All you need to know about Liquid Income Program
Liquid Income Program is a way of assessing an individual’s credit worthiness by looking at the…Read More
The Assessed Income Program Home Loan is specifically designed for those customers who fall under the low-income group category. This would be beneficial where no income proof like ITR is available with the borrowers. This includes local Kirana Shop Owners, Street / Vegetable Vendors, Hawkers, etc. The objective of this program is to facilitate small business owners with home loans which they would otherwise not be eligible for, due to lack of adequate financial documentation. A thorough verification of their business setup would be carried out for assessing loan eligibility.
Features and Benefits
The Assessed Income Program has several features and benefits. Here are the 3 key benefits :
The tenure of the home loan under the Assessed Income Program can be extended up to a maximum of 30 years in case of home loan and up to a maximum of 15 years in case of Loan against Property.
Under this program, the customer is eligible for Home Loan up to 90% of the property’s market value and Loan Against Property of up to 60% of the property’s market value.
For Assessed Income Program, there is minimum documentation that is required to assess credit and avail of a loan. For instance, a bank statement of the last 12 months is enough to be considered as a financial document.
For both metro and non-metro cities, the maximum loan amount offered will be INR 30 Lakhs in case of home loan and INR 20 lakhs in case of Loan against Property.
To be eligible for the Assessed Income Program offered for Home Loan and Loan Against Property, there are a few criteria that need to be met.