Managing Finance & Loans

As per policy, banks can offer 75% to 90% of the COP (Agreement Value + GST + Other costs). Attached is the typical list of documents required to process a housing loan.

Mostly all the top banks are associated with Mahindra Lifespaces. At the time of launch we approve the project with most top banking & financial institutions (HDFC, ICICI, Axis, SBI, BOB, Bajaj Hou Finance, IIFL etc.)

Average time to sanction a housing loan for a salaried person is around 5-7 days and for Self-employed Non-professional (SENP) individuals is around 7-10 days (about 1 and a half weeks).

The Subvention Scheme is offered by banks for a specific term ranging from 12- 36 months (about 3 years), where developer will pay interest on the disbursed amount till the end of the subvention period (Interest liability is on the Developer).

EMI : When you make interest & Principal payment towards your outstanding Amount.

Pre-EMI : When you only make interest payment towards your outstanding Amount.

A pre-approved loan is given based on your income and CIBIL score. A pre-approved loan can be availed by submitting your income documents to the bank. The bank will assess your income and provide you with a letter which will be known as a pre-approved sanction letter.

Banks which offer the least ROI (rate of interest) along with the required loan amount should be opted.

Projects are approved by the banks and all the legal and technical queries are solved while doing the Approved Project Financial (APF) process. Banks have all the information regarding the project and progress of construction. In this case loan approval & disbursement is faster with minimum documents and less scope of payment delays.

Credit Score is determined by an agency called CIBIL. They give you a Score out of 900 based on your past loan repayment history and CIBIL score can be checked from cibil.com

Individuals can enjoy tax benefit which includes a maximum of Rs. 2 Lakhs on the interest paid and up- to Rs. 1.5 Lakhs on the principal amount. (Tax Slab Changes every fiscal year).