Fast Track Housing Finance Home Loan

Last Updated : March 25, 2017, 4:07 p.m.

About Fast Track Housing Finance Home Loan

Fast Track Housing Finance Private Limited offers home loan to such individuals who aspire to have their own homes constructed but due to no income or falling under low-income categories are restricted for not getting loans. Individuals despite making a good income, lack accessibility of finance on account of non-availability of income proof and property issues.

The main objective of Fast Track Housing Finance Home Loan are:

• Making provision of Housing Finance easily available to every segment of Society in Rural India.
• Assisting small businesses to raise the finances from their existing properties in Rural India.
• Supporting low-income profile customers to raise Finance for buying or constructing their own house.
• Making a contribution to affordable housing segment and to promote low-cost housing by funding to Small Builders in Rural India for their turnkey projects.

Fast Track Housing Finance Home Loan Eligibility Criteria

• Home loan is available for:
  • Any existing residential property for resale
  • Sale of a new flat by builders in ongoing residential projects
  • Existing Land belonging to applicant where home construction is proposed
  • Purchase of Plots under residential area for construction of house

• No income and low-income class of customers can apply for home loan
• Home loan is available for a maximum amount of ₹ 25 lakhs.
• Home loan for improvement or extension is available for ₹ 15 lakhs.
• Home loan against property is available for a maximum limit of ₹ 30 lakhs.
• No guarantor is required. Suggestion for the name of co-borrower is required from any blood relative i.e. family members(Father, Mother, Spouse, Son etc. Brother to be considered only if staying in the joint family. Sisters and unmarried daughters to be strictly avoided) whose age of maturity of a loan will be less than 70 years and at the entry of loan is more than 22 years. For marginal cases, an additional guarantee is allowed on the case to case basis.
• For Govt. Servants having pensionable Job; age limit:  70 Years can apply for home loan
• For Self Employed individuals in the age group of 65 Years can apply for home loan

Other Eligibility Criteria

Fast Track Housing Finance Home Loan EMI Calculator

Use Fast Track Housing Finance Home Loan EMI Calculator for knowing your loan amount to be payable in the form of EMI. You can also ascertain the monthly interest to be payable with EMI and the total cost computed each year. EMI Calculator will tell you the results quickly. Also, you can check your eligibility criteria for obtaining the home loan.

For example, you are a grocery retailer having a business income of ₹ 5 lakhs per annum. You want to construct your house on the top of your shop costing you ₹ 55 lakhs. You have applied for a home loan of ₹ 25 lakhs as against ₹ 30 lakhs payable through your accumulated savings. The allotted loan tenure for your home loan is 20 years with an interest rate being 10.5%. The following table shows you the calculated EMI along with interest and the total amount that costs you against your sanctioned home loan.

Table showing EMI, interest outgo and total amount payable on your home loan

Amortization Table

Documentation for Fast Track Housing Finance Home Loan

1. Application form duly signed by the applicant along with the photograph

2. ID proof & Resident Proof

3. Processing fee cheque

4. Last 6 months bank statement

5. Documentation for salaried applicants:

• Last 3-months salary slips
• Form 16 along with recent salary certificate

6. For business on the basis of cash sales: Income proof(non-compulsory) or copies of rough receipts or rough statements maintained at home or business locations is required to be submitted.

Features and Benefits of Fast Track Housing Finance Home Loan

• No Income and Low-Income profile customers can avail finance
• Lending to properties in Grampanchyat areas and Rural Level
• Special Lending facility to Farmers
• Different surrogate programs are available to those who do not file IT returns since they do not fall in IT range.
• Project Finance at Rural Level is accepted to improve the Turn Around Time
• Lending facility is available for purchasing plot and construction on it there on
• Lending upto 20 years or 60 years of age making the repayment process easy.
• There are no prepayment charges on Home Loan. No prepayment charges on prepayment amount equivalent to six EMI’s twice in a year making it simpler for customers to repay the loan and manage their interest.
• Balance Transfer facility available to customers on the basis of specific formalities which needs to be done as per our company policy.

Fast Track Housing Finance Home Loan Customer Care Contact Number

Are you facing any difficulties relating to the availability of loan amount, tenures, interest rates or documentation processes? Contact a committed experienced customer care representative of Fast Track Housing Finance Home Loan on 022-43341999 or 022-24362400 and get your queries resolved. You can also put forward your queries or grievances(if any) on the email ID mentioned on the website.