High Quantum Financing:	Secure a home loan with a maximum quantum of up to 90% of the property market value, providing substantial financial assistance for your housing needs.
Extended Repayment Tenure:	Enjoy the flexibility of a prolonged repayment tenure, with the option to spread payments over a maximum of 360 months, ensuring a comfortable and manageable repayment schedule.
Moratorium and Holiday Periods:	Benefit from a moratorium or holiday period of up to 36 months, allowing you to plan your finances effectively and providing temporary relief from immediate repayment obligations.
Affordable EMI Structure:	Start your Equated Monthly Installments (EMI) at a competitive rate, with payments as low as Rs. 755 per lakh, ensuring affordability and financial ease.
Consideration of Co-Applicant Income:	Leverage the income of a co-applicant, preferably a close relative, to enhance your eligibility for the home loan, making it more accessible.
Smart Home Loan Options:	Explore Smart Home Loan options with an Overdraft (OD) facility covering the entire limit or outstanding balance at the Home Loan rate of interest.
Diverse Usage Facilities:	Utilize the loan for various purposes, including purchasing a plot (with a condition to construct within 5 years), extending or renovating existing property, furnishing the house, or even installing solar PV systems.
Top-Up Loan and Balance Transfer:	Avail of instant top-up loans and the convenience of balance transfer facilities, providing additional financial support and better terms for your existing home loan.
Inclusive Insurance Coverage:	Include insurance premiums in the project cost, treating it as a component of the home loan, ensuring comprehensive coverage and financial security.
Flexible EMI Options:	Opt for step-up or step-down EMI facilities, allowing adjustments in EMI amounts over time to suit your evolving financial capacity.

Home Loans for NRIs:

• Catering to the housing needs of Non-Resident Indians (NRIs), including Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).
• Tailored for those seeking funds to extend or add space to their current residence.
• Lenders typically offer 75% to 90% of the construction estimate, based on the loan amount and Loan-to-Value (LTV) ratio.

Home Saver Loan:

• Functions as a home loan overdraft, linking the borrower home loan account to their bank account.
• Any amount deposited beyond the Equated Monthly Installment (EMI) is considered a prepayment, leading to savings on interest.

Competitive Interest Rates:

Benefit from SwitchMyLoan attractive interest rates, ensuring your home loan is not only affordable but also provides long-term cost savings.

Transparent Fee Structure:

Enjoy a transparent fee structure with no hidden charges. SwitchMyLoan ensures clarity, making your home loan experience straightforward and hassle-free.

Customized Repayment Options:

Tailor your repayment plan to match your financial needs. SwitchMyLoan offers flexibility, allowing you to manage EMIs in alignment with your budget.

Expert Guidance:

Access expert legal and technical counseling to make informed decisions. SwitchMyLoan assists you in navigating the complexities of home buying, ensuring a secure investment.

Quick and Efficient Processing:

Experience quick and hassle-free loan processing. As a marketplace of home loans, SwitchMyLoan prioritizes efficiency, from application to fund disbursement, for a seamless borrowing experience.

Nationality	Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
Credit Score	Preferably 650 and above
Minimum Age	18 years (Some lenders set the minimum age at 21 years)
Maximum Age	Usually 70 years at the time of loan maturity (Tenure may extend till 75 years with some lenders)
Work Experience	At least 2 years for salaried individuals
Business Continuity	At least 3 years for self-employed individuals
Minimum Salary and Income	At least Rs. 25,000 per month (Varies across lenders and locations) abd 4-5 Lakhs
Loan Amount	Up to 90%* of the Agreement value

Particulars	Charges
Processing Fee	0.2% – 2%* of loan amount
Foreclosure/Prepayment Charges	- For floating rate: Nil
	- For fixed rate: Around 2% – 4% on the principal outstanding
EMI Bounce Charges	Around Rs 750*
Legal Fee	As per Actuals
Valuation Fees	As per Actuals
Notice of intimation/registration charges	as per state norms
Stamp duty	as per state norms

Home loan borrowers are entitled to attractive tax benefits under different sections of the Income Tax Act, providing a substantial annual savings opportunity. Explore the following home loan tax benefits associated with your EMI payments:

Section of Income Tax Act	Nature of Home Loan Tax Deduction	Max. Tax Deductible Amount
Section 24(b)	Interest paid	Rs. 2 lakh
Section 80C	Principal (including stamp duty and registration fee)	Rs. 1.5 lakh

Document	Individual	Self Employed Professional	Self Employed non-professional
Application Form with Photographs duly signed	ü	ü	ü
Identity Proof	PAN card Passport Driving Licence Voter ID card Job card issued by NREGA	PAN card Passport Driving Licence Voter ID card Job card issued by NREGA	PAN card Passport Driving Licence Voter ID card Job card issued by NREGA
Address Proof	Passport Driving Licence Voter ID card Job card issued by NREGA	Passport Driving Licence Voter ID card Job card issued by NREGA	Passport Driving Licence Voter ID card Job card issued by NREGA
Proof of Income	Latest 6 months bank statement from salary account	Latest 6 months bank statement from salary account	Latest 6 months bank statement from salary account
	Latest 3 months salary slips	NA	NA
	Form 16 / Income Tax Returns	Income Tax Returns	Income Tax Returns
	NA	Educational Qualification certificate	NA
	NA	Latest 3 years Financial - Computation of Income - Balance Sheet and Profit & Loss Account (with schedules and Audit Report)	Latest 3 years Financial - Computation of Income - Balance Sheet and Profit & Loss Account (with schedules and Audit Report)
Office address Proof	NA	ü	ü
Proof of business stability / existence	NA	ü	ü
Business profile	NA	ü	ü
Repayment Track Report (RTR) for existing loans for last 12 months	ü	ü	ü
Property Documents	ü	ü	ü
Processing fee Cheque	ü	ü	ü

