Comparative analysis of various banks for home loans ( for self employed people )

Banks Documents HDFC Bank 1. Sales Deed 2. Legal search report(Bank advocate) 3. Design & Estimate (architect) 4. Valuation report 5. ITR(last 3 years) 6. balance sheet and P/L (last 3 years ) 7. Bank statements (current & savings,6 months) 8. Business profile 9. ID proof 10.Residence proof 11. Photos 12. Property papers Rate of interest 0-30 lacs 11.25% 0-30 lacs 0-30 lacs 0-30 lacs 0-30 lacs ITR & Balance sheet (last 2 years) SAME Others same All same All same SBI IDBI AXIS ICICI

30-75 lacs 11.50% >75 lacs 12%

11.25% 30-75 lacs 11.50%

11.25% 30-75 lacs 11.50%

10.75% 30-75 lacs 11.25% >75 lacs 12% 0.5% of loan taken+ Lawyers fee For flat max years 20 For construction max years -10

11.25% 30-75 lacs 11.50% >75 lacs 12% 0.5% of loan taken

Processing fee

o.5% of loan taken

>75 lacs 12% >75 lacs 12% 0.5% 0f loan 1% of loan taken + Legal taken opinion Max 25 years repayment period Max 20 years repayment period

Repayment terns

Max 20 years repayment period

Max 20 year

Eligibility of loan amount

Based on IIR (Income installment ratio)

85% of the property or 4 times the amount of income Yes (optional) Guarantor required N/A

85% of cost of Based on property<30 gross lacs income 80% for >3o lacs Yes (optional) Not required NO Depends upon case

85% of cost of property

Insurance of the property Yes (optional) Guarantor Additional security Depends upon case N/A

Yes (optional) Not required N/A

Depends upon Depends

case Documents required Income tax returns(years) Balance sheet and income statements Six months bank statements Residence proof Pan card Business Profile Property paper Passport photographs 3 3 Required 3 3 Required 3 3 Required

upon case 2 2 3 3

Not required Required

Comparative analysis of various banks for home loans ( for employed people )
Banks Documents HDFC Bank 1. Latest original 6 months pay slips with gross and net SBI IDBI ITR & Balance AXIS ICICI

deductions 2. Latest form 16/salary copy/pf statement 3. Design & Estimate (architect) 4. Valuation report 5. ITR(last 3 years) 6. Bank statements (6 months) 7. Past employment history 8. ID proof 9.Residence proof 10. Photos 11. Property papers Rate of interest 0-30 lacs 10.25% 30-75 lacs 10.50% >75 lacs 11% 0-30 lacs 10.25% 30-50 lacs -10.50%

sheet (last 2 years) SAME Others same All same All same

0-30 lacs 11.25% 30-50 lacs 11.50%

0-30 lacs 10.75% 30-50 lacs 11.25% >50 lacs

0-30 lacs 11.25% 30-50 lacs 11.50% >50 lacs

>50 lacs 11% >50 lacs

Processing fee

o.5% of loan taken

0.5% 0f loan taken + Legal opinion Max 25 years repayment period

12% 1% of loan taken Max 20 years repayment period

12% 12% 0.5% of loan 0.5% of taken+ loan taken Lawyers fee For flat max years 20 For construction max years -10 Max 20 year

Repayment terns

Max 20 years repayment period

Eligibility of loan amount

Based on IIR (Income installment ratio)

85% of the property or 4 times the amount of income Yes (optional) Guarantor required N/A

85% of cost of Based on property<30 gross lacs income 80% for >3o lacs Yes (optional) Not required NO Depends upon case

85% of cost of property

Insurance of the property Yes (optional) Guarantor Additional security Documents required Income tax returns(years) 3 Depends upon case N/A

Yes (optional) Not required N/A

Depends upon Depends case upon case 3 2

Salary copy Six months bank statements Residence proof Pan card Past employment Property paper Passport photographs Required Required Not required

Not required Required

Formula for calculation of EMI The formula for calculation of EMI given the loan, term and interest rate is: EMI = [(p*r) (1+r)^n ] / [ (1+r)^n 1 ] p = principal (amount of loan