We believe that financial stability should never hinder one’s interest in real estate investment, for which we have loan facilities available. Your dreams indeed matter!
We have tied up with all major Banking Sector
GSS Loans department will facilitate in following up with you and the respective financial institutions to:
1. Process the loans
2. Get the sanctions on schedule
3. Listing the required Loan Documents
4. Organizing and to submit all the required loan papers at once to the respective Financial Institutions.
5. To complete the documentation process with the buyer as well as the owners, to obtain the required processing papers & documentation.
6. To follow up with Financial Institutions to process the Disbursements & to get the Loan cheque prepared on schedule.
7. To arrange the Loan cheque on the registration day on schedule.
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:
a) Individuals confirmed in the service with minimum service of 3 years.
b) Individuals engaged in business & self-employed persons like Doctors, Chartered Accountants, Architects and others.
Eligibility relating to upper age limit is relaxed selectively, subject to certain conditions.However, entire loan should be cleared before the borrower attains the age of 70 years.
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.
Whether income of the family is reckoned for arriving at loan quantum?
In the case of salaried individuals/businessmen/self-employed persons, the income of the family may be taken into account, subject to documentary evidence, for the purpose of computing the quantum of eligible amount of loan.
How is the margin computed?
The margin is computed on the basic project cost which shall not include expenses incurred towards stamp duty, registration and other documentation charges.
Whether pre-payment penalty is charged?
Prepayment penalty is waived in respect of housing loans carrying floating rates of interest.
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 Installment (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.
What are the purposes for which housing loan is sanctioned?
a) For purchase of plot / built house / flat
b) For construction of house / flat
c) For purchase of site and construction of a house thereon
d) For undertaking expansion of existing unit, upgradation and creation of additional amenities
e) For undertaking repairs and renovations
Whether agricultural income is considered for arriving at loan quantum?
Agricultural income is considered if it is supported by land records and income is reported in Income Tax Return, though not taxed.
Where is housing loan sanctioned for purchase of site and construction of house thereon, what is the maximum period within witch construction of the house should start?
Construction of the house should commence within a maximum period of (Depends on Bank) from the date of disbursement.
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/repaying capacity of the borrower and subject to legal heir/s joining as co-borrower / guarantor.
What is the margin required to be borne by the applicant?
Whether income of the spouse can be taken to determine repayment capacity?
Where family income includes the income of the applicant and the spouse, the spouse’s income is reckoned to determine the repayment capacity and compliance of NTH stipulation, provided such spouse joins execution of loan documents either as a co-obligant or as a guarantor.
What is the penalty for not commencing construction of 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.
GSS Project Consultants
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