Find the right mortgage solutions for your life's changing needs
At Paisa Express, we understand that you need different types of mortgage products at different stages of life. Get expert advice and unmatched service at every step, with minimal and hassle-free documentation. Helps you choose pocket-friendly EMI options and flexible repayment tenures.
Need a New Home
Whether you're a first-time home buyer, investing in your dream home or changing homes - we have the right home loan offering to suit your needs.
• Purchase of under construction property
• Purchase of ready property
• Home Loan for NRIs
Need to Transfer Your Existing Loan
Transfer your high cost loan through Paisa Express and reduce your monthly instalment burden. You can also avail enhancement on your loan for additional needs.
• Transfer your high cost loans
• Avail enhancement for any personal, business or professional need
• Consolidate your debt
Need a Loan Against Property
Banks allow you to leverage your residential or commercial property's value to avail a loan for your needs whatever they may be:
• Business expansion
• Repayment of other loans
• Purchase of commercial property
• Any other personal, business or professional need
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A Home you can call your Own….Now possible with interest rates starting @ 6.50%
Home Loans
Home loans for individuals to purchase (fresh/resale) or construct houses. Application can be made individually or jointly.
• Builder Purchase
• Resale
• Construction
• Land Purchase
• Land + Construction
Home Improvement Loan (HIL)
The interiors of any home reflect the personal preferences and tastes of its owners making it imperative to constantly upgrade to keep up with changing times. HIL facilitates internal and external repairs and other structural improvements like Painting, Waterproofing and Roofing, Plumbing and Electrical Works, Tiling and Flooring, Grills, Aluminium Windows, Compound Walls and much more.
Home Extension Loan (HEL)
HEL for adding more space to your existing home for meeting the requirements of your growing family. Be it an extra bedroom for your children, a reading room for yourself or a cosy coffee corner. It is easy to extend your home anyway you like.
Home Loan Eligibility
Lenders will consider your take-home salary, minus certain common deductions such as gratuity, PF, ESI, etc
Who can Apply ?
- Salaried individuals (working in government and private sector)
- Professionals (i.e. doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants, etc.)
- Self-employed in business and filing Income-Tax Returns
- Individuals over 21 years of age and ideally not over 60-65 years.
Criteria
- Age: Minimum Age: 18 years and Maximum Age: 70 years at the time of loan maturity
- Resident Type: The applicant must be (any one): Resident Indian (RI) Non-Resident India (NRI), Person of Indian Origin (PIO)
- Employment: The applicant can be (any one): Salaried or Self-employed
- Annual Income: At least Rs.5-6 lakh depending on the type of employment
- Residence: The applicant must have (any one): Rented residence or Own Residence.
Credit score: A good credit score will help in getting a better rate of interest.
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KYC of Applicant and Co-applicant - for RI applicants
Home Loan Documents Required :
- Identity Proof (any one): Driving License, PAN, Voter ID, Valid Passport, Aadhaar Card
- Residence Proof (any one): Copy of valid Passport/Aadhaar Card/Driving License/
Electricity Bill/Water Bill/Telephone Bill. - Other Documents: Employer Identity Card, Duly filled loan application form affixed with 2 recent passport size Colour photographs, Repayment Track Record of other loans if any.
Income Documents: Salaried Applicant/Co-applicant:
- Salary Slips for the last three months
- Copy of Form 16 or Income Tax Returns for the last two years
- Bank account statements of all the bank accounts owned by the applicant for the last six months.
Self Employed Professional/Non Professional: Salaried Applicant/Co-applicant:
- Income Tax Returns for the last 3 years
- Balance Sheet audited by a certified CA and Profit and Loss account for the previous 3 years
- Certificate of Qualification (for Doctors/CA and other professionals)
- Business Registration Details
- Business address proof
- TDS Certificate.
KYC of Applicant and Co-applicant - for NRI applicants
Documents Required from all Non-Resident Indians (NRIs) Applicants
Identity Proof (any one): Driving License, PAN, Voter ID, Valid Passport, Aadhaar Card
Residence Proof: Copy of valid Passport/Aadhaar Card/Driving License / Electricity Bill / Water Bill / Telephone Bill.
Proof of residence indicating the applicant’s current overseas address.
Other Documents: Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa, Employer Identity Card, If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC). PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO). The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants. The attestation of the documents can be done by:
1. Indian Embassy/Consulate
2. Overseas Notary Public
3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India.
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KYC of Applicant and Co-applicant - for NRI applicants
Income Documents for NRI Salaried (Applicant/Co-applicant)
Valid work permit
Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
Salary slips for the last 6 months
Bank statements indicating salary credit for the last 6 months
Copy of the Identity Card issued by the current employer.
Copy of the individual Tax Return for the last assessment year. – Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.
KYC of Applicant and Co-applicant - for NRI applicants
Income Documents for NRI Self Employed (Applicant/Co-applicant)
Proof of income if the applicant/co-applicant is a self-employed professional/businessman.
Business address proof
Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years
Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries
Bank statement of the individual’s as well as the business/company’s overseas account for the last 12 months.
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KYC of Applicant and Co-applicant - for NRI applicants
Income Documents for NRI Salaried (Applicant/Co-applicant)
Valid work permit
Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
Salary slips for the last 6 months
Bank statements indicating salary credit for the last 6 months
Copy of the Identity Card issued by the current employer.
Copy of the individual Tax Return for the last assessment year. – Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.
KYC of Applicant and Co-applicant - for NRI applicants
Income Documents for NRI Self Employed (Applicant/Co-applicant)
Proof of income if the applicant/co-applicant is a self-employed professional/businessman.
Business address proof
Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years
Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries
Bank statement of the individual’s as well as the business/company’s overseas account for the last 12 months.
Property Documents
1. Agreement of Sale
2. Occupancy Certificate in case the property is a ready-to-move-in property
3. Copy of the Approved Sanction Plan.
4. Conveyance Deed in case of a new property
5. Latest 15 yrs link Documents
6. Latest 15 yrs EC
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Home Loan Fees and Charges
Depending on the type of loan you are applying for, the following charges may be levied:
Fees and Charges
- Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. It varies depending on the bank and the loan scheme you are applying for.
- Prepayment charges: Is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
- Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
- Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.
Fees and Charges
- Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
- Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
- Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
- Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
Fees and Charges
- Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
- Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
- Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.