At Elite Estates we work closely with our buyers to facilitate a better understanding of the variety of ways that you may be able to finance your new plot. This includes general guidance, answering specific questions, helping facilitate the buying process, assisting with deed registrations, and even putting you in touch with the right banking partner.

While we make every effort to guide you on the variety of property loans available, necessary paperwork and eligibility criteria, the final details need to be addressed to your financial institution, lending partner or bank.

Below is a set of preliminary questions with answers that may help enhance your understanding of the property loan application process.

Questions & Answers

1What are the types of loans available to me?
Property or home purchase loans may be available to you to help you facilitate your purchase. There are many types of such loans. The specific modalities of your loan vary by lender.
2What is an EMI?
EMI stands for equated monthly installment and is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are applied to both interest and the principle amount payable.
3What are the eligibility criteria for a loan?
To qualify for a property loan, most lending institutions require you to be:
  • An Indian citizen, Indian resident, Non-Resident Indian (NRI) or Person of Indian Origin (PIO).
  • Above 21 years of age when you apply for the loan and when the loan is disbursed to you.
  • Below 65 years of age when the final loan repayment is complete, and the loan matures.
  • Either a salaried employee or self-employed and worthy of applying for a line of credit.
4What interest rates offered on loans are available to me?
Interest rates vary based on the type of lending institution you apply to and your credit score. For current interest rates please check with the financial institution you are applying to. The interest rate on purchase loans is calculated in several ways and any queries need to be taken up directly with the lending party.
5What is the repayment period for a loan that I apply for?
Repayment periods vary by institutions. However, in most cases options range between 5 to 20 years.
6Do I need to place a security guarantee to avail of a loan?
In many cases, the property or plot you are purchasing becomes the security or guarantee and is mortgaged to the lending institution till the entire loan is repaid. Some lending parties may also request additional security or guarantees including financial instruments, life insurance policies, fixed deposit receipts, and share or savings certificates.
7What is the customary time-period to for loan approvals?
This depends on the institution that you apply to. However, usually, loans are disbursed within 15 working days after complete documentation is provided and your loan is approved, along with all relevant procedures and verifications.
8Are there any tax benefits that I can avail of when utilizing a loan?
The principal amount as well as the interest of property loans may yield certain tax benefits, under section 80C of the Income Tax Act 1961. Please check with your lender for more details.


PAN Card

A clear copy of your PAN Card.


Address Proof

This may include your Passport, Driving License or Voter ID.


Employee ID

A clear copy of your employment ID.


Employment Offer Letter

A copy of your original offer letter at the time of joining including your date of joining, designation at the time of offer as well as salary details.


Previous Employment Relieving Letter

A copy of your relieving letter or letter of experience from your previous job if applicable.


Monthly Salary Slips

Copies of your salary slips for the last 3 months.


Bank Account Statement

Copies of your bank account statements for the last 6 months.


Form 16

Copies of your Form 16 forms for the last 2 years.


Income Tax Returns

Copies of your filed income tax returns for the last 2 years.


Other Loan Details

Information about any existing loans you are servicing including loan statements till date.


Banking Partners


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