review experts

Loans from NBFC

May 24, 2020May 24, 2020 Alok Ahluwalia

When we opt to buy property in Lal Dora / Unauthorized colonies than there are very few options of financial institutions from where we can take loans. NBFC (Non-Banking Financial Company) provide loan on these properties easily. As these properties don’t have approved maps from government authorities Government and private banks are not willing to provide loans on these properties.

Rate of interest (ROI) of NBFC’s is a bit high because these companies get capital from banks whereas bank gets capital directly from RBI. As far as norms are concerned NBFC’s follow proper norms set by RBI and NHB (National Housing Boards) to sanction home loans / loan against property. If you are applying for a loan NBFC require documents of Applicant and Co Applicant both it is mandatory rule of RBI. If you are male applying for a home loan or loan against property than you have to provide KYC documents of your wife as well …. In case unmarried than your mother’s documents. If you are female applying for a home loan or loan against property than your husband’s KYC documents are required in case unmarried than your father’s KYC documents. Please keep in mind that CIBIL score of both applicant and co applicant plays a very important role in loan sanction procedure.

Documents Required for Home Loan / Loan against Property

Property Documents:

1. Sale deed of the property in favour of Seller
2. Khatauni / Fard of the property
3. Last 13 yrs. Complete chain of property
4. Electricity Bill of the Property

Documents for salaried Person:

1. 3 Months’ salary slip
2. 6 Months bank statement
3. Form 16 A (If applicable)
4. Aadhar card of the Applicant & Co applicant
5. Pan Card of Applicant and Co Applicant
6. 2 Photos of Applicant and Co Applicant
7. If you want to club salaries of both applicant and co applicant then same documents mentioned in Point 1,2 & 3 of Co applicant as well.

Documents for self-employed Person:

1. 1 year bank statement
2. 2 yrs. ITR
3. GST registration if applicable
4. Purchase bills if you have cash sales / without ITR
5. 2 references
6. Aadhar card of the Applicant & Co applicant
7. Pan Card of Applicant and Co Applicant
8. 2 Photos of Applicant and Co Applicant

If you have any query / Problem related to Home Loan / Loan against property you can also contact us for the same. I am Happy to help you.