We have tie-ups with all major banking sectors
The loans department at GSS Projects will facilitate in following up with you and the respective financial institutions to –
- Process the loans.
- Get the sanctions on schedule.
- Listing the required loan documents.
- Organise and submit all the required loan papers at the earliest to the respective financial institutions.
- Complete the documentation process with the buyer as well as the owners.
- Obtain the required processing papers & documentation.
- Follow up with financial institutions to process the disbursements and to get the loan cheque prepared on schedule.
- Arrange the loan cheque on the registration day.
We Got You Covered With Our Loan Services
At GSS Projects, we value humanitarianism and understand our customers’ dreams. Our principle lies in fulfilling our clients’ dreams and we strive towards the same. Accordingly, the Loans department at GSS Projects will facilitate in following up with you and respective financial institution regarding the loan process.
Most of our projects are eligible for loans up to 75% from major banks and financial institutions
HOUSING LOANS FAQ
Who can avail housing loan?
Following categories of individuals in the age group of 18 to 55 years, including Non Resident Indians (NRIs), are eligible for housing loans:
- Working individuals, confirmed to be in job, with minimum service of 3 years.
- Individuals engaged in business & self-employed persons like Doctors, Chartered Accountants, Architects and others.
Eligibility relating to upper age limit is relaxed selectively, subjected to certain conditions. However, entire loan should be cleared before the borrower attains the age of 70 years.
What are the purposes for which housing loan is sanctioned?
- For purchase of plots, built properties (houses) and flats.
- For construction of house or flat.
- For purchase of site and construction of a house thereafter.
- For undertaking expansion of existing property, upgradation and creation of additional amenities for the same.
- For undertaking repairs and renovations.
What is the quantum of loan?
If you are a salaried individual, maximum loan shall be limited to four years’ gross salary, subject to minimum Net Take Home Salary (NTH) of 40%, after deduction of instalment (EMI) towards the proposed loan. Selectively, NTH stipulation may be reduced to 25% of gross salary. If you are a non-salaried individual, maximum loan quantum shall be limited to four times gross annual income of the concluded financial year, during which housing loan is sought to be availed or four times of average gross annual income of all the four years.
However, in all the above cases, higher quantum is considered selectively, subject to certain conditions.
Does the income of family count towards the loan quantum calculation?
In the case of salaried individuals, businessmen or self-employed people, the income of the family may be taken into account, subject to documentary evidence, for the purpose of computing the quantum of eligible loan amount.
Can the income of spouse be taken into consideration to determine the repayment capacity?
When the family income includes the income of the applicant and the spouse as well, the spouse’s income is reckoned to determine the repayment capacity and compliance of NTH stipulation, provided that the spouse joins the execution of loan documents, either as a co-obligant or as a guarantor.
Is the agricultural income considered for arriving at a loan quantum amount?
Yes, agricultural income is considered if it is supported by land records and income is reported in Income Tax Returns, though not taxed
What is the margin of loan that is required to be borne by the applicant?
20-25% of the final amount.
How is the margin of loan computed?
The margin of loan is computed on the basic project cost. It shall not include expenses incurred towards stamp duty, registration and other documentation charges.
When is the margin required to be brought in?
Margin should be contributed before disbursement of the loan. However, pro-rata and stage-wise contribution of margin is selectively permitted.
When a housing loan is sanctioned towards the purchase of a site and construction of house, what is the maximum period within which the construction of house should start?
Construction of the house should commence within a maximum period that is specified by the bank. This is entirely dependent on the loan issuing bank and is subjective to changes.
What is the penalty for not constructing the house within the stipulated period?
Higher rate of interest is charged (Base Rate + 6%) from date of disbursement till date of commencement of construction.
Is pre-payment penalty chargeable?
Pre-payment penalty is waived off for those housing loans that carry floating rates of interest.
What are the repayment terms?
Entire loan, together with interest (including repayment holiday if any), shall be repaid in within a maximum period of 30 years from the date of disbursement or the borrower attaining the age of 70 years, whichever is earlier. Repayment period as above is permitted taking into account the earning or repaying capacity of the borrower and subject to legal heir joining as co-borrower or guarantor.
Building Trust Since 1997
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GSS was started in 1995 and officially formed as a private limited company in Bangalore in 1997. Our goal was to bring in professionalism through value systems and clarity in business and create a win-win situation with statutorily clear transactions. A majority of our clients were from the construction and real estate sector. With this expertise, we entered realty as an ethical advisory company to provide end-to-end solutions.
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1104, Udayaravi Road, Kuvempunagar, Mysore