ING Vysya Home Loan

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About ING Vysya Home Loan

ING Vysya Home Loan

Avail “Home Loans” from ING for home construction, purchasing an already built house/flat, or even for refinancing the existing loan(s).

Benefits: ING Vysya Home Loan

  • Attractive Interest Rates.
  • Funding up to 80% of the Property’s cost*.
  • ‘Floating Rate loans’ linked to HPLR i.e. ‘Home Loan Prime Lending Rate’.
  • EMI’s  on a monthly reducing balance method.
  • ‘Flexible Repayment’ Options, Max. Loan Tenor up to 20 yrs.
  • Nil penalties on partial pre-payments.

Allotted by Government: ING Vysya Home Loan

Sanctioned by Govt. (initially developed and sold by ‘Registered House Building Cooperative Society’ or ‘Private Developer’ of repute). Govt. Bodies must include ‘Urban Development Authority’ / ‘Corporation’ / ‘DTPA’ (District Town Planning Authority).

Eligibility: ING Vysya Home Loan

Residents of India can apply in their individual capacity or it can be jointly: –

  • ‘Salaried-employees’ aged 23 yrs and more on application; and aged 60 or retirement age, whichever is sooner, at maturity of the loan.
  • ‘Self-employed professionals’ and ‘businessmen’ above 25 yrs of age; and aged below 65 yrs, at maturity of the loan.
  • Min. ‘Gross Annual Income’
  • ‘Salaried Employees’ Rs.1,20,000
  • ‘Self-employed Professionals’ Rs. 1,00,000
  • ‘Self-employed Businessmen’ Rs 1,50,000

The Home Loan eligibility will depend on different factors like ‘Income’, age, ‘stability’ and your ‘personal asset(s)’ and ‘liabilities’, etc .You can avail a Home Loan which starts from Rs. 5 lakhs up to Rs. 3 crores in all ‘metros’ like  ‘Bangalore’, ‘Chandigarh’ and ‘Pune’. Customers located in all other cities where the bank provides ‘Home Loans‘ can avail the loan upto  the amount of Rs. 1 crore.

Fees: ‘ING Vysya Home Loan’

‘Processing-Fees’

0.5 % of the loan amount. applied for or Rs. 10,000 with the applicable service- tax, collected at application-time

‘Pre-payment Charge’

EMI amount or if part prepayment exceeds 25% of outstanding principle in a financial year. Part-payment is not allowed upto 6 months of full and final disbursal.

Foreclosure Charge

2% of (O/s Principal Bal + Principal Prepayments made during the last twelve months) Foreclosure is not allowed uptil 6 months of full and final disbursal

ING Vysya Home Loan Interest Rate

Home Loans Interest Rate‘ is linked to ‘ING HPLR’ – ‘Home Loan Prime Lending Rate’. The ‘HPLR’ is subject to variation from one time to another time at the ‘sole discretion’ of the bank.

Security for the Loan: ING Vysya Home Loan

  • Guarantor wherever applicable.

List of Documents required at the time of Application by Resident Indians: ING Vysya Home Loan

  • ‘Application-form’ duly filled in along with the processing fee-cheque.
  • 1 passport-size photo of the ‘applicant’/’co-applicants’/’guarantor’ in addition to the photo affixed to the application-form and signed across.
  • ‘IdProof ‘
  • ‘Signature-Proof’
  • Residential Address Proof .
  • ‘Signature-Verification’ certificate from the Bank.
  • Date of Birth Proof
  • ‘Income Documents for Salaried-Customers:
  • Minimum 3 months’ pay slips starting with the ‘Latest Pay Sli’p duly authenticated by the ‘Employer’
  • Form 16 with clear computation of income.
  • ‘Bank-statement’ for the last 6 mnths, which must  not  be older than 20 days from the login-date. Min. 3 Salary credits to be evidenced in the ‘Bank-Statement’.
  • Loan Account Statements for all existing loans.
  • Any other document that may be required by the bank.
  • Income documents for self employed customers.
  • Income-Tax Returns for the past 3 yrs duly certified by a ‘Chartered Accountant’ and duly ac-knowledged by ‘IT’ authorities.
  • Certified copies of ‘Audited Balance Sheets’ and ‘Profit & Loss’ a/c statements for the previous 3 financial yrs.
  • States Sales Tax / Central sales Tax Registration No./SSI Certificate or any other certificate for business.
  • Bank Account Statements for all applicants for the last 6 months.
  • Loan A/c Statements for all existing loan(s).
  • “Partnership-Firm”: Partnership Deed
  • ‘Private Ltd Company’: ‘Articles and Memorandum’ of Association, ‘Certificate’ of incorporation
  • Any other Document(s) required by the bank.

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