Land loans
Land loans give an opportunity for individual customer to purchase a residential plot of land to do self- construction. Thus, customer can invest now in a plot of land & build in future. The Land loan can be financed only within municipal limits of HUB locations or in case of direct allotment outside municipal limits by DA.
Land Loan can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian.
Home Improvement Loans
Home Improvement Loan is offered to facilitate improvement of a self-owned dwelling unit to existing or new customer. HIL considers a range of facilities internal or external to the structure without increase in the living pace. Thus, a customer can add or improve facilities to his dwelling unit with a loan at Home Equity Loan rate of interest
Home Improvement Loan can be availed by Resident Indian whether Salaried or Self-Employed.
Office Premises Loans
Office Premises Loan can be used for purchase, construction, extension & also for improvement (at the time of acquisition of office premises. It creates an opportunity to extend loans to self-employed individuals to house their profession or business giving a permanent address for generating steady flow of income. The product can also include the estimate of renovation at the time of purchase of the property. This loan is especially meant for self-employed professionals like Doctors, Architects etc.
Home Loans can be availed by Resident Indian who are Self-Employed and also by Non- Resident Indian who are Salaried.
EMI Under Construction
EMI Under Construction is offered for structuring a home loan to enable individuals to commence his EMI in a partly disbursed under construction project. Commencement of EMI ensures re-payment towards principal amount leading to savings in interest and faster repayment of the loan. The EMI paid is as per the sanctioned loan amount and remains constant during the tenure of the loan. The tenure of the loan keeps moving up with additional amount being disbursed.
EMI under Construction can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian.
Balance Transfer
Balance Transfer is a facility offering the customer a choice to transfer the outstanding balance of the loan availed for better terms & conditions. Balance Transfer helps to move from higher rate of interest to lower rate of interest or increase in loan component as Top up. BT is possible only from loans taken from HFCs approved by NHB for refinance, Banks or employer Loans taken from Central or State Government.
Balance Transfer can be availed by Resident Indian whether Salaried or Self-Employed.
Money Saver
Money Saver account is a home loan account with transaction facility. The account holder can deposit & withdraw to the extent of balance maintained. On the commencement of EMI the interest will be calculated on the outstanding debit balance. Thus, the home loan account holder maintaining large balance in the Money Saver account can save on the interest paid by faster repayment. This means one can pay less & repay loan faster.
This product can be offered only in case of first and final disbursement – Part disbursement cases cannot be offered this product. MoneySaver would be available at Floating Rates only & Fixed EMI per lac per month would be applicable. IT certificate in the case of MoneySaver is not issued.
Money Saver can be availed by Resident Indian whether Salaried or Self-Employed.
Top Up Loan
Top Up Loan can be availed time and again for various personal requirement based on value of the property. It offers the customer additional funds against the security of the same property. To avail Top Up loan, the vintage of atleast six months is required for the loan availed. The basic eligibility emerges with good repayment track record. The end use letter is essential to be collected.
The End use of Top Up Loans can be
- Furnishing of home
- Consumer durable
- Child's education
- Daughter's marriage
- Family holiday
- Vehicle
Any other personal requirement of the borrower provided it is not speculative or illegal in nature.
This product is applicable to fully disbursed cases with no post- disbursement document pending.
This product is priced more than base home loan rates but lower than any personal loan rates.
Top Up Loan can be availed by Resident Indian whether Salaried or Self-Employed.
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Factors affecting your Loan Amount
Home Loans brings to you a home loan power-packed with numerous facilities making it the perfect home finance option for you.
With P S FINANCIAL SERVICES you can get a home loan suited to your needs. The home loan amount depends on your repayment capability and is restricted to a maximum of 85% of the cost of the property or the cost of construction as applicable. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability, continuity of occupation and savings history.
A number of factors are taken into account when assessing your repayment capacity. Your income, age, number of dependants, qualifications, assets and liabilities, stability/ continuity of your employment / business are some of them.
However, there are ways by which you can enhance your eligibility, like:
- If your spouse is earning, put him/her as a co-applicant. The additional income shall be included to enhance your loan amount. Incidentally, if there are any co-owners they must necessarily be co-applicants.
- Did you know that your fiancée's income can also be considered for sanctioning the loan on your combined income? The disbursement of the loan, however, will be done only after you submit proof of your marriage.
- Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility.
While there is no need for a guarantor, it could be that having one might enhance your credibility with us. If so, our loan officer would provide you with the necessary details.
The final amount to be sanctioned will depend on your repayment capacity. However, what you ultimately are entitled to will have to conform within the limits fixed for each loan.
Also, when the company looks at the total cost, registration charges, transfer charges and stamp duty costs are included. |
