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Can I get hassle free loan for my new home?

Yes. All are projects have clear property titles with a title certificate issued by a reputed Advocate.

How much loan can the bank sanction for my new home?

Banks usually give a loan for 80% of the sale agreement value. However, the loan amount is also dependent on your income eligibility. The banks have the full discretion as regards to the loans.

What is the period for the loan that the bank can sanction?

The banks and other financial firms offer a loan for a tenure of 10-25 years.

Is there a thumb rule for EMI calculation?

The banks calculate the EMI based on 60% of your income per month. The banks offer an EMI of roughly Rs. 800 per lakh of loan amount.

What are the general documents required for processing the loan amount?

The documents are as follows:

Completed application form

Photograph of applicant

Photo identity proof

Residence Address proof

Signature verification proof

Age proof

Processing fee

For Salaried Applicants:

Last 3 months’ Salary slip

Form 16

Repayment track record of existing loans/Loan closure letter

Bank statement for the last 6 months from Salary Account

For self employed Applicants:

A brief introduction of business/profession

Photo identity proof, Residence Address proof, Signature Verification Statement for all the main partners/directors

Repayment track record of existing loans/loan closure letter

Board resolution in case of company

Proof of existence of company

Office address proof

Income tax return / Computation of total income / Auditor’s report / Balance sheet / Profit & loss account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)

What is the stamp duty amount as per Goa Government?

The stamp duty amount is as follows:

For less than Rs. 1 crore agreement value:

At the time of agreement – 2.9 %

At the time of Sale Deed – 0.1 %

Registration fees at the time of Sale Deed – 2 %

For more than Rs. 1 crore agreement value:

At the time of agreement – 2.9 %

At the time of Sale Deed – 1.6 %

Registration fees at the time of Sale Deed – 3.5%

What is the GST amount?

The GST amount is 5% on the agreement value for non-affordable housing and 1% for affordable housing (<45 lakhs)

Can the GST be included in the total loan amount?

Yes. Most banks have now started including the GST amount in the total loan sanctioned.

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