Finance Bazar is one of the popular premier financial institutions in Mumbai and they provide Home Loans for both Resident and Non-Resident Indians (NRI). Whether you are buying a ready-to-move-in property or an under-construction one, Finance Bazar provides finance for both. You can also apply for a Home Loan Services in Mumbai. Let’s take a look at the terms and conditions for finance Bazar Home Loan.
What are the eligibility criteria for Home Loan?
Commonly, you can apply for a Finance Bazar Home Loan if you are over 21 years and less than 58 years of age. It can stretch up to 60 years for Government employees and 65 years for self-employed individuals. Finance Bazar offers regular as well as Smart Home Loans for both salaried and self-employed individuals. The minimum income for applying for the loan is pegged at Rs. 5 lakhs per annum for the salaried and Rs. 7.5 lakhs per annum for the self-employed.
What are the documents needed?
You need to submit the signed Home Loan application form along with your passport size photograph. Just like with other loans, you will have to give your identity proof and address proof. This could be a copy of your passport, voter’s ID, driving license, PAN card or Aadhaar card. Note that the address for the proof given should be the same as one given on the application form.Finance Bazar will also need proof of age. For this, they accept your PAN card, driving license or passport.Best Finance Consultant in Mumbai.
Salaried individuals will have to submit their salary slips for the last 3 months. These should have the statutory deductions. You might also need to submit your bank statement for 3 months showing the salary credits. If you are a salaried NRI, a copy of your Indian passport with visa stamping needs to be provided. You also need to provide your Non-Resident Ordinary (NRO) or Non-Resident Rupee (NRE) account statements for the last 3 months. Finance Bazar will require overseas bank account statements showing salary credits.
Self-employed individuals will have to submit a copy of their Profit and Loss (P&L) account and balance sheet for the last 2 years that has been audited by a chartered accountant. Finance Bazar will also need your bank statements for the last 6 months along with your Income Tax (IT) returns for the previous 2 years. If you are a self-employed NRI, you will have to submit a copy of your overseas bank statement for the last 6 months along with your trade license copy.
So, now you know what needs to be done to apply for Finance Bazar Home Loan. Want to know more about the features? Read on.
Smart Home Loan – Finance Bazar has both regular and Smart Home Loan offers. The latter is where you can lower your interest outgo by having your Home Loan account as a current account with overdraft limit equal to the amount disbursed. So, when you deposit your savings in the current account, this amount will get subtracted from the loan amount disbursed and interest will be calculated on the balance. You can, of course, withdraw your savings any time you want. So, as long as you have significant savings deposited in your current account, you can save on interest.
Loan tenure – You can choose a tenure of up to 20 years. Salaried individual? You can enjoy a tenure of up to 25 years.
Pre-payment charges – There will be no pre-payment charges if you choose a floating rate Home Loan. In case you chose a fixed rate Home Loan, you can pre-pay up to 25% of the loan amount sanctioned during a financial year. We provide Best Finance Consultant in Mumbai If your pre-payment exceeds 25% of the sanctioned loan amount, you will be charged 3% of the amount that you are prepaying. You will have to wait for 6 months from the time of loan disbursal to prepay your loan.
You will have to give written instructions to Finance Bazar when you decide to prepay your Home Loan. You have to tell them whether you want to reduce the loan tenure or the EMI. If no instructions are given, the bank will reduce the loan tenure by default.
For under-construction properties – In case you take a loan to purchase an under-construction property, the interest will be levied only on the amount disbursed and you will have to pay pre-EMIs until the total amount of the loan is disbursed. Once the loan has been fully disbursed, your regular EMIs will start. The EMI will be debited on the 8th of every month for those who opt for an under-construction property.
Convinced about Finance Bazar Home Loans? No? Then, compare across lenders to choose the best Home Loan Services in Mumbai.