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Sundaram Home Finance Limited
II Floor, Elizabeth Alexander Memorial Building, Marine Drive, Kochi.
Ph: +91.484-2350341, 2350342
Internet: www.sundaramhome.com ,
www.sundaramfinance.in
Introduction
Sundaram Home Finance Limited was incorporated on July 2, 1999, under the Companies Act 1956. Sundaram Finance Limited has promoted Sundaram Home Finance Limited, with equity participation from International Finance Corporation (IFC), Washington and FMO, Netherlands. SHFL combines its expertise in Home Finance with the service-orientation of its promoter Sundaram Finance.
Salient features:
Transparent process
Speedy sanctions
Personalised service
Vision
*To be a Housing Finance company of International Standards with a mission to create Value for its Stakeholders.
*To contribute to mitigation of shelter-related problems of both the formal and informal sectors.
Home Loans
Availing our Home Loans you could
+ construct a house on your plot of land
+ purchase an apartment from a builder
+ purchase a bungalow/apartment on a second hand basis
+ purchase your home from a Statutory Authority
Maximum loan:
Rs.1 crore or 85% of the agreement value, whichever is less, subject to repayment capacity as assessed by
SHFL.
Maximum term of loan:
20 years or retirement age, whichever is earlier.
Various home loan services:
· Home Extension Loans
· Home Improvement Loans
· Land Loans
· NRI Loans
· Loans to professionals
· Loans against existing homes
Home Extension Loans
You can avail of our Home Extension Loans, if you are planning to:
· Add an additional room or two to your existing home
· Put up an additional floor to your existing home or
· Extend your house in any other way
Maximum loan: Rs.1 crore or 85% of the agreement value, whichever is less, subject to repayment capacity as assessed by
SHFL.
Maximum term of loan: 15 years or retirement age, whichever is earlier.
Home Improvement Loans
If you are planning to carry out internal & external repairs to your existing home, we can finance you through our Home Improvement Loan.
Maximum loan: Rs.1 crore or 70% of the agreement value, whichever is less, subject to repayment capacity as assessed by SHFL.
Maximum term of loan: 10 years or retirement age, whichever is earlier.
Land loans
If you have found the land on which you wish to bring your dream house to life, and all you need is finance, Sundaram Home Finance Ltd will provide you finance to acquire the land.
Maximum loan: Rs.1 crore or 50% of the agreement value, whichever is less, subject to repayment capacity as assessed by SHFL.
Maximum term of loan: 15 years or retirement age, whichever is earlier.
NRI Loans
Sundaram Home Finance Ltd offers loans to Non-Resident Indians.
Schemes
Home Loans
Home Extension Loans
Home Improvement Loans
Land loans
Maximum Loan Amount :
+ For Home Loans - Rs 1 crore or 85% of the cost of the property, whichever is less
+ For Home Extension Loans -Rs 1 crore or 85% of the cost of the property, whichever is less
+ For Home Improvement Loans- Rs.1 crore or 70% of the cost of property, whichever is less
+ For Land Loans - Rs.1 crore or 50% of the cost of land, whichever is less
Loan Term: Maximum of 10 years
Fees: 1% of the loan amount.
Security: Equitable Mortgage of the property financed
Terms And Conditions
*Own contribution, which is the cost of the dwelling unit financed, LESS the loan amount, can be met from direct remittances from abroad through normal banking channels, from the NRE account and/or NRO account and/or FCNR account in India.
*Fees, Pre-EMI Interest, Repayment of loan, which comprises principal and interest and other charges should be paid by remittances from abroad through normal banking channels, the NRE account and/or NRO account and/or FCNR account in India.
*Documents Required For Processing
·Latest salary certificate in original
·A copy of the latest employment contract, wherever applicable/available
·Last drawn wage certificate/slip
·Continuous Discharge Certificate for the past 3 years (if applicable)
·Copies of relevant pages of passport (Name, Date of Birth, Validity, Visa stamped on passport)
·Own Contribution Proof
·Copy of bank statements showing debits for payments made in favour of the builder or withdrawals during the period of construction must be provided as proof of own contribution met from the NRE account and/or NRO account and/or FCNR account in India.
Other Requirements while Processing an Application for Loan from an NRI
·Two local contact addresses with employment details and residence phone numbers.
·Power of Attorney (please visit www.sundaramhome.com for more details)
Disbursement
You can take disbursement of the loan after
·You have invested your own contribution in full (own contribution is the total cost of the
property less SHFL's loan).
