Financial Assistance

Real estate being a much desired asset, its desirability coupled with scarcity have historically made it an appreciating and profitable investment. Yet, few people can afford to or will want to pay all cash for real estate. Since almost every real estate transaction involves some form of financing, an understanding of real estate financing is imperative for every prospective buyer. Bangalore has its own home-financing system in banks and government-backed financial institutions which offer easy home financing facilities. The creative financing offered by these associations helps you secure the real estate you want in way that's easy on your wallet. Go ahead and examine the various FINANCIAL INSTITUTIONS which are probable sources of real estate loan funds or which offer property financing facilities for you.

CAN FIN HOMES LTD.

Can Fin Homes is a housing finance company sponsored by Canara Bank. CFHL extends financial assistance for acquisition of residential homes to individuals whose immediate family does not own a house. CFHL grants housing loans which are easily obtainable by fulfilling certain fundamental norms. After identifying the property you want to buy, you will have to submit certain documents (which may vary from state to state) namely:

1. The original title deeds tracing the title of the property; 13 years encumbrance certificate; agreement for sale or any other document necessary to qualify as an applicant.

2. Sanctioned building / construction plan and license, detailed construction and cost estimate.

3. Proof of income (salary certificate, balance sheet for the past three years, income tax returns, other sources of finance) CFHL grants housing loans for up to 25 lakhs (the maximum loan permissible being 75% of the total project cost subject to maximum value of the building portion in case of purchase of a ready built house and the cost of construction in case of construction). Housing loans are repayable in 7 to 15 years in Equated Monthly Installments (EMI) which comprises both principal and interest. Prepayment facilities are also available. CFHL in addition to the housing loan scheme also offers the following:

1. Renovation , repair and extension loan

2. Short term development and building loan

3. Rental housing schemes for companies

4. Loan facilities for NRI's (conditions vary)

Can Fin Homes will give shape to your dream house so visit them for your `CanFin Home' today.

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

HDFC offers you loans for you dream home - buying, constructing, extending or improving your home or even financing purchase of land. You could acquire a self contained flat, an independent unit or even a single or multi-family bungalow through this scheme. The HDFC home financing loan scheme can be availed of by fulfilling the following conditions and submitting the following documents.

1. Copy of approved drawings of proposed construction, purchase, extension.

2. Agreement for sale, cost estimate from engineer/ architect for property.

3. Salary certificate and details of employment for the past 5 years.

4. Other information regarding your repayment capacity.

HDFC grants loans for up to 25 lakhs for every individual. You can avail of a maximum of up to 85% cost of the property, including cost of land. Loans are repayable over a maximum period of 15 years, in Equated Monthly Installments. Prepayment facilities are also available.

In addition to the housing loan scheme, HDFC also offers loans for:

1. Home improvement or extension.

2. Short term bridging.

3. Land purchase.

4. NRI home financing (conditions vary)

HDFC works for you and with you to select and get the home of your choice the easy way.

CITIHOME

Citihome offers home loans from Citibank that are tailored to your individual expectations. With a Citihome loan you can purchase a new home or an existing home, extend or upgrade your home, construct or buy under construction homes. To qualify for a Citihome loan you have to furnish the following documents.

1. Financial documents: salary certificate, proof of residence, copy of audited financial statements, audited balance sheets, etc.

2. Assets and liabilities: statements, wealth tax returns, credit cards, loans etc.

3. Property details: draft sale agreement, property details, copies of title deeds, approved plans, clearance certificates etc. Citihome grants loans from 2 lakhs to 50 lakhs. A loan applicant can get up to 70% of the value of the property or 60% in case of approved under construction homes. The interest rate is 19.57% on a monthly reducing basis. Citibank offers a flexible repayment plan subject to a minimum monthly repayment amount. What's more, you can also have the flexibility of prepaying the loan fully at any time. Citihome also offers Bridge loans and loans for NRI's. If you are an NRI holding an Indian passport you can avail up to 65% of your property value subject to a maximum of 10 lakhs. (conditions vary).