The documentation process for home loans can be harrowing for many applicants. The voluminous paperwork can sometimes be very puzzling, thanks to the multiple caveats built into these documents.

It helps you understand why the bank/home loan corporation seeks these papers from you and the purpose they serve.

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I am highly credible. Why then do I have to furnish so many documents?

Home loan processing is a detailed exercise that requires a careful review of many documents. The basic idea is to understand you and your financial standing to ascertain how good a business decision, or otherwise, it is to lend you money for a long term. A good credit score does not mean you can escape the paperwork.

To a very large extent, however, it is in the borrower’s hands to be sure of analysing the need and presenting each document for smooth and quick processing of the home loan. It is crucial for the customer to be well versed and aware of the bank’s processes and procedures.

My friends and family have filled out home loan applications earlier. Why do I have to give more/different documents?

There are several documents required to apply for a home loan, and these depend on certain key factors.

Your profession

Applicants come from a wide variety of professions and the requirement for one profession could be different from others. There are five main categories of under which the professions are classified:

– Salaried employees: Designers, managers, teachers, public servants on payroll, Navy personnel, etc.

– Self-employed professionals: Traders, businessmen, etc.

– Self-employed non-professionals: Doctors, consultants, freelancers, etc.

– Pensioners: Defense personnel (those who retire before attaining the age of superannuation)

– Exceptional parties: Association of persons, Hindu undivided family, trusts, etc.

Type of Loan

Even within the broad housing loan, there are several sub-classifications on the basis of the purpose of the loan sought for. And, the processes for each are different. The types of home loan are:

– Loan for purchase from developer
– Loan under resale
– Loan for construction
– Loan for plot
– Loan against property
– Loan against rent receivables
– Loan for renovation of existing house
– Loan for balance transfer (from other bank)

Past repayment record

A borrower with a clean past record and a good Cibil score requires to submit fewer documents than the one who has a lower Cibil score (say less than 700). The past records are judged on the basis of the following criteria:

– Standard asset or loan: The payment is made within 30 days

– Special mentioned account: The payment is delayed and the account moves from the bucket of 30 to 60 days and finally to the bucket of 90 days.

– Sub-standard asset: Payments are made after 90 days.

– Doubtful: Payment has not been made for 12 months

– Loss asset: The loan has been identified as uncollectible

Is there a standard home loan document checklist based on specific professions?

Yes, here are a few example of specific professions and needs:

A teacher seeking a loan for purchase from a developer

– Loan application form completely filled and duly self-attested
– KYC documents (PAN, driving licence, passport, voters’ ID, etc)
– Proof of income (pay slip for last three months)
– Form 16 (for two years)
– Bank statement (for past six months)
– Income-tax returns (last two years)
– Repayment track of running loans
– Supporting documents in case of sub-standard assets (i.e. running loans)
– Registration copy of the builder purchase property
– No documents required for legal and technical valuation
– Processing fee cheque

A designer seeking loan for resale property

– Loan application form completely filled and duly self-attested
– KYC documents (PAN, driving licence, passport, voters’ ID, etc)
– Proof of income (pay slip for last three months)
– Form 16 (for two years)
– Bank statement (for past six months)
– Income-tax returns (last two years)
– Repayment track of running loans
– Supporting documents in case of sub-standard assets (i.e. running loans)
– Documents for legal and technical valuation (Chain of title deeds, sale deed, original papers of property, no-objection certificates, agreement to sell, copy of approved plan, no encumbrance certificate)
– Processing fee cheque

A trader seeking loan against property

– Loan application form completely filled and duly self-attested
– KYC documents (PAN, driving licence, passport, voters’ ID, etc)
– Income-tax returns with computation of income (for last two years)
– Profit & loss account and balance sheet audited by a chartered accountant
– Bank account statement (both savings and current) for last two years
– Repayment track of running loans
– Supporting documents in case of sub-standard assets
– All original property documents
– Processing fee cheque

A doctor seeking balance transfer

– Loan application form completely filled and duly self-attested
– KYC documents (PAN, driving licence, passport, voters’ ID, etc)
– Bank statement (for last two years)
– Certificate of profession
– Proof of business existence
– Copy of shop/establishment licence
– Income-tax returns with computation of income (last two years)
– Profit & loss account and balance sheet audited by a chartered accountant (for last two years)
– Processing fee cheque
– Letter of outstanding amount of loan with the previous bank
– Repayment track of the loan with the previous bank
– Sanction letter of the loan with the previous bank


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In order to escape from the city’s hustle and bustle, a vacation home lends much-needed respite from a stressful life. Wherever you have your home, whether in the mountains or near the sea-side, the décor has to be completely different but at the same time reflect your signature style.

