Step 1: Approach a Housing Finance Company with the latest 3-4 month’s salary slip and TDS Form 16 of the last two financial years of yourself and your co-applicant. The loan officer will informally tell you the amount of loan you are eligible for, the areas in which they finance flats and the terms of the same. Collect a loan application form and confirm the needed documents (mainly proof of income & KYC). Visit more than one company since you are likely to get better terms/ larger loan amount if you shop for the best deal.
Step 2: At your chosen HFC, submit the duly filled loan application, along with the requested documents and an application fee (around 0.5% to 1%). They will then evaluate you on the same. After conducting an appraisal of your application, the HFC will give an in-principle sanction of your loan.
Step 3: You now have to submit your property documents, which should show a clear title. The HFC will check these and levy an administrative fee (around 0.5% to 1%). It will then disburse the loan, either fully or in instalments, directly to the builder/ seller of the flat.
FOR SALARIED – 4 month’s Salary Slip, Bank Statement of 6 months where the salary is credited & 2 years of Form 16 along with KYC.
FOR BUSINESS CLASS – 3 Years of ITR set along with Bank Statement of 1 year.