Load Eligibility

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03-07-2011
Maximus

Load Eligibility

Hi,

I have identified an under construction property worth 4600000 lakh for which I had paid a booking amount of 900000 (10%). I may require a loan of around 35 lakhs may be after three months. I have recently resigned and joined a new company starting 1st July 2011. The company is a startup company and does not have an office or a website yet. The company will be launched sometime in October. My CTC is 16.5 Lakh. My wife is also working with a steel manufacturing company for past 9 years and her CTC is around 8.5 lakh.

My question is willl I be eligible for a loan since I my company do not have an office yet. Can I make my wife as a primary borrower and I can be a secondary. Please advice.

Thanks in advance.
03-07-2011
Madhura
Quote:

Originally Posted by Maximus

My question is willl I be eligible for a loan since I my company do not have an office yet. Can I make my wife as a primary borrower and I can be a secondary. Please advice.

Thanks in advance.

You need to produce following documents if you are salaried -
For Salaried Persons
1. Minimum age 21
2. Maximum Age 60
3. Minimum Monthly Income Rs 5000 and above
4. Documents Required Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).
5. Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
6. Bank Statements(latest 6 months bank statement /passbook)
7. Latest salary slip or current dated salary certificate with latest Form 16
You can also make your wife as primary borrower, no problem. But if you also want yourself secondary borrower, you also need to produce above documents.
03-07-2011
Maximus

Thanks Madhura. I knew the documents which are required but my question is since I do not have an office or a company website and if the verifier comes from the bank for physical verification, will my loan request get rejected even if I be a secondary borrower?
04-07-2011
Matrix

What about address of company on "Latest salary slip or current dated salary certificate with latest Form 16"?
Verification is very important part of pvt as well as PSU Banks. Now a days verification is outsourced, I don't think you cannot satisfy them without address company.
05-07-2011
Madhura

Quote:

Originally Posted by Maximus

Thanks Madhura. I knew the documents which are required but my question is since I do not have an office or a company website and if the verifier comes from the bank for physical verification, will my loan request get rejected even if I be a secondary borrower?

The bank needs guarantee that the money he is given away as loan, will be returned on time and it will not become bad debt. So they verify each and every facts of your documents and outside that also. If they found any information is false they will decline your application.