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Durable linen

When doing up the interiors, make sure that fabric for both linen and upholstery is durable. Invest in high-quality cotton that is easy to clean and maintain. What more? Cotton is perfect for every season. Make sure you have the right equipment stored at this home to clean the linen and upholstery that might gather dust over time. Opt for bright colours, hues that complement the weather outside. For linen, opt for pastel colours that are pleasing to the eyes and are known to relax the mind.

Functional furniture

Being in the middle of nature you would want to stay outside more — in the courtyard or the balcony. So, opt for more functional furniture which is not just beautiful but can also withstand harsh weather conditions, including cold, humid as well as the rains. You can also opt for a single set of furniture that could be used both outdoors as well as indoors. For instance, invest in folding wooden chairs and table set, ottomans, bean bags, and even bar stools. A high-quality wood would be perfect for this purpose.

Minimal yet statement

Away from your city home, make sure you make this home minimal. Do not fill this property with too much of decorative items. The more things, the higher the need for maintaining them. Be minimal, let the feeling of leisure seep in. In fact, for this property to look different from your city home, add only a few statement pieces that would make you feel relaxed and rejuvenated.

Crockery to serve many

Many a time, we go on a vacation with our extended family or friends. It is fun to travel in numbers. And, it is even more fun to cook together, serve together and eat together. Well, to cater to a number of guests, make sure your vacation home is well equipped with required essentials and crockery. You won’t find these things on a hill-top or on a beach. Invest in bigger utensils that could cook a good amount of food, and a set of crockery that is big in number. Make sure you have all that you need — from glasses to forks, and from spoons to cups.

Open spaces

Leisure is the bottom-line of any vacation home. The idea is to get away from the crowded city, and a limited-sized apartment. So, to ensure you breathe well, think well and feel relaxed, have a lot of open spaces in this home. Have sliding glass doors that open to the balcony, which mix the exterior with the interiors when kept opened. Construct an open-style kitchen this will make your living room look bigger and feel spacious. Also, to add more, create a skylight on the ceiling and enjoy stargazing at night.

You could also consider these:

– Mason Jar Flowers

Easy to find Mason jars are a budget friendly decor item. These can be used to create a colourful garden right at the door steps of your vacation home. Alternatively, you can hang mason jars full of colour-dyed dried flowers on the wall. The colourful flowers will add a fresh feel to your vacation home.

– Wood Framed Mirror

An old wood framed mirror is a great décor item to add character to your vacation home. You can place it in your bedroom or living room. Try to go for wood framed mirror that will give a natural feel to the home. Now, place this on a white coloured wall. Keeping a flower pot near the mirror will create a beautiful colour contrast.

– A Small Rustic Table

Furniture plays a great role in determining the final appeal created by the vacation home. A small rustic table placed on a wooden floor is an ultimate décor item for a vacation home. You can adorn this table with antique flower vase or picture frames.

– Wood Framed Mirror

A rustic coffee mug holder is a great way to adorn the walls of your vacation home. For creating a rustic coffee mug holder take a piece of palette. Spray some paint over it. You can also write an inspiring quote over it. Now, add some hooks to the palette. Your rustic coffee mug holder is ready and that too without too much of investment.

LUXURIOUS PROPERTY IN THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55





As one knows, home buying in India involves a lot of documentation and paperwork. However, majority of home buyers, especially the first timers, are either unaware or overlook some of the most important documents, one of them being the Occupancy Certificate (OC).

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This is exactly what Rohit, a first time home buyer went through:

It was Rohit’s first and most valuable purchase. He was finally about to move in to his new home after 4 years of wait. Life seemed to be settled for him and his family. Little did he know what was to come.