OTHER ADDITIONAL DOCUMENT FOR ENTITY

Partnership	Limited Liability Co.	Pvt. Ltd. Co.
Pan Card Partnership Deed List of partners with profit sharing ratios - certified by all partners Partners - KYC as applicable for individuals Registration Certificate Address Proof	Pan Card LLP Agreement Certificate of Incorporation LLP Board Resolution Address Proof Sharing Holding Structure Authorized Signatories & Beneficial Owners KYC as applicable for individuals	Pan Card MOA and AOA List of Directors / Certified by CA / CS Share holding patters - Verified by CA / CS Board Resolution Certificate of Incorporation Address Proof Authorized Signatories & Beneficial Owners KYC as applicable for individuals

Documents Required from all Non-Resident Indians (NRIs) Applicants

Identity Proof (any one)	Residence Proof (any one)	Other Documents
PAN	Telephone bill	- Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa - Proof of residence indicating the applicant’s current overseas address - Employer Identity Card - If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
Valid Passport	Electricity bill	- PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO). - Driving License - The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
Driver’s License	Water bill	- Aadhaar Card - The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India
Voter ID Card	Piped Gas bill
Aadhaar Card
Valid Passport

(A) FIRST PURCHASE FROM THE BUILDER:

1. Original registered agreement for sale between applicant and the Builder, along with index II, extra and original registration fee paid receipt.
2. NOC from the Builder to mortgage the flat in the name of Bank of India (Specimen No 1)
3. Development agreement between owner of the land and the builder.
4. Power of attorney given by land owner to the builder for carrying on the construction work.
5. NA order from Collector
6. Ceiling Orders if any (order u/s 8(4), 20/21/22 of ULC Act. Order/permission u/s 26 of ULC Act.
7. Commencement certificate from Municipal Corporation
8. Sanction building plan from Collector/Town Planning Authority
9. Copy of Title Report by builder advocate.
10. Stamped receipts in respect of payment made to the builder
11. Any other documents as may be found necessary by the Bank advocate for legal scrutiny.
12. A brief write-up on the builder/promoter detailing their experience in executing projects with property details

(B) RESALE OF FLAT IN A CO_OPERATIVE SOCIETY:

1. Original agreement for sale between applicant and vendor
2. Up-to-date tax paid receipt.
3. Original share certificate and/or allotment letter (applicable for co-op. housing society)
4. Society registration certificate
5. NOC from society to resale and to admit you as a member and permission to mortage (As per speciment No. 2)
6. Valuation certificate from our approved Architect
7. All the documents of Vendor as mentioned above vide item A
8. Blank transfer forms

(C) RESALE OF FLAT WHERE SOCIETY IS YET TO FORMED:

1. Original agreement for sale between applicant and vendor
2. Latest tax paid receipt
3. NOC from the Builder to mortage the flat in the name of Bank of India-in our format (Specimen No. 1)
4. Valuation certificate from our approved Engineer/Architect
5. All the documents of vendor as mentioned in above item (A)

(D) FLAT/HOUSE ALLOTED BY DEVELOPMENT AUTHORITY (MHADA etc.):

1. Allotment Letter
2. NOC from MHADA to mortage the property in favour of Bank of India.
3. Receipts for the payments made to Development Authority.
4. Scheduled for Payment.
5. True copy of sanctioned plan
6. Registered Lease Deed in case construction plot is alloted by MHADA along with Registration Receipt.
7. Commencement Certificate.

(E) CONSTRUCTION ON FREEHOLD LAND:

1. Registered Sale Deed and Original Registration Receipt.
2. NA Order from Collector
3. Latest 7/12 Extract/index II/Property register extract and pherphar extracts.
4. Commenecement Certificate from the Corporation.
5. Sanction Building Plan from Collector/Town planning authority.
6. Celling order if any (order u/s 8(4), us 20/21/22 of ULC Act, Order permission uls 20 of ULC Act
7. Detailed estimate of construction cost.

(F) In case of repair/renovation/extension, full details of existing property, details of repairs/renovationviextension proposed to be carried out and estimated expenses. The estimates from an architect with Architects Association or on banks panel should be accompanied

Incomplete or missing documents can result in rejection.

Ensure accurate submission of all required documents, including identity proof, residence proof, income proofs, and property papers.

Seek assistance from the bank customer relationship executives for a seamless documentation process.

Reapplying for a home loan demands a thoughtful and strategic approach. By addressing specific reasons for the initial rejection, such as improving your credit score and aligning the loan amount with eligibility, you can significantly enhance your chances of a successful application.