HL/LAP BT DOCUMENTS: What documents required when you are going to balance transfer (BT) your loan ??

There are following documents which required when you are going to transfer your loan any other bank or NBFC.

1-List of documents (L.O.D)*: This is the list which provided by your banker(lender) after disbursement of loan, it contains all property related documents list in details.

2- Statement of your current loan account(SOA)*: Sometimes banker required all loan accounts statement but your current loan account statement which provided by your banker/lender must required at the time of your balance transfer application.

3-Foreclosure later*: Banker required foreclosure later from your banker about the amount which required to close your current loan, at the time of BT application.

4- All property documents copy according to LOD*.

5-All applicants(Applicant and co applicants) KYC (ID proof, Photo proof, signature proof, address proof  residence and office, business proof"if self employed person"& date of birth proof ) required*

6- All applicants One year updated* (all savings and current accounts) bank statement required.

7- All income documents* ( If salaried person then last 6 months pay slip and last 2 years form 16 OR If self empolyeed then last 3 year ITR with CA attested and last 6 months sales/purchase bills) required.

8-All loan account statement and closure laters, All investments laters and other income documents.

Note: All * mark are mandatory documents which required at the time of  loan balance transfer application.

Property Documents list (Maharashtra -India -Gotham)

Property documents for loan application in any NBFC or Bank (Mostly NBFC lenders provide loan on Gotham Property).

There are following documents mostly demands NBFC/Banks for loaning. 

1--7/12 in the name of owner.

2- NA order. 

3-Resistered property transactions(sale/Gift deed) agreement.

4- Property tax payment receipt (Owner named). 

5-CC and Plan copy. 

6-Latest light bill in the name of owner. 

Notes: It's observed that in Gaothan properties up-to  G+2 funded mostly. 

Loan against property

There are many tipes of property Loan, it could be decided on the basis of authorities who has rights to regulate these properties  like SRA property, MHADA, MUNICIPAL CORPORATION, CIDCO, GRAMPANCHAYAT, GAONTHAN etc... In Maharashtra mostly above types of property belongs who issues NOC to lenders  and other approval in respect of property transactions, renovation etc...   society not resister and convince....when a Bank /NBFC get application for lending they..  

1.Verify these properties ownership transactions.

2.Lien(if any), any dispute regarding dues in respect of property tax, maintenance bill, technically check and 

3. Check current  valuation at the same time.

4. Probability of lending depends on customer's self (actual) assessment of income (mostly 50%of income consider for total monthly emi decide maximum eligibility for lending), repayment history, banking, liability, and 

 5.Lastly actual situation of property ....ie. following 

I. SORP Property  Loan : when customers  take loan against residential Property which is occupied by themself or family member's,  it's called SORP property(LTV Max 70%)*T&C 

II.  SOCP Property Loan : When customers take loan against commercial property occupied by themselves or family members its called SOCP property (LTV Max 60%)*T&C

III. Vacant Residential Property Loan : Mostly NBFC or Banks avoid lending vacant property(LTV Max 55%)*T&C

IV. Industrial Property: Only few NBFC/Banks lending on Industrial property (Maximum LTV 40%)* T&C

Note: All above details are my personal opinion and experience, all bank /NBFC /lenders or Property authorities/ society are have their own rules and regulations in respect of their business/services.

BASIC INFORMATION WHEN YOU ARE GOING TO TAKE A LOAN

Basic Knowledge before loan application

There are few important things/basic rules to follow when taking loans,It's very important to have a right reasons for which you are taking the loan. 

 1-YOUR EMI MUST BE AFFORDABLE:  It's very important while you are accepting loan offer, you must compare your emi with your current net income, your total monthly emi should be less than 50% of your current net monthly income. 
According to economic time's any car emi should 15% of your net income, personal loan emi not more than 10% of your net monthly income, and total monthly emi should 50% of net current monthly income.
2- EMI SHOULD BE SHORTER: Borrowers mostly wish to go for long term loans because the EMI is lower and they enjoy tax benifit on the loan. But this is a wrong  strategy because they end up paying a huge interest on the loan.
According to economic time's "Long tenure is big burden of interest on customer .....suppose If you take a loan of Rs. 500000 at 9.% for 10 years, the interest will be Rs.260051/- . And if the tenure is 15 years then interest will be Rs.412837/- for a 20-year loan interest will be Rs. 579668/. In 25 years, the interest will be Rs.758791/- is 152% of the principal...short tenure is always best option.
3-TAKE INSURANCE ON BIG AND SECURED LOANS : It's very beneficial to opt insurance on loan while you're taking big/secured loan, since it's a choice, if bankers/lenders foreces for insurance linked with your loan, you may complain to ombasment.
4-TRANSFER YOUR LOAN IF REQUIRED: If required transfer your loan to the bank which offer at least 2% minimum less rate of interest compare to your current banker.... But
 A-don't do if you're about to close(if maximum tenure paid few tenure remains) your loan.&
B- Find details if any hidden prepayment charges on closing your loan....calculate all expenses.

5- CARE YOURSELF: It's common in our society that marriage and education are very important goals of children,parent will do anything to give their children best. Education loans are easily available, But nobody is going to give you a loan for your retirement needs. Taking an education loan will not only keep your retirement safe, but also improve a sense of  basic responsibility in the child, who has to repay it.