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  Any person, including Non Resident Indians, with a steady source of income can borrow funds for financing the cost of a flat from housing finance companies and banks  
     
  How much can a person borrow?   
  Loans are generally disbursed upto a maximum of 85% of the cost of the flat. The balance 15% cost of the flat is to be funded by the flat purchase from his own contribution  
     
  What is an EMI?  
  Equated Monthly Installment ("EMI") is the amount comprising a portion of the interest and the principal loan amount which is payable by a borrower to the lender every month.  
     
  What is a fixed - rate housing loan?  
  A fixed - rate housing loan is a loan where the rate of interest is constant through the entire term of the loan period.  
     
  What is a floating interest rate housing loan?   
  A floating interest rate loan is a loan where the interest rate payable is linked to the market conditions such as a the bank retail prime lending rate and fluctuates with the bank rate varies. Floating interest rates are generally lower than the fixed interest rates.  
     
  What are the documents generally required to apply for a housing loan?  
  Latest salary slip (proof of income for salaried individuals), Photographs, Proof of age, Identity papers, Proof of residence, Bank statements for the previous six months, For self employed Certified copies of balance sheet, profit and loss statement and tax challans / tax returns for the previous 3 years. For partnership/private limited companies The Articles of Association, partnership deed and details about the firm. For NRIs latest salary certificate specifying, Name (as it appears in the passport), Date of joining, Passport Number, Designation, Perquisites and salary, Photocopy of labour card/ identity card, Photocopy of valid resident visa stamped on the passport, Photocopy of monthly statement of local bank account Property related documents.  
     
  Which sources, other than housing finance companies, can give loans for purchasing a flat?  
     
  A loan for purchasing a flat can also be availed from the following sources: Banks, Insurance company, Against Provident Fund Account, Fixed Deposits, Post office Savings.

Any person, including Non Resident Indians, with a steady source of income can borrow funds for financing the cost of a flat from housing finance companies and banks.
 
     
 
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