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Frequently asked questions for property

What are the different forms of investments that can be made in property?
There are a number of investment options in real estate today – such as, investment in commercial real estate, investment in residential property and investment in plots are a few prevalent examples of the various options available today.
How can Investors Clinic Help me?
Investors Clinic is one of India’s leading real estate services company having its offices all over the world. We have a team of more than 2,100 professionals who are always ready to help the customers make an informed decision and grow their investment portfolio. We are currently working with more than 200 developers and have sold over 85,000 properties. In addition to the basic services offered by everyone, we provide home loan and resale services to the clients. We have a strong customer care team that provides end to end solution to the clients. We provide hassle free services right from Allotment Letter to Possession Letter making the entire process easy and smooth for the homebuyers.
From where can I get home loans?
Home loans are available from all the nationalized as well as private banks in India. These days NBFC are also extending home loans to the flat buyers.
How can I secure a loan for commercial property?
Normally loans are not possible for any under construction building but if the building is 80% complete, some banks offer commercial loan.
How much loan can one get for home or commercial property?
The percentage of loan depends on property as well as the financial health of any individual.
Can a Home Loan be Pre-approved?
Yes banks can pre-approve a home loan based on the average balance kept by the individual.
Can I have Co-Ownership in the Property?
Yes. Co-ownership, or joint ownership, simply put, is when two or more persons hold title to the same property.
Who can be a co-applicant for the loan?
A co-applicant is one who applies along with the borrower for a loan. A borrower has the compulsion now to have a co-applicant to a loan along with himself. It is important to note that co-applicant cannot be a minor. Most banks permit a few specified relations who can be co-applicants - brothers, parent and son (Blood Relation) and husband and wife.
What is the repayment period of the loan?
The repayment of a loan depends upon the tenure chosen by the individual. The EMI amount may vary as per the contract term; period can be 10-15-20-25 years. The term also depends upon the age and the financial status of the person.
What is the Process for Application for Home Loan?
While banks try to keep paperwork and formalities to a minimum, some documents are required for securing a home loan. Banks will require documents that provide proof of your identity, address, income and so on. Once you submit your documents, getting a Bank loan is a quick and easy process.
How is the Home Loan disbursed?
After the docs are verified, the sanction letter is prepared based on which the allotment gets confirm. Post this based on the payment plan the bank disburse the amount. It can be Construction Linked Plan (CLP), Down Payment (DP), FLEXI and Special Payment Plan (SPP).
How are home loans repaid?
As far as repayment of the home loans is concerned, it is generally repaid by equated monthly instalments, using few initial cheques and then with the help of ECS (Electronic Clearing System) or direct debit. Just to make an important point clear, in case you are opting to deduct your monthly instalment amount from your salaried account, then you need a letter from your employer approving of this arrangement and directly remitting the amount to the bank on a monthly basis. Now most of the bank offer prepayment facility in which you can pay maximum up to 25% of your total loan amount in a particular financial year also notice that there is no prepayment charges imposed on that.
What is the security provided for the loan?
As a basic criterion for accepting home loans, banks advance 80%-85% of the property value in the form of a home loan, depending on the individual’s borrowing eligibility. As in the case of any other secured loan, in exchange for the amount advanced in the form of home loan, banks demand a security from the borrower in the form of mortgage of the house. The property is always mortgage with the bank and also most of the loan buyers buy an insurance cover till the amount of loan so that in case of any eventuality the loan amount can be paid through the insurance company.
What is Loan against Property?
When the funds are raised by the individual by pledging his existing property to the bank, the process is called LAP. The property remains mortgaged with the bank till the time the entire loan is paid back by the borrower.
What security will I have to provide?
The property is pledged by the bank.
Can I repay the loan ahead of schedule?
Yes
Does the property have to be insured?
Not necessary it is up to the individual to get it insured or else normally as a practice to ensure the home loan amount the bank gets the life insurance done of that individual up to the amount of loan sum.
How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?
Just few other documents are additionally required to the re-assess the loan application.

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