Long Term Details & Eligibility Critera

LOAN TERM DETAILS & ELIGIBILITY CRITEREA

TERM:

  

Minimum 5 to maximum 25 years WITH following Cap

1. All Employees up to their retirement age, which presently is not considered beyond 60 years.
2. Govt. Employees enjoying full pension facility up to their age of 70
3. Businessmen & Self employed Professionals up to their age of 65
4. Two brothers jointly, Term maximum 15 years.
5. NRI Borrowers up to their age of 55 & Loan Term not more than 15 years.

ELIGIBILITY:

HOW TO ARRIVE AT MONTHLY NET INCOME OF EMPLOYEES:

1.  This is calculated mainly (based) on your NET INCOME after deducting your all ONGOING loan EMI's
2. Your annual VARIABLE INCOME mentioned in your latest CTC is divided by 24 to arrive at a monthly minimum possible income, to be added to  your net monthly salary.
3. Possible tentative Income Tax reduction as per Govt. of India Income Tax rules, is added back to your NET MONTHLY INCOME
4. If any housing loan is present, we can consider tentative MONTHLY RENTAL INCOME of present property to be added as monthly income @50% after obtaining rental valuation from our EXPERT VALUERS.
5. Any re-imbursements are not considered as Any Income, while calculating your NET MONTHLY INCOME.
6. Other than the present EMI's of any ongoing loans, family dependence liability is considered for deduction from NET MONTHLY INCOME.

 QUALIFICATION GIVES YOU MORE WAIGHTAGE

1. Graduates are allowed to use 50% of NET MONTHLY INCOME (as calculated above ) for payment of their Monthly EMI Amount
2. Diploma Holders are allowed to use 55%  ==========do=============
3. Professionally qualified persons are allowed to use 60% ===========do===========
4. In some cases highly qualified professionals can use 65%===============do======== after obtaining permission.
5. For businessmen & Self employed persons 3yrs net profit plus some percentages of certain depreciation is allowed to be added back.
6. Then three years monthly average income is arrived at to decide their NET MONTHLY INCOME, of course all above respected additions & deductions are to be considered to arrive at their final NET MONTHLY INCOME
7. Maximum loan allowed is: up to 20.00 lakhs                                         85% of Total cost
   Maximum loan allowed is: Above 20.00 lakhs to 1.50 crore                 80% of Total cost
   Bachelors’ buying under construction property & not
   an employee of Specially Approved Company as per
   LIC HFL OWN LISTING WILL GET                                                75%  of Total Cost 

But if he/she plans to buy a Ready Possession Property then up to 80% of Total Cost can be considered All these percentages is a maximum cap, & ultimately your own net monthly income has to be considered.