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FREQUENTLY ASKED QUESTIONS (FAQ)

Any person, including Non Resident Indians, with a steady source of income can borrow funds for financing the cost of a flat from housing finance companies and banks.

Yes. Repayment of loan should be made within a period not exceeding 20 years out of inward remittances or out of funds held in the borrower’s NRE/FCNR/NRO accounts.

Loans are generally disbursed upto a maximum of 85% of the cost of the flat. The balance 15% cost of the flat is to be funded by the flat purchaser from his own contribution.

All projects at Poonam Developer are pre-approved for grant of home loans by leading housing finance companies and banks. The sales team liase with the all leading Housing Finance Institutions for processing the loan, documentation and disbursement of loans.

Equated Monthly Installment (“EMI”) is the amount comprising a portion of the interest and the principal loan amount which is payable by a borrower to the lender every month.

Interest rates vary from time to time and from institution to institution.The interest calculated either on a daily or monthly reducing or yearly reducing balance.

A fixed-rate housing loan is a loan where the rate of interest is constant through the entire term of the loan period.

A floating interest rate loan is a loan where the interest rate payable is linked to the market conditions such as the bank retail prime lending rate and rises and falls with the bank rate varies. Hence a borrower bears the risk of interest rate fluctuations. Floating interest rates offered are usually lower than the fixed interest rates.

Usually loans are disbursed within 5-7 days after completion of verification by the institution, documentation(such as handing over of the original agreement for sale / lodging receipt to the lender) and completion of all relevant procedures and only after proof that the borrowers own contribution has been paid by him to the vendor / builder / developer.

  • Photograph
  • Proof of age (Passport / License / Voters ID)
  • Proof of residence (Ration card / Tel / Electricity bill)
  • Latest salary slips (proof of income for salaried individuals)
  • Form 16
  • Bank statements for the previous six months
  • For self-employed, certified copies of balance sheet, profit and loss statement and tax challans / tax returns for the previous 3 years
    for partnership / private limited companies, the articles of association, partnership deed and details about the firm.
  • For NRIs latest salary certificate specifying, name (as it appears in the passport). Date of joining, passport number, designation, prequisites and salary, photocopy of labour card / identity card, photocopy of valid resident visa stamped on the passport, photocopy of monthly statement of local bank account, property related documents.

The instruments like Agreement to Sell, Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed, and Power of Attorney, Settlement and Deed and Transfer of lease attract stamp duty on market value of the property.

Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The stamp duty is payable on the agreement value of the property or the market value, whichever is higher.

The instruments like Agreement to Sell, Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed, and Power of Attorney, Settlement and Deed and Transfer of lease attract stamp duty on market value of the property.

The sub-registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.