Home Loans

Housing Loans

Home Loans made easy (Expert guidance. Simplified process)

  • Interest Saver loan products available (Click here know more)
  • Funding up to 90% of property value*
  • Higher tenure up to 30 years
  • Customised eligibility
  • Low interest cost with right product selection and better Money management techniques.
  • End to end solution for NRI home loans (Employed and self-employed).
Interest Rate Starting from 8%* (ROIs linked to CIBIL score)
Processing Fee Lowest processing fees available in the market
Prepayment Charges Nil prepayment charges / Nil foreclosure charges

Discuss your loan proposal with us

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How it works ?

(Entire process flow of Home loan transaction)

Finalising the decision to buy home.
Deciding the budget – Assessment of own funds in hand + Home Loan amount=Total cost of the property (Use our calculator to know the components)
Selection of the property or Selection of location where you want to buy property as per your budget
Apply for home loan with the Bank
Check whether property is approved by the bank for funding
Submit the documents as per checklist and initial processing fees cheque
Get the sanction terms
Pay the remaining processing fees and get the sanction letter (as per banks policy)
Pay your contribution to the builder and submit the sanction letter
Payment of Stamp duty and registration of Agreement to sell with registrar
Submission of original documents to Bank / FI and signing loan agreement
Handover of cheque to Builder / Seller or Transfer of amount directly to Builder / Seller.
Filing notice of intimation of Mortgage with the registrar.

Why PROFOUND for Home loan?

Generally, a family buys a home once in their lifetime and all their savings and family funds are used to pay the initial amount towards the house. Also, first time buyers have lot of questions in their mind. In such situation you need someone who will explain and answer your queries related to the transaction and also will help you to complete the transaction without going through the hassles. At PROFOUND it is our humble effort to bridge this gap and provide the expert advice on the transaction and our team will ensure that you have the best experience and the best deal in hand.

Different customers have different requirement and different profile. Our team will ensure that we understand your requirement let it be funding, loan eligibility, Missing chain in property documentation, rate of interest etc. We will to try to match your requirement within the policy norms defined by the banks and regulators.

The terms and conditions (Rate of Interest, Fees, Tenure, Insurance etc) are decided taking in to consideration the CIBIL score, Employer profile, Business profile, Overall financials, property etc. We will ensure that using our expertise, we will fetch the best negotiated T&C available for your profile in the market.

We provide Bank / FI neutral advice i.e. based on your profile and requirement we will provide the best options available for you along with our recommendation so that you can make informed decision.

After finalisation of property if you are going for loan then you must be aware of the offerings of the different banks so that you can choose the best one for you. You may probably talk to two to three major banks and apply with the shortlisted one. We act as a single point contact i.e. you don’t have to go to multiple banks, no need to talk and share your documents with multiple people. At single point you can enquire about the offerings of the multiple banks, compare them and select the right one for you. You will be applying only with a single bank (shortlisted by you) and will complete the process.

When you choose PROFOUND, you are assured that you are being presented and briefed with all the options available in the market as per your requirement and you have chosen the best suitable option for you. Absolute clarity about the option chosen and reason for choosing it gives 100% piece of mind as there is no dilemma or regret for unknown/missed opportunities. (in terms of everything let it be ROI, Fees, Tenure, Loan amount and other T&C (Don’t ignore other T&C because those are very important in long run) (Pls read our blog on terms & Conditions).

How Home Loan eligibility is calculated?

The loan eligibility of the borrower is the minimum of the following two amounts
  • Eligibility calculated as per the income norms of the Bank / FI.
  • Eligibility calculated as a % of the property value / Agreement value as per the LTV norms of the Bank / FI.
Salaried cases

In salaried cases a certain % of the gross / Net salary (as per bank / FI policy, it ranges from 50% to 70%) is taken calculating the maximum total EMI a borrower(s) can pay per month. Existing EMI(s) (sum of all EMIs) of the borrower(s) is subtracted from the same to calculate the max EMI borrower can pay for the applied Home loan.

Example: If a person is drawing a monthly gross salary of Rs.120000/- and already paying EMI of Rs.8000/- for car loan and Rs.5000/- for personal loan then the eligibility calculation will be as follows: Suppose Bank / FI as per policy and internal norms permits borrower to pay max EMI up to 55% of the gross income then in the above example max permissible total EMI for all the loans will be Rs.63000/- out of this borrower is already paying EMI of Rs.13000/- (Rs.8000/- for car loan and Rs.5000/- for personal loan. Then the max EMI left for home loan will be Rs.50000/- (Rs.63000- Rs.13000/-) Now it has been decided that the borrower can pay max Rs.50000/- as EMI for Home loan, then the loan amount is calculated for which at the specified interest rate % and tenure of Loan the EMI will be Rs.50000/-
This can be done by taking EMI factor for 1 lakh. Say for a loan of 1 lac @ 8.50% for 30 years the EMI will be Rs.769/-. Hence for Rs.50000/- EMI the loan amount will be Rs.65 lacs. (50000 / 769)

Documentation required for Home Loan Application
Application
  • Application form with photo signed by Applicant and Co-applicant
Identity Proof
  • Pan Card
Address Proof
  • Any one of Passport,
  • Aadhaar Card,
  • Voter ID card,
  • Utility Bill,
  • Bank Statement or passbook.
Income Proof
  • 6 Months Salary slip,
  • 3 years Form 16,
  • If joined recently then appointment letter,
  • Bonus / Variable pay proof,
  • Last 6 months bank statement reflecting salary credit,
  • Bank statement for last 12 months.
  • Existing loan(s) details (if any)
Resale property
  • Property documents
Under construction property
  • Cost sheet,
  • Receipts of payment made,
  • Bank reflection of payments
Business cases

For self-employed borrowers (borrowers engaged in business) calculating the income eligibility is a bit complicated and banks / FIs have their own policy norms to calculate the income. We can’t discuss all the policies and norms used for calculating the income but one common approach adopted by many of the banks / institutions is to calculate the cash profit as reported in the annual financials of the latest years can be taken as base and accordingly the income is calculated.

For self-employed customers while calculating income eligibility following factors are taken in to consideration.

  • Overall business model
  • Business Vintage
  • Top line (Sales) and bottom line (Profit) with trend
  • Credit history of individuals and businesses
  • Banking
  • Reference in the market

As per income norms borrower may be eligible for the higher loan amount but the loan amount will not exceed the maximum % threshold of the AV / MV of the property.

Documentation required for Home Loan Application
Application
  • Application form with photo signed by Applicant and Co-applicant
Identity Proof
  • Pan Card
Address Proof
  • Any one of Passport,
  • Aadhaar Card,
  • Voter ID card,
  • Utility Bill,
  • Bank Statement or passbook.
Business Profile
  • Last 3 years ITR (Applicant / Co-applicant / Business (Partnership firm / Company)),
  • Computation of Income,
  • P&L Account,
  • Balance sheet,
  • Audit report (if Applicable),
  • GST return for last 12 months Details of all ongoing loans (if any)
  • 12 months Bank Statement
  • Existing loan(s) details (if any)
Resale property
  • Property documents
Under construction property
  • Cost sheet,
  • Receipts of payment made,
  • Bank reflection of payments
Additional Documents required for Home Loan Balance Transfer
  • LOD (List of Documents) (This is the list of documents which are held by your existing bank)
  • Loan Outstanding letter
  • Statement of Loan Account or EMI reflection in bank account for last 12 months

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