is available up to 70% of the plot’s value, with additional financing up to 80% for construction costs. The construction must commence within a timeframe stipulated by the bank to avoid additional interest rates. Borrowers can also avail income tax benefits as per the IT Act.
- Purchase of Under-Construction Apartment/Villa: If you’re investing in a property that’s still under construction, we provide loans up to 80% of the property’s value. Disbursements are made to the builder in stages, aligned with the construction schedule and subject to satisfactory progress reports from the bank’s panel valuer.
Application Process
Our streamlined application process is designed for efficiency and clarity:
- Initial Consultation: Engage with our relationship officers who will conduct a needs-based analysis to understand your specific requirements and provide a comparative overview of suitable loan products.
- Documentation: Gather and submit the necessary documents, including identification proofs, income statements, and property-related papers. Our team will guide you through the documentation checklist to ensure completeness.
- Loan Evaluation and Sanction: We assess your application based on eligibility criteria and property valuation. Upon approval, a sanction letter detailing the loan amount, tenure, and terms is issued.
- Disbursement: The loan amount is disbursed as per the agreed terms, either as a lump sum or in stages, directly to the seller or builder.
Eligibility Criteria
Eligibility for our home loans is determined by several factors:
- Age: Applicants should be between 21 and 60 years for salaried individuals, and up to 65-70 years for self-employed individuals, ensuring the loan tenure concludes before the retirement age.
- Income and Employment Stability: A stable income with at least two years of employment for salaried individuals, or three years of business continuity for self-employed applicants, is required.
- Creditworthiness: A good credit history, typically with a CIBIL score of 700 or above, enhances eligibility.
- Property Details: The property should have clear titles and comply with legal and regulatory norms.
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What are the benefits of choosing Capital Corp for my home loan?
At Capital Corp, we conduct a needs-based analysis to provide you with the best product comparisons, guiding you to decide on the most suitable loan. Our relationship officers offer tailor-made services from the initial consultation to the final disbursement and property registration.
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What is the maximum tenure for a home loan?
The maximum tenure depends on the type of property and the applicant's age: • Resident Indians: Up to 25-30 years • Non-Resident Indians (NRIs): Up to 15-20 years • Salaried Individuals: Loan tenure up to the retirement age of 60 years • Self-Employed Individuals: Loan tenure up to 65 years of age These tenures are subject to the bank's policies and the applicant's repayment capacity.
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Can I prepay or foreclose my home loan?
Yes, most banks and Housing Finance Companies (HFCs) have waived foreclosure charges for home loans on floating interest rates. However, fixed-rate home loans and loans against property may still attract foreclosure fees, typically around 2% of the outstanding principal for home loans and between 2% - 5% for loans against property.
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Who can be a co-applicant for a home loan?
Co-applicants can include immediate family members such as: • Husband and wife • Father and son • Mother and son • Brother and brother It's important to note that all co-owners of the property must be co-applicants, though all co-applicants need not be co-owners.
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What is a Balance Transfer loan?
A Balance Transfer involves transferring your existing home loan from one lender to another, typically to benefit from lower interest rates or better loan terms. This process can also be used to consolidate debts or increase the loan amount for purposes such as purchasing an investment property or funding home improvements.
