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Frequently asked questions for resident Indians

button.gif (1265 bytes) What is the loan amount that I can avail from Vizag Loans ? 
button.gif (1265 bytes) How will my loan eligibility be decided by Vizag Loans? 
button.gif (1265 bytes) How do I begin ? 
button.gif (1265 bytes) What is the fee payable along with the application ? 
button.gif (1265 bytes) Who can be co-applicants for the loan ? 
button.gif (1265 bytes) What is the rate of interest charged on the loan ? 
button.gif (1265 bytes) What are the costs that can be included in the project cost ? 
button.gif (1265 bytes) What are the documents that need to be submitted ? 
button.gif (1265 bytes)Personal Documents 
button.gif (1265 bytes)Property Documents 
button.gif (1265 bytes) What is the maximum term of loan that will be granted to me ? 
button.gif (1265 bytes) How do I repay theloan ? 
button.gif (1265 bytes) What will be the security for the loan ? 
button.gif (1265 bytes) When will the loan disbursement take place ? 
button.gif (1265 bytes) In how many installments will the loan amount be released ? 
button.gif (1265 bytes) What is the time limit for availing the sanctioned loan ? 
button.gif (1265 bytes) Can I pre-close the loan ? 
button.gif (1265 bytes)What are the tax benefits available on home loans?


What is the loan amount that I can avail from Vizag Loans ?

You can avail a maximum loan amount which is 75% of the cost of the property, which includes cost of land, cost of the building and cost of registration, whichever is lower. 


How will my loan eligibility be decided by Vizag Loans ?

The loan quantum that you would be eligible will depend on the your repayment capacity as determined by Vizag Loans. Repayment capacity will be considered after assessing your income, age, qualifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc.


How do I begin ?

It's very simple ! Vizag Loans has 67 branches across the country. Just check the branch nearest to the location preferred by you for a house and send in your application for the loan with all the details asked for in the brochure along with the prescribed fee and our officers will get in touch with you soon.


What is the fee payable by me ?


For detail information Contact our nearest Branch


Who can be co-applicants for the loan ?

Normally, the spouse is the co-applicant for the loan.


What is the rate of interest charged on the loan ?

Click here for Interest rates 

Interest is calculated on daily reducing balance basis.


What are the documents that need to be submitted ?

Personal documents :

Income proof of the applicants.

Salaried class :

Salary certificates or certified copies of salary certificates with deductions for the past 6 months.

Availability of salary deduction for housing loan installments.

Form 16 from the employer for the past 3 years.

Self-employed / business class :

Balance sheet and profit and loss account for the past 3 years.

Statement of total income and income tax assessment orders and returns for the last 3 years.

Brief note on the nature of business, year of establishment, present bankers, form of organisation and the capacity in which the applicant is engaged.

Net worth of the applicant/ co-applicant.

Age proof of the applicants.

Guarantor forms along with networth proof / income proof. Number of guarantors as per the norms of the company.


Property documents


Original title deeds tracing the title of the property for a minimum period of last 13 years.

Encumbrance certificate for last 13 years.

Agreement of sale/construction, if any.

Approved plan/license.

ULC clearance/conversion order, etc.

Receipts for having invested the margin money through normal banking channels from the Non-Resident (External) account in India and/or the Non-Resident (Ordinary) account in India.

Latest tax paid receipt.


What is the maximum term of loan that will be granted to me ?

The loan repayment duration will normally be in the range of 5 to 30 years.


How do I repay the loan ?

The loan is to be repaid in Equated Monthly Installments (EMI) comprising of both principal and interest. EMI is to be paid every month and will commence from the month following the month in which your loan is fully disbursed. Till such time the loan is fully disbursed, interest on the loan amount that has been disbursed is to be paid every month. This interest, called Pre-EMI is payable by the end of every month. EMI and Pre-EMI payments are to be made through salary deduction or post dated cheques.


What will be the security for the loan ?


Security to the loan will be the mortgage of the property being financed normally by way of equitable mortgage i.e., by way of deposit of title deeds. Personal guarantees or collateral security acceptable to the company could also be asked.


When will the loan disbursement take place ?

After the loan is sanctioned, you have invested your own contribution, the technical evaluation of the property has been done and the documentation formalities are completed, the loan installment will be released.


In how many installments will the loan amount be released?

The loan will be disbursed in stages depending on the progress in construction and the agreement entered into with the builder. Normally, the disbursements will be made in three to four installments. If the loan is for purchase of a ready built house, disbursement will coincide with the registration of the property in your name.


What is the time limit for availing the sanctioned loan ?

The loan will have to be availed within 3 months from the date of sanction if the purpose of loan is for purchase of a ready built house/flat and within 14 months if the purpose of loan is for construction or 36 months for a composite loan.


Can I pre-close the loan ?

Yes, you can pre-close the loan subject to the rules prevailing from time to time. 




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