The time it takes to repair a roof depends on the Cumulative net monthly salary of the applicant and co-applicant. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current home loan that your are trying to apply for) exceeds 50-60% of your total net take home salary. Loan to asset Value (LTV) ratio of 75% which means that the customer has to fund the remaining 25% through his savings or any other source.

The applicant and the co-applicant needs to provide the following documents:

Identity proof (PAN card)

Residence proof

Last 3 months salary slip

Last 6 months bank statement

2 Passport sized photograph

Form 16

Property documents

Receipts for initial down payment

These are indicative list and more documents can be required depending on the bank.

All home loans repayment happen in the form of an EMI (Equated Monthly Installment) through the customer’s bank account. The customer needs to give few PDC’s (Post dated cheques) and sign an ECS mandate in favour of the bank disbursing the loan.

The bank will levy certain ECS bounce charges/penalties. In addition it will get reported in your credit report. Depending on the severity of the default it can have serious impact on your future credit possibilities like a home loan, car loan etc. In addition, the banks can also take legal action against the borrower.