·The property has been technically appraised,
·All legal documentation has been completed and
the loan will be disbursed in full or in suitable installments taking into account the requirement of funds and progress of construction, as assessed by Sundaram Home and not necessarily according to the builder's agreement.
How to apply
You can download the Application Form or get it by normal mail – please visit: www.sundaramhome.com
In case you have further queries, get in touch with us, we will be glad to help you.
Loans to professionals
Sundaram Home (SHFL) now offers loans to Professional for setting up their own offices.
THE PROFESSIONAL
professional, in the context, shall mean and include only a practicing Doctor (to set up a clinic), or a consulting Chartered Accountant, an architect an advocate and a management consultant (to set up office for consultancy)
THE MAXIMUM LOAN POSSIBLE
75% of the cost of construction/purchase of the unit OR Rs.1 crore - whichever is less, subject to assessment of repayment capacity by SHFL.
RATE OF INTEREST / FEE
Please contact the nearest branch for the latest rates.
TERM OF REPAYMENT OF THE LOAN
The term of repayment for this loan shall be a maximum of 10 years OR 65 years of age of the applicant/s, whichever is earlier.
SECURITY FOR THE LOAN
· Equitable mortgage of the property financed
· Additional security/ies as may be recommended by SHFL
DISBURSEMENT
The loan sanctioned will be disbursed subject to the conditions that
·The own contribution is fully invested by you
·On satisfactory progress in the construction as determined by SHFL.
REPAYMENT
*Pre-EMI will be payable on the amount/s disbursed till the date of commencement of EMI at the rates applicable for the loan
*The loan will be repayable by way of Equated Monthly Instalments (EMIs) on full disbursement, commencing the month following the month in which final disbursement takes place
MODE OF REPAYMENT
The loan shall be repayable by way of Equated Monthly Instalments (EMIs) by way of Post Dated cheques. The EMIs are calculated on Annually Reducing Balance.
Loans against existing homes
What is Home equity loan offered by Sundaram Home ?
It is a loan offered against the Mortgage of property
Can I take the loan against commercial property ?
No Home equity loan is available only for self occupied residential property
What is the maximum loan I can avail ?
You can avail up to a maximum of Rs.25 lakhs or 50% of the value as determined by Sundaram Home subject to the repayment capacity whichever is less
What is the Maximum term of repayment ?
If you are salaried maximum term - 7 years ( or ) retirement age whichever is earlier
If you are self employed - 7 years or 65 years whichever is earlier
What is the fee payable for loan processing ?
A non refundable processing fee of 2 % of the loan amount payable towards legal , technical and documentation is applicable
What is the security for the loan ?
*The loan will be secured by an equitable mortgage of the property and registered mortgage for a nominal amount. Equitable mortgage of property is created by way of deposit of title document of the property financed
*It is essential that all the owners of the property should join the applicant as co applicants / co borrowers
Do I have to provide additional security for the loan amount ?
*Sundaram Home may ask for additional security/ securities based on assessment and the strength of repayment capacity.
*It could be personal gurantee /s , Life insurance policies with adequate paid up value or any other alternate tangible security acceptable to Sundaram Home.
What are the documents to be submitted ?
If you are salaried
Your latest salary slip or salary certificate showing details of deductions . Your previous
occupational history if you are in your current employment for less than 2 years. A detailed
profile of your company if it newly established or a private limited company
If you are self employed
*Copy of your profit and loss accounts , audited balance sheet (last 3 financial years)of your firm
*Copy of computation of income by your chartered accountant.
*Copy of acknowledgement of IT returns given by the Income tax department
*Property Documents - One entire set of the property documents & A copy of the approved plan.
How will the loan amount be disbursed ?
The loan amount shall be disbursed in one lump sum after due verification of the following
- clearance of title of the property by Sundaram Home’s legal department
- Valuation of the property by our technical department / external valuation
What is the mode of repayment ?
Deduction from salary if Sundaram Home has an arrangement with your company or using post - dated cheques
When does the repayment of the loan begin ?
EMI towards repayment of loan comprising principal and interest shall commence from the month following the month in which the final disbursement takes place
Can I prepay the loan ?
Yes you can prepay the loan either partly or fully with prepayment charges as applicable from time to time.
For more information, visit us at: www.sundaramhome.com
http://www.sundaramfinance.in/
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