We understand that a home is not just a place to stay. It is much more than that. It is your dream where you celebrate the joys and enjoy the journey called life. With JR Financial you can gather hopes, achieve your dreams and create memories in your own space.
We help you in availing the best home loan available in market through our expertise, quality of service and in-depth domain knowledge. We understand how significant this step is for you and have lined up a host of home financing options just to make this big step simpler for you.
It is important to choose a good housing finance company which can handhold the customer right through his home buying process. Since a home loan is a long term commitment of 15-25 years, several factors like expertise, quality of service, in-depth domain knowledge and safe retrieval of the title deed are critical.
We offer affordable and flexible housing loans that can turn your dream of owning a home into reality. We offer a host of Home Loan options that can be tailor made to suite your needs. We have products to suit every budget, taste and need.
| Purpose | Documents |
|---|---|
| Proof of Identity | PAN Card, Valid Passport, Voter ID Card, Aadhar Card |
| Proof of both residence | Valid Passport, Voter ID Card, Aadhar Card, Latest Utility Bill like Electricity / Telephone Bill |
| Proof of income |
|
| Other documents |
|
| Property related documents |
|
All documents to be self attested. The above list is indicative in nature and additional documents can be asked for.
Some of the factors which are considered when deciding on a loan amount are: Your requirement and eligibility Your income Your repayment capacity: Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability and continuity of occupation.
You can opt for a loan period of up to 30 years, which can vary depending on your profile.
If you are an individual - your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.
In Floating rate loans, change in Base rate will have direct impact on the interest rate of Home Loan.
What is the process of Home Loan?
Once we receive a completed application form along with the necessary
supporting documents two things happen:
Determination of your eligibility for the Home Loan:
For this, the Bank / Financial Institution consider their internal policy
guidelines and also examine all the documents submitted by you. If you
are deemed eligible, you will get an approval for a specific loan amount
based on your requirement, repayment capability and the value of
the property.
Legal and Technical verification:
Lawyers and property valuers empanelled by the Bank / Financial Institution
will verify your title documents conduct a technical evaluation of the
property.
After completion of above process, the Bank / Financial Institution will
process the sanction and disbursement of your Home Loan. Besides execution
of relevant documents & deposit of original property documents is required
to be completed prior to disbursement. Further, you should have paid your
own contribution amount towards the property.
What is Own Contribution
'Own contribution' is the difference between the cost of the property and
the loan amount.
The loan will be disbursed in full or in suitable installments taking into account requirement of funds and progress of construction, as assessed by an Institution.
Prior to full and final disbursement and commencement of EMI, you pay Pre-Emi interest on the portion of the loan disbursed to you. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of the EMI.
Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid.
Interest rate varies according to the market conditions and interest rates are dynamic in nature. The interest on home loans in India is usually calculated on monthly reducing. In some cases, daily reducing basis is also adopted.
Yes. You can make part prepayments with complete flexibility without any charge
If the Housing loan is under Variable/Floating Rate loan and the loan is prepaid through any source, no prepayment charges shall apply If the Housing loan is under fixed rate, the pre-payment charges shall apply.
Fixed Home Loan rates: The rate of interest applicable for the Home Laon is fixed throughout the term of repayment of Loan.
Floating Home Loan rates: The rate of interest applicable for the Home Loan changes with change in the Bank's Base rate.
Do I get a tax benefit on my Home Loan?Yes, resident Indians are eligible for tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act.
