We have exclusive arrangements with Banks(HDFC,The Federal Bank) or Builder Financing options for availing Home Loans. Please refer to the 'Triade Financials' tab for more details on Builder Financing options Contact us and we will not only make the introduction, but also render all assistance for you to avail a Home Loan. Our friendly relations with the Officers at HDFC or The Federal Bank will enable you to receive personal attention in expediting the processing of your application for a Dream Home. Banks may or maynot charge for pre-mature closure of your home loan. If they do not then, it is as simple as Get it today and close it tomorrow without paying anything extra. HOME LOANS can be availed by any of the following...
If you indicate the bank of your choice, you will be contacted directly by the selected Bank, and we shall render maximum assistance in securing your loan. The actual amount you can borrow from the bank will depend on your age and your Net Monthly Income (NMI).Home loans can be availed up to 85% of total cost of the home. Home Loans of up to 85% will be sanctioned on approval of the eligibility of the applicant to repay the loan. Eligibility will be considered based on the documents submitted by the applicant. These should include:
If an applicant’s spouse is employed and he/ she can also provide the required documents noted above, then, in case the loan amount sanctioned to the applicant is not sufficient, the income of the spouse can also be included to make up the total amount necessary to avail the required amount for purchase of the home. RepaymentBanks provides options for repayment of your Home Loan based on the age, and the tenure of the loan you wish to avail, maximum tenure is 15 years. Age: Up to 45 years - 15 years maximum. Above 45 years – depend on the Age. Home loans are sanctioned on the condition that full repayment is made before the applicant reaches 65 years of age. In the event that an NRI/ Buyer is unable to appear in person to execute the documents to avail the Home loan for a purchase, then a Power of Attorney produced by an authorized person will be sufficient for the purpose. The signature of the person issuing the Power of Attorney should be attested by an acceptable Authority (Embassy) from the place of issue of the POA. Eligibility Calculation
For Eg:Monthly Income = Rs.75000 - Looking Loan For a 10 years loan. His eligibility as follows
The Term of the Loan Depends on the Monthly Salary And Age of the Applicant. |
TRIADE FINANCIALS - Save Thousands! Now making home buying much easier..
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When you use Triade Financial for the financing of your beautiful Triade Home, you'll get a discounted interest rate\fees. You will only receive these special savings when using Triade Financial for your financing. These savings comes with no gimmicks and no strings attached. It is just one of the many good reasons that many of Triade Homes customers who used Triade Financials for their mortgage financing say that they would recommend us to their family and friends! GET A GREAT RATE ONLY THROUGH TRIADE FINANCIALS!HOME LOANS can be availed by any of the following...
The actual amount you can borrow will depend on your age and your Net Monthly Income (NMI).Home loans can be availed up to 50% (not exceeding Rupees Thiry Lakhs) of total purchase price of your home. Home Loans of up to 50% (not exceeding Rupees Thiry Lakhs) will be sanctioned on approval of the eligibility of the applicant to repay the loan. Loans are not available for Land\Plot Purchases Eligibility will be considered based on the Documents submitted by the applicant. These should include:
If an applicant’s spouse is employed and he she can also provide the required documents noted above, then, in case the loan amount sanctioned to the applicant is not sufficient, the income of the spouse can also be included to make up the total amount necessary to avail the required amount for purchase of the home. RepaymentWe provide options for repayment of your Home Loan based on the age, and the tenure of the loan you wish to avail, maximum tenure 10 years. Home loans are sanctioned on the condition that full repayment is made before the applicant reaches 65 years of age. Loans payed off after 3 years of the tenure period do not have a pre payment penalty. In the event that an NRI/ Buyer is unable to appear in person to execute the documents to avail the Home loan for a purchase, then a Power of Attorney produced by an authorized person will be sufficient for the purpose. The signature of the person issuing the Power of Attorney should be attested by an acceptable Authority (Embassy) from the place of issue of the POA. Sample Mortgage
Builder Finance Terms and Conditions
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FAQ
An Indian Citizen who stays abroad for employment/ carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in UN Organisation and officials deputed abroad by Central/ State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian |
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| Q | What is the maximum amount I can borrow? |
| A | You can avail of a maximum loan of Rs 1,00,00,000/- or 85% of the cost of the property, including cost of the land, whichever is lower. |
| Q | What is the loan amount I am eligible for? |
| A | Subject to the above condition, your repayment capacity will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, work experience, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation, alternate employment prospects when you return to India and savings history. |
| Q | What are the documents to be submitted along with the application? |
| A | The documents to be submitted include: Employment/Residency related documents - Photocopies of:
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| Q | Who can be co-applicants? |
| A | Proposed owners of the property, in respect of which you are seeking financial assistance, will have to be co-applicants. However, all co-applicants need not be co-owners. |
| Q | What is the rate of interest that will be charged on my loan? |
| A | The rate of interest will vary per annum depending on the Institution.Current rates range from 10.50% - 11.75% |
| Q | Any other charges are applicable? |
| A | At the time of making application for the loan a processing fee is payable. This will vary from 0.5% to 1% of the loan amount applied for depending on the Institution. |
| Q | How is the interest calculated? |
| A | The interest calculation, of course holds the key to your cost. The uniformly followed system is to apply the interest rate at what is known as reducing balance. That is every time interest is calculated afresh, you are assumed to have paid up a part of the principal. So interest is calculated on the unpaid part. |
