Namrata Group



Who all can apply or get a housing loan?

Any person, including NRI, with a steady source of income can apply for a loan for financing the cost of a flat from banks or other housing finance companies.

How much can a person borrow?

Ideally a person can get loan up to a maximum of 80% of the flat cost. Remaining 20% amount of the flat has to be funded by the flat purchaser. However the loan sanctions largely depends upon the income of the borrower. The financial institutions have their own criterion to decide upon the actual sanction limit based on total income of borrower/s.

Also, these days in a bid to make home buying easier, the financial institutions offer lucrative deals with minimum 10% upfront payment.

What is an EMI?

Equated Monthly Installment ("EMI") is the amount including a portion of the interest and the principal loan amount which is payable by a borrower to the financer every month.

What is a fixed – rate housing loan and floating interest rate housing loan?

A fixed interest rate housing loan is a loan where the rate of interest is constant through the entire term of the loan period. Whereas in a floating interest rate loan, loan interest rate payable is linked to the market conditions such as a the bank retail prime lending rate and fluctuates with the bank rate varies.

What are the documents generally required to apply for a housing loan?

  1. Latest salary slips (proof of income for salaried individuals)
  2. Proof of age
  3. Identity papers
  4. Proof of residence
  5. Bank statements for the previous six months
  6. Photographs
  7. For Self-Employed individual copies of certified balance sheet, profit and loss statement and tax returns for last 3 years.
  8. For partnership/private limited companies The Articles of Association, partnership deed and details about the firm.

What is a fixed – rate housing loan and floating interest rate housing loan?

You can also avail load from the following sources;

  1. Banks
  2. Insurance company
  3. Against Provident Fund Account, Fixed Deposits, Post office Savings.
  4. Against Shares and Debenture of listed companies, government bonds and securities.


Call Now