Navya Constructions - A Leading Construction Company with strong presence in Visakhapatnam, Andhra Pradesh, India.
Navya Constructions, Visakhapatnam
 
 
Home Loans

Getting home loans to purchase a flat at our projects is an absolutely hassle-free endeavor.

Each and every project that is accepted by Navya is scrutinised thoroughly and independently by our panel lawyers. The independent reports submitted by our lawyers on the proposals is placed before the Core Committee which decides on its acceptance or otherwise. Hence, one can be doubly sure that every project undertaken by Navya carries all the necessary legal documents with clear title deeds. Parallely, we also take up with Town Planning /Municipality / corporation officials for all the statutory / mandatory clearances / approvals.

In view of its sound principles, values and stringent policy measures 'Navya' today has become a trusted entity for all Banking Institutions / Housing Finance Companies and an household name for all our esteemed customers.

So getting a home loan for any of our projects is just a phone call away. Just complete the formalities, submit the requisite documents and leave the rest to us.

Our growing list of satisfied customers, who secured home loans stands testimony to this.


To learn more about home loans, read on:

There are many financial institutions like Banks and Housing Finance companies which offer home loans to purchase a new home or a flat. But you might be wondering about the following:

What are the eligibility criteria for a Home Loan?

Simple, to qualify for a home loan, most lending institutions in India require you to be:

An Indian resident
Above 21 years of age at the commencement of loan
Below 65 years when the loan matures
Either salaried or self employed
What are the standard norms for acquiring a home loan?

Securities required: In most cases the property to be purchased becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some institutions may ask for additional security such as life insurance policies, FD receipts, share or savings certificates.

Guarantors: Some institutions ask for 1 or 2 guarantors, others require no guarantors at all.

Applying for loan: Loans may be applied before or after selection of a property. The loan amounts are sanctioned in principle to help buyers know what amounts they can avail of. This lets them decide their budgets and purchasing power. Actual disbursements are made after satisfactory verification of all necessary documents and completion of specific procedures.

Documents required at the time of application

Latest salary slip (proof of income for salaried individuals)
Photographs
Proof of age
Identity papers
Proof of residence
Bank statements for the last six months
For self employed, certified copies of balance sheet, profit and loss statement and tax challans for the previous 3 years
For partnership/private limited companies, the Articles of Association, partnership deed and details about the firm loan limit
Usually most financial institutions give up to a maximum of 85% of the cost of the house. The other 15% sometimes called 'seed money' will have to be provided by the applicant. Various factors like age, income, no. of dependents, monthly expenses and repayment capacity will be considered for the eligibility of the loan amount. This varies from case to case.

Rate of Interest:

Interest rates are different from institution to institution and generally range from about 8.5% to around 16%. The interest on home loans in India is usually calculated either on monthly diminishing or yearly diminishing balance method. The interest rates have two options - Floating rate of interest and Fixed rate of interest.

Monthly diminishing:
In this system the principal on which you pay interest diminishes every month as you pay your EMI.

Annual diminishing:
In this system the principal is reduced at the end of the year, thus you continue to pay interest on a certain portion of the principal which you have actually paid back to the lender. Which means the EMI for the monthly diminishing system is effectively lesser than the second system of calculating interest.

Floating rate Interest
In this option the interest rate varies from time to time depending on prevailing interest rates in the market.

Fixed rate of Interest
In this option the interest rate is fixed till the total loan amount is repaid.

Loan amounts vary from institution to institution and usually range from Rs.1 lakh to 1 crore. Repayment period options range generally from 5 to 15 years.

Leading housing finance institutions
 

ICICI
Venkojipalem,
Visakhapatnam - 530017
URL: http://www.icicibank.com
HDFC
Dwarakanagar,
Visakhapatnam - 530016.
URL: http://www.hdfcindia.com
   
IDBI
Dwarakanagar,
Visakhapatnam - 530016.
URL: http://www.idbibank.com
State Bank of India
Dwarakanagar,
Visakhapatnam - 530016.
URL: http://www.sbi.com
   
Axis Bank
MVP Colony,
Visakhapatnam - 530017.
URL: http://www.axis.co.in
Diwan Housing Finance Corporation
Dwarakanagar,
Visakhapatnam - 530016.
URL: http://www.dhf.com

 

 

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