The project in which he invested his hard earned money was actually unauthorized as the builder did not obtain the Occupancy Certificate. The project did not comply with the approved plans. His world came crashing…

So, let’s make sure that you do not fall in the same trap.

Check out 5 things you should know about the OC

1. Occupation certificate in layman terms is a certificate issued generally by local municipal authorities once it is ready from the builder’s end. A building without an OC is technically and legally unfit for habitation.

2. For knowledge of our readers, it must be noted that OC is different from CC (Completion certificate). CC is to do with structural aspects of the building. Simply put, CC ensures the healthy body whereas OC ensures a healthy mind. A body can hardly be healthy if mind is at unrest.

3. In absence of OC, local municipal bodies have all the power to even demolish your house. Not only this, an OC means that local bodies would provide basic amenities like water, electricity and sanitary connection etc. Resale value of an OC issued property will always be better than one not having it, in fact it can be a make or break for a potential buyer.

4. Many flyby the night builder refuse to provide an OC, You can issue a notice against the builder asking him to apply and hand over the copy of the OC. Make sure what a builder hand over to ypu isn’t just a copy of OC application but the real OC which states that your house is fit for habitation. You can also approach consumer forums and file a petition demanding the OC.

5. With RERA coming in, builders would be asked to share quarterly update of their construction status on respective state RERA websites. Possession is not complete without builder obtaining proper OC from the authorities.

Though many families today are living in complexes which haven’t received OC, it is advised that they must not. No builder can force its customers to occupy their flats till OC is obtained and a copy is shared with the owners.

Many a times, payment plans are also linked to possession, it must be noted that customers have all the rights to not pay the final installments till the builder receives the OC if the payment plan is linked to possession.

Please note that interim possession as often it’s called is not the final possession offer by the builder and must not be confused with final possession which can be offered only after OC is received.

One can also not register his flat in his/her own name till OC is not obtained.

REAL ESTATE PROJECTS IN THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55






The government this week announced guidelines for the implementation of Credit Linked Subsidy Scheme (CLSS) for home buyers in the middle income group (MIG) segment under Pradhan Mantri Awas Yojna (Urban). Here are the major pointers you should know about the scheme:


Will Govt's Home Loan Subsidy Scheme Benefit You?
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Who is eligible?

All middle class home buyers with annual incomes of above Rs 6 lakh and up to Rs 18 lakh per year will be eligible for receiving interest subsidy on housing loans under Pradhan Mantri Awas Yojna (Urban).

What’s the benefit?

Interest subsidy of 4% will be provided on housing loans of up to Rs 9 lakh of those with an income of Rs 12 lakh per year and of 3% on home loans of up to Rs 12 lakh of those earning Rs 18 lakh per year.

What’s excluded?

Housing loans above Rs 9 lakh and Rs 12 lakh will be at non-subsidised rates.

Till when is the scheme applicable?

The Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) was earlier valid till the end of December this year. However, the government in October 2017 extended the validity of interest subsidy benefit by 15 more months till March 2019.

Sizes of house applicable?

The government in November 2017 increased the carpet area in the MIG I category of CLSS from the existing 90 square metre to up to 120 square metre and increasing the carpet area in respect of MIG II category of CLSS from the existing 110 square metre to up to 150 square metre, effective January 1, 2017. The CLSS for MIG covers two income segments – MIG-I from Rs 6 lakh to Rs 12 lakh per annum income and MIG-II from Rs 12 lakh to Rs 18 lakh per annum.

What’s the loan tenure?

The tenure of home loans can be a maximum of 20 years or that preferred by the home buyer, whichever is lower.

Will you pay processing fee?

No processing fee will be charged by banks or housing finance companies from the applicants under CLSS.

What’s the reduction in EMI?

The interest subsidy of 4% under the scheme will bring down EMI by Rs 2,062 per month on a housing loan of Rs 9 lakh and interest subsidy of 3% will reduce the monthly outgo by Rs 2,019 on Rs 12 lakh loan, considering normal housing loan interest rate of 8.65%.

Who is getting preference?

The scheme gives preference to women with overriding preference to widows, single working women, people from scheduled castes and scheduled tribes, backward classes, differently abled and transgender people.

What’s the budgetary allocation?

