Fin Connect | Home Loans

Welcome to Fin Connect | Spin your finances

Fin Connect is leading financial service firm & sister company of Channel Connect mainly based on Home Loans distribution network which strongly operating with 15+ Nationalized & Private Banks in India including SBI, HDFC, ICICI & AXIS to name a few. Our vision is to give proper information to our esteemed customers related to home loans, Balance transfer, Mortgage loan, LAP & saving on interest rates. We are mainly focussed on to give extra support & hospitality to our clients toward best home loan search & give them the service which suits their financial requirement. 

Home Loan Elligibility

The applicant should be at least 21 years of age to be eligible for a home loan and having a regular source of income from employment or personal business. The loan must terminate before or when the applicant turns 65 years of age. The applicant should also produce at least 6 months of income proof.
LOAN AMOUNT

The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits etc. However, there are ways in which to increase loan eligibility and amount. If a spouse of fiancée is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners, they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help in enhancing eligibility. However, the most important factor in sanctioning loans is its repayment ability. The total amount also includes registration charges, transfer charges and stamp duties. 

DOCUMENTS REQUIRED FOR HOME LOANS

Documents required for self-employed persons  :

• Updated pass book or Xerox copy of the applicant’s statement of accounts for the past 6 months.
• A Xerox copy of the applicant’s ration card.
• A profile of the applicant’s business, mentioning at least the nature of the business, client list,suppliers, employee strength, geographical strength etc.
• In the case of a business partnership, a copy of the partnership deed, 3 years Profit & Loss account, B/S, computation of income certified by a CA and an income tax return file statement for 3 years is required.
• If the company applying for a loan is a Pvt. Ltd company, a remuneration certificate, the board resolution for fixing remuneration, the company’s annual report and individual IT returns for the last 3 years is required.

 Documents required for employed persons :

• Latest salary certificate or the original slip
• A Xerox copy of Form no. 16A (TDS Form) from the applicant’s Employer.
• The original certificate from the applicant’s employer for any other allowances that are not reflected in the applicant’s salary slip.
• A Xerox copy of the applicant’s updated bank pass book or a statement of the applicant’s accounts for the last 6 months.
• A Xerox copy of the applicant’s voter I.D card or the applicants Company’s I.D or the  applicant’s passport/ration card.
• A passport size photograph of the applicant & co-applicant.     

DISBURSEMENT

The loan will be sanctioned after the selection of property and submission of the required legal

documents. Some time will be taken to verify documents for the safety of the applicant.

The 230 A clearance of the seller and / or 371 clearance from the appropriate income tax

Authorities (if applicable) are also needed. Once the above has been submitted and verified,

The registration of the conveyance deed and investment of the applicant’s own contribution

And the loan amount will be disbursed by the bank. The disbursement will be in favor of the builder.

Documents required for disbursement:   

Loan Agreement

Disbursement Requests

Post-dated Cheques

Personal Guarantors Document.