Understand Home Loan eligibility, documents, down payment, LTV, EMI, property checks, charges, sanction and disbursal before applying.
1. What is a Home Loan?
A Home Loan may help an eligible applicant purchase, construct, renovate or improve a residential property. Balance transfer and top-up facilities may also be available, depending on the lender, property and applicant profile.
The lender independently assesses income, existing obligations, credit profile, repayment capacity and the legal and technical acceptability of the property. Hayanav Financial Services does not directly sanction or disburse loans.
2. Common Home Loan purposes
- Purchase of a ready-to-move residential property
- Purchase of an eligible under-construction property
- Construction of a house on an eligible plot
- Eligible home renovation or improvement
- Balance transfer of an existing Home Loan
- Eligible top-up facility, subject to lender policy
3. Ready-to-move and under-construction properties
Ready-to-move and under-construction properties may have different document, approval and disbursal requirements. For an under-construction property, funds may be released according to construction stages and verified demand.
Customers should verify the builder, property approvals, payment schedule and applicable regulatory records before proceeding.
4. General eligibility factors
- Eligible monthly income
- Employment or business stability
- Existing EMIs and fixed obligations
- Credit history and repayment behaviour
- Applicant and co-applicant age
- Requested amount and tenure
- Property location, type and valuation
- Clear and marketable property title
- Available margin or down payment
- Internal lender policy
Meeting general eligibility conditions does not guarantee sanction or disbursement.
5. Applicant documents
Salaried applicants
- PAN and accepted identity/address proof
- Recent salary slips
- Recent salary-account bank statements
- Form 16 or Income Tax Return, where requested
- Employment proof, where required
- Existing loan and EMI details
- Applicant and co-applicant information
- Additional documents requested by the lender
Self-employed applicants
- PAN and accepted identity/address proof
- Business or professional-practice proof
- Personal and business bank statements
- Income Tax Returns with computation of income
- Profit and Loss Account and Balance Sheet
- GST returns, where applicable
- Business-vintage and operational proof
- Existing loan and EMI details
- Additional financial records requested by the lender
6. Common property documents
- Agreement, allotment or sale documents, as applicable
- Title and ownership-chain documents
- Approved building plan and permissions, where applicable
- Property-tax paid receipts
- Encumbrance-related records, where requested
- Khata or corresponding municipal/revenue records, where applicable
- Occupancy or completion documents, where applicable
- Builder demand letters for construction-linked cases
- Construction estimate and plot records for construction loans
- Additional legal or technical records requested by the lender
7. Down payment, margin and LTV
Down payment or margin is the portion of the property cost contributed from eligible own sources. LTV generally compares the eligible loan amount with the value considered by the lender.
The lender may not consider every component of the property cost. Registration, stamp duty, taxes, interiors and other costs may require separate customer contribution.
8. Interest types
Fixed Rate
The applicable rate may remain fixed for the defined period or according to the loan terms.
Floating Rate
The rate may change based on the applicable benchmark and lender terms.
Hybrid Rate
The loan may use a fixed rate for one period and a floating rate thereafter.
Review the benchmark, spread, reset terms, EMI or tenure impact and conversion conditions before accepting.
9. EMI, Pre-EMI and total repayment
EMI is the scheduled monthly instalment containing principal and interest. Pre-EMI may refer to interest payable on the amount already disbursed before full disbursal, depending on construction and lender terms.
A lower EMI does not automatically mean a lower total cost. A longer tenure may reduce EMI but increase total interest.
10. Sanction and disbursal
Sanction indicates approval subject to stated conditions. Disbursal is release of eligible funds after required conditions, documents, property checks and customer contribution are completed. Sanction does not always mean immediate or unconditional disbursal.
11. Legal and technical verification
The lender may independently verify property title and ownership, approvals and plans, location and condition, construction progress, valuation, transaction documents and other requirements. An accepted enquiry does not mean the property is approved.
12. Balance transfer and top-up
Compare outstanding principal, remaining tenure, existing and proposed rate, EMI difference, total remaining repayment, processing/legal/valuation/transfer charges, closure conditions and top-up terms.
13. Charges to review
- Processing fee
- Applicable taxes
- Legal-verification charges
- Technical or valuation charges
- Documentation charges
- Mortgage-related charges
- Penal or late-payment charges
- Prepayment or foreclosure conditions
- Insurance or add-on products, if any
- Other charges disclosed in the KFS or sanction terms
14. Tax-related information
Tax treatment and eligibility may depend on the borrower, property, usage and prevailing tax law. Customers should consult a qualified tax professional before relying on any tax benefit.
15. Pre-application checklist
- Decide the property purpose and estimated funding requirement.
- Calculate the available down payment.
- Review all existing EMIs and fixed obligations.
- Check the latest credit report.
- Organise applicant, income and banking records.
- Organise the available property documents.
- Understand the interest type and benchmark.
- Compare EMI and total repayment.
- Review legal, valuation, processing and mortgage-related charges.
- Read the Key Facts Statement and sanction conditions.
- Verify the disbursal conditions.
- Never share OTPs, PINs, passwords or CVVs.
- Keep copies of all documents submitted.