The government has allocated Rs 1,000 crore in Union Budget this year for the CLSS (MIG) scheme.

Who’re the nodal agencies?

NHB and Housing and Urban Development Corporation (HUDCO) have been designated as central nodal agencies for implementation of CLSS for both MIG and EWS/LIG who would reimburse interest subsidy to primary lending institutions.


SPACIOUS 2 BHK FLATS IN THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55



December 2017

When the loan is of a high amount, like home loans usually are, even the slightest drop in your loan’s interest rate can make all the difference. So here’s what you can do to ensure that a home loan is offered to you at a low rate of interest.

The interest rate is the make or break factor when you’re selecting a loan. If it’s too high, the source of finance becomes entirely unaffordable. Since you’re looking for aid, you don’t want to end up increasing your financial burden in the long run. So, it is imperative that you focus your energy on securing the lowest interest rate possible when taking a Home Loan.

These 5 tactics will help you get an interest rate that is close to what you have in mind.


Leverage your credit score


Having spent all that time ensuring that your credit score is impeccable comes in handy when you’re looking to negotiate your home loan interest. The more stable your credit history, the higher your chances are of getting a Home Loan Interest Rate that is affordable. If your credit score needs work, clear your debts and avoid taking on more debt before you apply for a home loan. Even small things such as avoiding making purchases via a credit card will help.


Choose a shorter tenor


This may seem counterproductive, but hear us out. While it is true that when you have a long tenor your EMIs are low. However, the gross interest paid by you is higher. So, if you can pool in your finances, it is worth opting for a short tenor to keep the interest rate low.


Lowest Home Loan Interest Rate
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Take advantage of seasonal offers

Instead of jumping the gun, wait it out for a few weeks if possible. This way, you have time to evaluate all lenders thoroughly and pick a home loan that is ideal for you. But more importantly, this gives you a chance to take advantage of seasonal offers. Many financial institutions extend offers or discounts during festive seasons or as limited-period promotions. If you manage to time your application right, you’ll be able to get a significantly lower rate of interest on your home loan. So, if your credit needs are even slightly flexible, it is worth considering this tactic.


Lower your debt-to-income ratio


As the name suggests, your debt-to-income ratio is a measure of all your debts pitted against your income. Like your credit score, this ratio is also extremely important to maintain. As a thumb rule, ensure that your debts are far lower than your income to assure yourself a good interest rate. But, if your debt component seems high, take measures to clear as much of it as possible. Whether it is an outstanding education loan or a car loan, it is worth the effort to make a few large payments to tip the scales in your favour. With a lower debt to income ratio, you can convince your lender to give you a lower interest rate and find that repaying your home loan is easier than you imagined.


Don’t be scared to negotiate


If you have steady employment and your financial history is in order, don’t hesitate to verbally negotiate with your lender. You’ll be surprised at how it can help you shave off a few thousand rupees from your monthly EMIs. As long as you’re confident and you meet all the eligibility criteria, this is worth a shot. You have nothing to lose and you may be able to walk away with a better deal than you had anticipated!

With these 5 solutions up your sleeve, lowering your home loan interest rate is no longer a daunting, almost impossible task. For a home loan that truly puts your interests first, take a look at Bajaj Finserv’s Home Loan. It offers flexibility and is incredibly affordable too. Moreover, from 23rd November 2017 to 29th November 2017, you get a rate of interest of just 8.3% if your home loan’s value is above Rs.30 lakh.

RESIDENTIAL PROJECT NEAR YEOOR HILLS THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55


Source – MSN.COM




With several states in India offering benefits for women property buyers to boost their empowerment, we examine why it makes financial sense to register a property in a woman’s name

There are several benefits to buying a property in a woman’s name, either as the sole owner or as a joint owner, with governments and banks offering several sops.

“Aspiring home buyers can seek certain benefits including tax exemptions if a home is bought in a woman’s name. Such offers can also attract more women buyers to the realty sector,” points out Ashok Mohanani, CMD, Ekta World. Encouraging women to register assets in their name, also boosts women’s empowerment, he adds.


