BANK LOAN - KCC HOMES VILLAS & APARTMENTS IN KOTTAYAM
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KCC HOMES has exclusive arrangements with Banks to sanction Home Loans. Contact us and we will introduce you to the Bank and also render maximum assistance in helping you to get a Home Loan. Our cordial relationship with the Banks will get you personal attention in expediting the processing of your application for an Apartment or a Villa with KCC HOMES in Kottayam.
The actual amount you can borrow from the Bank will depend on your age and your net monthly income. Approximately 50 times net monthly income can be availed as Home Loan. Home loans can be availed up to 80% of the construction cost of the APARTMENT or VILLA. Sanction for loans up to 80% will be granted on approval of the eligibility and the ability of the applicant to repay the loan.
Banks provide options for repayment of your Home Loan based on the age and the tenure of the loan you wish to avail. The loan period ranges from 5 to 30 years.
There are options to repay in different EMIs (Equated Monthly Installment)
- Lower EMI during initial period and higher EMI during later period.
- Higher EMI during initial period and lower EMI during later period.
- Bulk repayment of part of loan amount in stages (where customer is expecting extra income from LIC policy/sale of property etc.)
The Banks do not charge for pre-mature closure of your Home Loan. Therefore, it is as simple as you avail a loan one day and close the account on the very next day without any extra payment.
Security for Home Loan
Home loan is sanctioned considering the flat or villa being purchased from KCC HOMES as Security. The Sale/Construction Agreement entered into between KCC HOMES and Client is enough to sanction home loan. No other collateral security is required.
Home Loans can be availed by:
- Indian citizens
- Non-Resident Indian Citizens (NRIs)
- Foreign Citizen of Indian Origins
In India, home loan rates are now the lowest in the entire history. The current Interest rates are 6.75 % approximately per annum (as in June 2021). The Interest is calculated on daily diminishing basis and not on a flat basis.
Income Tax Benefits
Indian Nationals can avail substantial income tax benefits towards repayment of principal and interest amount as per tax laws applicable.
Home Loan for NRIs
NRIs need not come here for Home Loans. We will forward all documents for signature to your overseas address. In the event that an NRI/buyer is unable to appear in person to execute the documents to avail the Home Loan for purchase of a FLAT/VILLA, a Power of Attorney (PoA) produced by an authorized person will be sufficient for the purpose. The signature of the person issuing the Power of Attorney should be attested by an acceptable authority from the place of residence of the issuer.
Loan Eligibility for NRIs
Following documents must be produced:
- Salary certificate/slip.
- Overseas bank statements for the immediate past 6 months.
- Details of NRI accounts in India, if any.
- 2 passport-size photographs.
- Copy of passport / OCI Card
If an applicant’s spouse is employed and he/she can also provide the documents specified above, then, in case the sanctioned loan amount is not sufficient to purchase the Apartment or a Villa, the income of the spouse can also be included to make up the shortfall.