Home Loan Documentation and Procedure

Home Loan Documentation

1. Identity Proof

PAN Card, Aadhar Card, Passport, Voter ID

2. Address Proof

Aadhar Card, Utility Bills, Rent Agreement

3. Income Proof

Salary Slips (Last 3 months), Form 16, Income Tax Returns (Last 2 years)

4. Property Documents

Sale Deed, Title Deed, NOC from builder/society, Approved building plan

5. Other Documents

Bank Statements (Last 6 months), Employment Certificate, Passport-size photographs

Loan Sanction Procedure

1. Application Submission

Submit completed application form with required documents to the bank.

2. Initial Processing

Bank reviews application and documents, assesses credit score and financial eligibility.

3. Property Verification

Bank conducts legal and technical verification of the property.

4. Sanction Letter

Upon approval, a sanction letter detailing loan amount, interest rate, and terms is issued.

Loan Disbursement Procedure

1. Acceptance of Sanction Letter

Sign and return the acceptance copy of the sanction letter to the bank.

2. Documentation

Execute the loan agreement and submit post-dated cheques or ECS mandate.

3. Disbursement

Loan amount is disbursed in full or in stages (for under-construction properties) based on the agreement.

Prepayment and Closing of Loan

1. Prepayment Procedure

Check for prepayment penalties, submit a written request for prepayment, and pay the advised amount.

2. Closing Procedure

Obtain a loan closure letter and no-dues certificate, ensure all original documents are returned, and update credit records.

This guide ensures OMCON homebuyers are well-informed about the home loan documentation and procedures, from sanction to disbursement, and prepayment to closing. For detailed guidance, our financial team is here to assist you every step of the way.

Stamp Duty, Registration, and GST for Homebuyers at OMCON

Stamp Duty:

Raigad District (Panvel): The stamp duty for properties in this region is 6% of the property value.

Registration Fee:

Standard Fee: 1% of the property value, capped at ₹30,000 for properties priced above ₹30 lakh.

GST:

Under-Construction Properties:

Affordable Housing (Properties below ₹45 lakh): 1% without Input Tax Credit (ITC).

Non-Affordable Housing (Properties above ₹45 lakh): :5% without ITC.

Completed Properties:

No GST applicable.

These tax benefits and clear guidelines on stamp duty, registration, and GST ensure a transparent and financially advantageous process for OMCON homebuyers. For more personalized assistance and detailed calculations, OMCON’s financial team is available to help you navigate these aspects smooth!