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Tax benefits


Experts explain that some of the obvious tax benefits of buying a home in the wife’s name, include an extra deduction of interest up to Rs 1.5 lakh every financial year, if the house is self-occupied. If a husband and wife are the joint owners of a property and if the wife has a separate source of income, then they can both claim tax deductions individually. The tax benefit will depend on the ownership share of each co-owner.


Discount on stamp duty charges


Several state governments in north India are now offering a partial waiver on stamp duty, for buyers registering properties in a woman’s name – either as a sole owner or as a joint owner.

“You can save 1%-2% on stamp duty, if the property is in a lady’s name. In Delhi, the stamp duty rate is 4% for women, compared to 6% for men. Moreover, if you are undergoing some financial setback and have some debts to repay, the property held in your wife’s name, does not come under the cover for your loss,” points out Sushil Raheja, CEO of Raheja Homes Builders & Developers..

Stamp duty charges for Women Vs Men

State/UT For Women For Men
Delhi 4% 6%
Haryanat 4% in rural areas and 6% in urban areas 6% in rural areas and 8% in urban areas
Rajasthan 4%* 5%

* As 1% rebate over normal rate


Discount on home loan interest rates


Many banks like SBI, ICICI and HDFC Bank, offer discounted rates on home loans for women borrowers. The prevailing interest rates for women borrowers are as mentioned below:

Interest rate for woman borrower Vs others

Bank Interest for Women borrower Interest Rate for others
SBI 8.35 – 8.85% 8.4 – 8.95%
ICICI 8.35 – 8.7% 8.4 – 8.85%
HDFC Ltd 8.35 – 9.05% 8.4 – 9.05%

Note: For amount < Rs 1 Cr


Things to keep in mind when buying a home in the wife’s name


Experts maintain that it is a good idea to buy a home in the name of one’s wife or in co-ownership. However, the wife can enjoy the tax benefit, only if she has a separate and genuine source of income. Moreover, if there is any legal dispute on the property, then both, the husband and wife, will be involved in the case. Therefore, home buyers should evaluate all possibilities, before making a final decision.

LUXURIOUS PROPERTIES IN THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55





Mumbai : The declining trend that engulfed luxury home prices across key Indian metros earlier this year has further intensified amid a global pattern of weakening prices, showed the Knight Frank Prime Global Cities Index Q3 2017.


The index that tracks the movement in luxury residential prices across 41 international cities, every quarter, rose by 4.2% in the year to September 2017. However, at least 19 of these cities saw a decline in annual growth.


While Delhi with 3.1% decline and Bengaluru with 0.8% drop recorded sharper negative growth, prices for luxury homes in Mumbai saw a marginal increase of 0.6% between September 2016 and September 2017, albeit on a declining trend.


Reflecting on the dismal performances all the three metros featured on the price index slid from their positions in the previous quarter. Delhi saw the biggest drop in rankings as it slipped from the 31st to the 36th position.


“Prime residential markets have been under immense pressure particularly since the event of demonetisation. While the move had an adverse impact on the overall residential market, luxury homes sales were worst hit. The quintessential wealthy investors known to take interests in such projects are missing courtesy better returns from other investment avenues,” said Samantak Das, Chief Economist and National Director – Research, Knight Frank India.


According to him, among the top three Indian cities the growth in price in this genre has been slowly tapering. While Mumbai maintained positive growth, albeit at an abysmally low rate, Delhi and Bengaluru witnessed negative growth.


“We foresee the trend to continue for at least 8- 12 months in this end-user driven market,” Das added.


Among global cities, Guangzhou continued to top the index with a staggering 36.3% price surge in luxury homes but the overall narrative for China was of a slower growth. While the annual prime price growth in Shanghai slipped from 19.7% last quarter to 14.9%, the rate of price growth decline in Beijing nearly halved from 15% to 7.2%, courtesy government enforced cooling measures.


However, the Asia Pacific dominated the ten rankings, with Seoul’s 11.2%, Sydney’s 11%) and Melbourne’s 10.4% rise.


Among luxury residential properties in Europe, Madrid, Paris and Berlin recorded robust growth. But other key markets such as Zurich, Vienna, Geneva and London ended the 12-month period witnessing a sharp price decline, the report said.

RESIDENTIAL PROJECTS WAGHBIL THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55