FAQ
Most frequent questions and answers
| Salaried Employees | Self Employed/Professionals |
|---|---|
| Duly filled Application Form with Photograph | Duly filled Application Form with Photograph |
| Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority) | Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority) |
| Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority) | Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority) |
| Education Qualifications – Latest Degree | Education Qualifications – Latest Degree (for professionals) |
| Latest Salary-slips for 3 months | Certificate & Proof of business existence along with Business Profile |
| Form 16 for last 2 years | Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant |
| Last 6 months Bank Statements(salary account) | Last 12 months Bank Account Statements (self & business) |
| Log in Fee Cheque in favour of ‘………’ | Log in Fee Cheque in favour of ‘………….’ |
| Photocopy of Title Documents of the Property, Approved Plan | Photocopy of Title Documents of the Property, Approved Plan etc. |
Step 1: Submit your loan application along with required set of documents.
Step 2: Your application would be accessed on the basis of various eligibility and funding norms.
Step 3: A property valuation and title check may be carried out by the company representative to determine the property value and legal clearance of the property to arrive at the loan amount.
Step 4: Based on the internal and regulatory guidelines, FAIR FINANCE may approve or reject the loan application.
Step 5: Submission of the original property documents are required along with signing of agreements, handing over of registered property papers and submission of post-dated cheques/ECS.
Step 6: Upon finding all the documents in order, FAIR FINANCE will disburse the loan amount to the developer/contractor based on the progress of construction. The EMI/Pre-EMI will commence after the disbursement.
You are eligible for a loan if you are a salaried, self- employed professional or a businessman. Your loan eligibility will be determined by FAIR FINANCE on the basis of factors such as income, age, qualifications, number of dependents, co-applicants income, assets, liabilities, stability and continuity of occupation and savings history. Further, the loan eligibility will also be dependent on the value of property selected by you.
We can fund upto 80% of the property value in case of Home Loan and upto 60% in case of Loan Against Property. However, FAIR FINANCE funding norms may change from time to time.
Yes, you can avail re-finance at applicable Home Loan rate within 6 months from the date of property purchase.
Your loan is repaid through Equated Monthly Installments, which include principal and interest component. EMI repayment starts from the subsequent month of full loan disbursement, while Pre-EMI is the simple interest, payable every month till the time loan is fully disbursed.
Property insurance is mandatory in order to protect your property against uncertainties like earthquake, fire or any damage and destruction due to natural and man-made calamities, during the tenure of the loan.
Yes, you can prepay your Home Loan without any charges any time during the loan tenure if the same is under floating rate scheme. For home loan under other schemes, prepayment charges may be applicable, please refer to the schedule of charges under fair practice code section.