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What are the Documents required by Sasvitha Home Finance Pvt Ltd to sanction a loan?
As per the basic documents mentioned under KYC, Income proof, Title deeds to the property proposed to be purchased.
Who can be co-applicants?
Normally, the spouse will be the co-applicant.
How is the eligibility determined?
The eligible loan amount shall be determined based on the income of the applicant/co-applicant and his/her repaying capacity and the value of the property, which is going to be acquired out of the loan.
What is the repayment period?
The repayment period will range from a minimum of 5 years to a maximum of 30 years
How will the loan be disbursed?
The loan will be disbursed based in stages depending on the progress of work, in case of construction of a house/flat and in the case of outright purchase of an existing house/flat, the payment will be made as one time payment.
What will be the implication for prepayment/pre closure?
This will be as per the norms prescribed by NHB
What is the time limit for availing the sanctioned loan?
The Loan sanction order is valid for 60 days from the date of sanction.
How does one approach Sasvitha Home Finance Pvt Ltd for a Home Loan?
Individual, Groups of Individuals who have a definite and regular source of income can approach Sasvitha Home Finance Pvt Ltd (Corporate Office or any branch Office / Centre) for a Home loan. Alternatively they can express their interest through email CO@sasvithahome.com
What if the EMI cheque bounces?
In case of cheque return due to ‘Insufficient funds’ or any other reason, a cheque return charges of Rs.500/- plus GST will be charged to discourage recurrance in addition to the charges debited by the Bankers on account of the return.
Can a loan be converted from fixed rate loan to variable rate loan & vice versa?
Yes, the loan can be switched over from fixed rate to floating rate in case of housing loans. However, the vice versa is not applicable. There will be a fee collected as switch over charges.
Are these policies subject to change?
Yes, the policies are subject to change from time to time.
Whether EMI / PEMI can be paid by cash?
Sasvitha Home Finance Pvt Ltd encourages borrowers to pay EMI / PEMI by electronic mode of payment like NACH or Post Dated Cheques, instead of paying by Cash. Due to unavoidable circumstances, if the borrower makes cash payment, then he/she can make cash payment upto Rs. 199999/- as per Section 269ST & 271DA of Income Tax Act 1961 and duly obtain receipt for the same. Any grievance in relation to the above may be reported to 044-24344548 / email@example.com
What are the types of Interest Rates?
i. Fixed Interest Rate A fixed interest rate for Home loans is one where the rate charged by the Bank/HFC on the loan amount is constant over the tenure of the loan. A fixed interest rate protects the borrower from a rise in home loan rates. While on the flip side, he may not benefit if the market rates were to fall. ii. Floating interest rate A Floating interest rate for home loans is a loan where the interest rate which is payable is linked to base rate of the company. The interest rate payable by the borrower will also rise and fall as per the fluctuation in the benchmark rate. The interest rates on housing loans are generally floating rates and the interest rate on non-housing loans are generally fixed. Each borrower based on the risk profile as determined by the company based on the model it has evolved is indicated the rate of interest, the company would charge on the loan.
What are Collateral Securities taken the company?
While the property against which the loan is given is called the prime security, sometimes we do ask for additional security in the form of another property, guarantor or such other securities as may be acceptable to the company.
How to make a housing loan application?
Application form can be collected from the branches of the company or the same can be downloaded from the web site. The application form duly filled in along with other documents as specified in the application form can be submitted to the nearest branch of the company along with the onetime processing fee.
a) What are the tax benefits on housing loan?
Resident Indians are eligible for certain tax benefits on the principal and interest components of a housing loan under the Income Tax Act, 1961. Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property. The maximum tax deduction allowed under Section 24 in respect of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs. Besides the above, the amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C has been raised from Rs.1, 00,000 to Rs.1, 50,000.
b) Will the IT certificate be issued in the name of both applicant and co-applicant separately?
