FAQs for Real Estate Sale and Purchase

In how many ways, investment can be made in real estate?

In the present world, real estate offers a number of investment opportunities for those willing to enter the sector. Some of the most popular investment types are investment in commercial property, investment in residential real estate (homes, apartments, flats, etc) and investment in (unconstructed) land or plot.

In making property investment, how the Synergy Infracon service be useful?

Synergy Infracon has a customer care services center that provides practical solutions for customized issues. We cover the whole range of services from Allotment letter to Possession letter to make the process of property buying easy and smooth for you. In addition to that, we also offer resale services and home loan assistance to our customers. Synergy Infracon is one of the leading real estate dealers in India with our services expanding to a number of countries around the world. Our thousands of experts are ever ready to aid the clients in making informed decisions about their investments. At present, the company is working with a number of dealer and has made successful deals of over _______ properties under the banner of synergy Infrocan.

What are the best sources for getting home loans?

All private as well as nationalized banks in India offer home loans. The interest rate and pre-requisites may differ but home loans are available from lending authorities as well. Now, NBFC also offers residential loan for flat purchase.

Can the property (for which is taken) be owned by more than one person?

Yes, joint-ownership or co-ownership is allowed.

Who can be termed as co-applicant in applying for loan?

Any person, having blood relation with the applicant or spouse, can be termed as co-applicant if he/she is applying for loan along with the applicant. The co-applicant must also meet some requirement in which age and citizenship are an important factor.

Is there any specific period for returning loan amount?

The return period depends on a number of factor; the choice of the borrower, the EMI amount decided, the age of the borrower and the financial standing of the applicant. The period may vary from 5 to 25 years.

What is the process for home loan repayment??

In most cases, home loans are repaid via Easy Monthly Installments (EMIs) decided according to the loan amount and the applicant’s financial status. In some cases where the borrower wants the monthly installments to be directly transferred from his salary account, the borrower would need to get a letter from the employer. The letter must clearly state that the employer approves this arrangement of loan repayment and allows the bank to directly transfer the installment on monthly basis. Mostly, the banks allow the maximum of 25% of the total loan amount to be paid in any particular year. Please note that there are no additional charges in case of prepayment on loans.

What is the maximum amount that one can get as residential or commercial loan?

All lending services offer a certain percentage of the actual cost of the property but that too is dependent on the financial condition of the applicant.

Can a Home Loan be Pre-approved?

The home loan can be pre-approved provided the balance in the applicant’s bank account meets the requirements of the lending authority.

What is the procedure of applying for Home loan?

Recently, many lending authorities have made their application process simple but some documentation is still essential. The bank would require you to submit proofs of your identity, citizenship, residence, income level and some other details. If all your documentation is complete, the loan is easy to process.

How is the loan paid out?

Once all your documents are verified by the bank, the allotment letter is confirmed on the basis of the bank’s sanction letter. After that, the bank disburses the loan amount according to the payment plan agreed upon. It can be any of the following; Special Payment Plan (SPP), FLEXI, Construction Linked Plan (CLP) and Down Payment (DP).

While obtaining loan, what is the security given to the lending authority?

In most cases, the banks or lending authorities offer a maximum of 85% of the cost of property, that too depending on the age, income and financial status of the applicant. During the whole period of loan repayment, the property bought stays as a mortgage with the bank. To make the loan repayment more secure, people also buy property insurance so that if anything happens to the property, the loan is paid via insurance company.

What is Loan against Property?

Loan against Property (LAP) means that the applicant applies for loan against an existing property he/she holds. That property stays as a mortgage with the bank until complete amount of loan is returned including the interest amount.

What is the process of re-assessing the loan if the applicant’s status changes from NRI to Resident Indian?

In case of change of status, the re-assessment only requires a few documents.

What can serve as a security for loan?

The property for which loan is taken is mortgaged as security.

Can the loan be paid back before the allotted time?

Yes, it can be paid back early.

Is it compulsory to get the property insured?

No, it is not compulsory. However, it is advised to get insurance for the property as the insurance company pays the amount back to the bank in case of any mishap.