Around 30% of the people in India live in rented houses, while 13% reside with their parents’, as per RICS – Knight Frank report. Most individuals want to purchase their own home, and with various schemes and policies sponsored by both central and state governments, availing a loan to finance the same has become extremely easy and hassle-free.
Exclusive benefits are extended to chartered accountants by major financial institutions such as Bajaj Finserv. It is one of the popular NBFCs in the financial market because of its immediate financial assistance and customer support. Bajaj Finserv home loan for CA is tailor-made to suit various kinds of needs of chartered accountants, from purchasing a home to starting their own business.
Home loan for CAs: Application procedure
Home loans from major financial institutions can be availed in the following steps –
- Submit KYC documents
Documents such as Aadhaar card, PAN card, Voter ID, Drivers’ License, etc. have to be furnished for verification of identity and address to avail home loan for chartered accountants.
It also helps financial institutions verify the age of a potential borrower. Only applicants lying between 25 and 70 years can successfully avail a Bajaj Finserv CA loan.
- Provide income proof documents
Salary slips of the past 3 months have to be submitted for employees. Form 16 can also be submitted as an alternative proof of income. Such applicants should have at least 3 years of work experience as well.
In the case of self-employed individuals, adequate financial documents such as profit and loss statements have to be submitted. Also, an accounting firm should be operating for at least 5 years for chartered accountants to avail a loan for home purchase successfully. This allows NBFCs to get an approximate idea about the annual income of such entrepreneurs.
You can go through the checklist for a CA loan to develop a clearer idea about such credits.
- Property documents
Relevant documents of the house which an individual wants to purchase have to be furnished to the respective financial institution extending the loan.
Since home loan for chartered accountants has end-use restrictions, the value of the property is directly credited to the account of the seller, while the property is registered in the borrower’s name.
However, documents proving ownership is kept with the stipulated financial institution until the entire debt has been cleared off.
- Submit bank account statements
A chartered accountant has to submit his/her bank account statements for the last 6 months to successfully apply for a loan for chartered accountants.
CIBIL score of individuals is also analysed in this respect, as it demonstrates their credibility as borrowers.
- Avail pre-approved offers
Major financial institutions such as Bajaj Finserv provide pre-approved offers on loans, making the process quick and easy.
- Pay requisite charges for loan approval
Various intermittent charges have to be paid for disbursal of home loan for chartered accountants. This includes processing fees, document verification charges, and legal and government-related expenses.
Processing fees range from 0.5%-2% of the total loan amount, while a nominal amount is deducted for document verification costs. Legal and government-related expenses on home loan for CA, on the other hand, depend on the value of the property purchased.
Several benefits on such home loans are sponsored by central and state governments’ with the aim of boosting the real estate sector of the country. Home loan for chartered accountants is specifically designed to benefit practising CAs in the country.
They can avail funds at attractive interest rates to undertake any such purchase. Such professional loans are available not only on home purchases but also to fund any business-related expenses.
