Home Finance Limited, an offshoot of Sundaram Finance
Limited (SFL) is offering loan to fulfill the dream
of having a house of your own. With Sundaram Home Finance
you can construct a house on your plot of land or purchase
an apartment from a builder or purchase a bungalow or
apartment on a resale basis. You can also avail the loan
from Sundaram Home Finance for adding an additional room
or two to your existing home, or put an additional floor
to your existing home or you can carry out internal and
external repairs to your existing home. For all these,
you just have to knock the door of Sundaram Home Finance,
which will be ready to lend you a helping hand in terms
of giving the loan.
in 1999, under the Companies Act, 1956, Sundaram offers
loan to any individual who has the capacity to service
a loan, as assessed by Sundaram Home. The maximum loan
that can be availed through Sundaram Home Finance under
home loans and home extension loans category is Rs 1 crore
or 85% of the cost of property, which ever is less subject
to your repayment capacity as assessed by Sundaram Home.
And under home improvement loans category you can avail
Rs 10 lakhs or 70% of the cost of improvements as evaluated
by Sundaram Home whichever is less subject to your repayment
capacity. But who are eligible for taking the loans? "Your
loan eligibility is assessed taking into consideration
factors like monthly income, monthly commitments, assets,
age, qualification, employment, and savings background",
says Mr VS Ramanuja, Officer-Operations, Sundaram
Home Finance Limited.
employed applicants, the maximum term of repayment is
15 years or retirement age whichever is earlier. For self
employed applicants, maximum term of 15 years or 65 years
of age whichever is earlier and for home improvement loans
maximum term of five years is given for the repayment
of the loan. The loan repayment is by way of Equated Monthly
Instalments (EMIs) from the month following the month
in which the final disbursement takes place. The mode
of repayment is deduction from salary if Sundaram has
an arrangement with your company or through post dated
What are the enclosures that are to be submitted along
with the application? "If you are employed, your
latest salary slip, profile of your company, and your
previous occupational history and if you are self employed,
then a copy of your profit and loss accounts, copy of
computation of income by your chartered accountant and
a copy of acknowledgement of IT returns given by the income
tax department ", says Mr Ramanuja.
what is the security for the loan?"The loan will
be secured by an equitable mortgage of the property. Equitable
mortgage of property is created by way of deposit of title
document of the property financed. The loan will be disbursed
in full or in suitable instalments based on the progress
of construction as assessed by Sundaram Home"
, says Mr VS Ramanuja.
So what are you waiting for? Get into Sundaram Home Finance
Limited and take home the loan.
Address: Sundaram Home Finance Limited, Flat
# 102, 1st Floor, AMSRI Plaza, # 9-1-164, Sarojini Devi
Road, Secunderabad-500 003. Phone: 780 5833 / 780
Office timings: 9:30 am to 6:00 pm.
|- MAR Fareed