As per the IT rules, only one certificate can be issued for a home loan and hence one certificate will be issued in the name of both applicant and co-applicant.
c) When is the IT certificate issued?
IT certificate will be issued at the end of a financial year.
Home Loan Process at Sasvitha Home Finance Pvt Ltd
Phase 1 -The Sanction Process
Normally, it would take 4-7 working days for the sanction process from the date of receipt of all the documents at Sasvitha Home Finance Pvt Ltd. You contact us (provide link) Our representative visits you and explains the loan product You provide us with income and personal documents as listed along with the application form and Processing Fee as applicable. Our panel advocate vets the legal/Property documents Valuation report from our panel valuer. Our representative visits you to validate information Documents are credit appraised and decision taken on the sanction of the loan. Our offer letter along with a list of legal/property documents required is delivered to you.
Phase 2 -The Disbursement Process
Normally it would take 4-7 working days for the disbursement process from the date of receipt of all the documents at Sasvitha Home Finance Pvt Ltd. Proof of your own contribution. You need to submit Property Documents, Loan Document and PDC’s/NACH to us. Mortgaged and MOD at the respective SRO. Disbursement cheque is prepared. The disbursement cheque is delivered to you.
A. PERSONAL DOCUMENTS
For applicant and co-applicant/s All the papers shall be submitted in original. Photo copy if any, shall be self attested Two Passport size photos of the applicant, co-applicants and the guarantors, if any Photo copies of the following documents are required Age proof - passport / school certificate / employer certificate Address proof - passport / ration card / election ID card / Employer I.D./Aadhar Card Last six months bank A/c statement for applicant and co-applicant
B. INCOME DOCUMENTS
For both applicant and co-applicant (whichever is applicable) If salaried Salary slip for latest 3 months Salary certificate Form 16 or IT returns with income computation for latest 3 years If non – salaried IT returns with computation of income for latest 3 years of the Concern/Firm/Company and the individual Audited financial statements of the concern/firm/company for latest 3 years Write up about the business Details of credit facilities availed by the individual as well as concern/firm/company from any bank or financial institution. Partnership deed, if applicable. All the income paper copies should be duly attested by your auditor along with seal and membership number
Duly filled and signed Guarantor form, one photograph/identity card Xerox/pay slip/salary certificate/form 16/IT ACK Xerox
C. For Purchase of Existing house / Apartment
Sale agreement Draft Sale deed (to be approved by our Panel lawyer) E.C. for latest 25 years IN ORIGINAL Approved plan and permit Latest property tax receipts Prior Title documents (Parent deeds) for latest 25 years IT clearance or Appropriate Authority clearance, whichever applicable Patta
D. For Purchase of New Apartment
Sale agreement for undivided share ofland Construction agreement between the customer and the builder Registered sale deed for the undivided share of land. E.C. for latest 25 years IN ORIGINAL which should reflect the sale in favour of the customer Approved plan and permit Other parent documents pertaining to the property for at least 25 years IT clearance or Appropriate authority clearance, whichever is applicable patta
E. Self Construction / Extension / Repairs
Sale deed in favour of the customer E.C for latest 25 years IN ORIGINAL Approved plan and permit Prior title documents for latest 25 years Estimation of construction duly attested by Chartered Engineer or approved architect Patta Latest property tax receipt In case of property purchased from statutory authority, improvement trusts, housing boards etc. Allotment letter issued by the authority. Allocation letter Receipts of payments made to the authority. Permission to mortgage Non encumbrance/no dues certificate, if applicable
Applicant must retain photocopies of all documents being submitted by him/ her for future reference. Applicant may be asked to submit further legal documents if required by Sasvitha Home Finance Pvt Ltd. or its approved lawyers.
Disbursals will be subject to 230 A Clearance of the seller and/or 37-I Clearance from the appropriate Income Tax Authorities, if applicable. No disbursals will be made if the registration of the conveyance deed is Pending Market Value clearance.