EMI means Equated Monthly Instalment. It is the amount payable to Centrum Housing Finance Limited every month, till the loan is paid back in full. Every EMI contains both Principal and Interest amount. With every EMI paid, the home loan amount gets reduced. The amount of the EMI depends on the quantum of loan, interest rate applicable and the term of the loan.
The amount that one can borrow depends on factors such as:
- The type & purpose of loan
- Value of the property
- Income of the applicant(s)
We offer a variety of Home loans for various purposes. Please refer the Products section of the website for further information
Repayment period ranges up to 20 years. Please refer the Products section of the website for further information.
Yes, it is necessary and advisable for you to make a joint application for a home loan. Preferably the co applicant is a close relative of the applicant like spouse, parents, brothers and siblings
Before you purchase a property, you have to have a title and document search conducted by an empanelled advocate of Centrum. You must use the services of a competent advocate. It is a professional job to be done with professional assistance.
- Carpet Area: This is the actual usable area of the apartment/building, which does not include the area of the walls.
- Built up Area: This includes the area of the walls also.
- Super Built up Area: This includes the built up area, along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is only applicable to multi-dwelling units such as Apartment complexes.
If you want to purchase a property, you must see the approved layout plan, approved building plan, ownership documents, carryout search, etc. it is suggested that you consult your Centrum home loan officer before you purchase a property so that he/she can guide you.
The stamps are required to be purchased in the name of any one of the executors to the Instrument or jointly on both the interested parties.
Market value means the price at which a property could be bought in the open MARKET on the date of purchase of the property. The market value of similar properties such as house or apartments of similar sizes carry the same Valuation. It is not necessary the market value have to constant, it varies with location, quality of construction, interior works etc. A Qualified Valuer will assess the property and give his indicative price which is defined as acceptable market value
The instruments that attract Stamp Duty on market value of the property are: The Stamp duty will vary according to local state by laws and each circle in the city will have defined circle rate for purchase/ sale of the property.
- Agreement to Sell
- Conveyance Deed
- Exchange of property
- Gift Deed
- Partition Deed
- Power of Attorney
- Settlement Deed
The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the guideline value of the property.
Regarding authenticity of documents, again, you have to take the help of an advocate.
Upon buying a property from a builder in a building under construction, what are the permissions and papers that one should check?
When you are BUYING A PROPERTY from a builder in a building under construction, you have to check the following:
- Approved plan of the building along with the number of floors.
- Ensure that the floor that you are buying is approved.
- Check if the land on which the builder is building is his or he has authority under an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
- Check the building by-laws as APPLICABLE in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
- Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
- Check the reputation of the builder.
- Permissions from authorities and other Government agencies as APPLICABLE.