| Therefore you must check whether the interest is being calculated on a monthly, quarterly or annual reducing balance .The difference? Consider a Rs 20 lakh loan repayable over 20 years at an EMI of Rs 31,137/-. Calculated monthly, the interest component of your loan turns out to be Rs. 30,000 for the first month, so your EMI actually pays off the entire interest for the month, and Rs 1,137/- from the principal. Since the same calculations are made every month, the principal becomes lower at monthly intervals. | |
| However if the EMI calculations were on an annual basis, the principal portion of your loan of Rs 20 lakh would be reduced by Rs 13,644/-. But the interest calculation is done only once a year-that means the interest payment is a little higher. "The More often reducing balance is calculated the better you will be". So remember opt for the Monthly calculation whenever possible. | |
| The shorter the period of the loan the higher the amount you pay each month. So pick your repayment capacity, and then work backwards to finalise your payback period. To calculate your payment plan your vendor will calculate your total liability, principal+ interest and then divide the figure into EMI's (Equated Monthly Instalment's). One off processing and administrative fees which will add about 2 percentage points to the cost of your loan will also have to be paid. | |
| Q | What is the maximum period in which I can repay the loan? |
| A | The period of repayment of the loan is normally in the range of three to 10 years. However the lender will endeavor to determine the repayment period to suit your convenience. |
| Q | How do I repay the loan? |
| A | You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement. EMI is payable every month, by the end of that month. |
| In respect of the period prior to commencement of EMI, you pay interest on the amount/s of the loan disbursed. This interest is called Pre-EMI interest. Pre-EMI interest is payable every month, by the end of the month, from the date of each disbursement upto the date of commencement of EMI. Pre-EMI is calculated at the same rate at which EMI is calculated. | |
| EMI payments are to be made through post dated cheques from your Non-Resident (External) Account/ Non-Resident (Ordinary) Account in India. | |
| Q | What is the size of the EMI? |
| A | The EMI is 1/12th the Equated Annual Installment. The size of the monthly installment comprising principal and interest depends on the quantum of the loan, the interest rate applicable and the term of the loan. |
| Q | What security will I have to provide? |
| A | Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. |
| Q | When can I take disbursement of the loan? |
| A | You can take disbursement of the loan after the property has been technically appraised, all legal documentation has been completed and you have invested your own contribution in full. Own contribution is the total cost of the property less the loan amount availed. |
| Q | In how many installments can the loan be disbursed? |
| A | The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and progress of construction. |
| Q | Can I repay my loan ahead of schedule? |
| A | Yes. You can repay the loan ahead of schedule, by remittances from abroad through normal banking channels, your Non-Resident (External) Account and/ or Non-Resident (Ordinary) Account in India. Most of the institutions do not levy a pre-payment charge. |
| Q | In what form can I make payments to the Housing Finance Institution (HFI) ? |
| A | Payments for fees, charges and pre-EMI interest should be remitted to the HFI from abroad through normal banking channels or from the Non-Resident (External) Account/ Non-Resident (Ordinary) account in India. |
| EMI payments are to be made through post dated cheques from your Non-Resident (External) Account/ Non-Resident (Ordinary) Account. Cash payments will not be accepted. | |
| Q | Who is eligible for a Home Loan? |
| A | An Indian citizen, Non – Resident Indian citizen (NRI) and Foreign citizens of Indian Origin. |
| Q | Who is a Non-Resident Indian (NRI)? |
| A | An Indian citizen who lives outside India for Employment/ Business/ Vocation or lives abroad under circumstances indicating an intention for an uncertain duration. Non-resident Foreign citizens of Indian Origin are treated on par with Non-Resident Indian citizens (NRIs). |
| Q | Who is a person of Indian Origin ? |
| A | A Foreign Citizen is deemed to be of Indian origin, if… |
(i) the person possesses an Indian passport at any time or (ii) the person, or he/she or either of his/her parents or any of his/her grand-parents was a citizen by virtue of the Constitution of India or (iii) he/she is the spouse of a person of Indian origin, who will also be considered as a person of Indian origin for the above purposes. |
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| Q | Can Villas and/ or Apartments purchased with Bank Loan be sold without the permission of Reserve Bank of India? |
| A | Yes. The Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/ FCNR accounts. |
| Q | Can sale proceeds of such property be remitted out of India? |
| A | Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad, provided the property is sold after a period of three years from the date of the final purchase deed, or from the date of payment of final installment of consideration amount, whichever is later. |
| Q | Who will sign the relevant documents on my behalf when I am abroad? |
| A | An authorized person in Kerala; friend, relative or any individual can sign the documents on your behalf. A Power of Attorney authorizing said person will have to be executed. This can be done by us, KCC, if you furnish us the Name, Age and Address of said authorized person who will act on your behalf. We will then forward to you the Power of Attorney for your signature. The Signature shall be attested by an acceptable Notary at the place of issue of POA. |
| Q | What is the collateral Security I have to furnish in order to avail a Home Loan? |
| A | The collateral Security for the loan shall be a mortgage of the property to be financed, i.e. the Apartment at Meenachil River Homes. No other security is necessary. |
| Q | When, and to whom, are the loan disbursement made? |
| A | The disbursements are made direct to the Builder according to the Payment Schedule stipulated by the Builder and agreed to by the Buyer. The amounts will be paid only after the Buyer instructs the bank to release the amount on completion of each stage of construction. The financing Bank is also authorized to assess progress of construction on behalf of the Buyer. |
| Q | How do I repay the loan? |
| A | The loan in repaid in Equated Monthly installments (EMI) comprising principal and interest. The EMI remittance commences within one month of receipt of full loan amount. The EMI is payable by the end of each month. |
| Q | Can the loan be repaid ahead of Schedule? |
| A | The loan may be repaid ahead of schedule. Some Banks do charge a pre-payment penalty. |
