Professional Documents
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HL Product 8may2012
HL Product 8may2012
HL Product 8may2012
Product Features
Metric
Purpose of Loan
Loan Amount
Borrower
Co-borrower
Age
Bureau Score
LTV
MORTGAGE Housing loans given for purchase of house, flat, apartment, bungalow or row house Purchase of under construction property Self-construction loans Refinance of HL purchase (if done within last 6 months) Balance transfer of existing Home Loan INR 5 Lacs INR 25 Lacs Salaried Individuals Govt/PSU (Employees of Central & State govt, UPSC services, PSU employees, Government school & Municipal Corporations) Corporate salaried (Fortune 500, Multi national companies, Listed companies & IIFL group employees) Others: Employees of companies other than those listed above whose PF is getting deducted For married individuals spouse must be a co-borrower For unmarried borrowers either of the parents must be a co-borrower All property owners must be co-borrowers All persons whose income has been considered must be on the loan structure (Only salary income can be clubbed for this rule) Borrower age: Minimum: 23years on loan application Maximum: 65 years on loan maturity (restricted to the age of retirement) Co-borrowers maximum age: For applicants whose income has been considered: 65 years For applicants whose income has not been considered: 75 years Min. 650 (Applicable for all borrowers & Co-borrower) Cases with score of 0 or -1 for all applicants/co-applicants can be considered subject to deviation approval from National Underwriting Head/Policy Head Upto 80% of market value or 130% of ATS (Agreement To Sell)(90% of ATS+40% of ATS as value of ameneties) Incase of self construction loans LTV will be lower of 80% of market value or 90% of architects estimate duly vetted by IIFL valuers
Loans to be booked on the HFC system, and identified as GLBS GL Branch Sourcing under the section: Sourcing Channel, field: Type
Documentation
Documents Application Form along with latest photograph
Restricted Profiles
Public Figures: Political party workers, politicians Police personnel Film/TV industry - Film stars, TV stars, Producers etc. Lower ranks can be considered as per Area Head discretion Print & News Media: Press reporters, News reporters, Editors, Journalists Collection agency employees, Recovery agency employees, Verification agency employees DSA employees Prosecutors esp. practicing Criminal Law. Other lawyers such as Tax Lawyers, Civil Lawyers etc can be considered as per Area Head discretion NGO employees Employed with Money lenders, Lottery agencies, Chit funds, Nidhi companies & private financiers/cooperatives Security services employees Employees of bar & wine shops Class IV employees Manpower supply agency employees Drivers including those employed privately or by state corporations Any other profile as per location specific experience/feedback
Process Flow
Step A
Source application Basic Eligibility Check Filling in the Application Form Collection of Key documents (KYC, Financial etc) Provide application acknowledgement
Step B
Log in app & generate unique no. CPV & Fraud check
Dedupe
CIBIL
Telephonic Verification
Personal Discussion
CAM preparation
Final Approval
Step C
File processing
Loan disbursal
Step D
Step E
Awareness calling
Bounce Calling
Collections
Audit functions
Mandatory docs that need to be scanned across for file processing are App form, ID/ DOB/Resi Proof, ITR/Form 16, Bank statements and Salary slips
ANNEXURE
Documentation Details
Documents Remarks Application Form along Mandatorily required for borrower & all co-borrowers with latest photograph ID proof required for borrower & all co-borrowers Valid documents for Identity are: Passport Driving License Voters ID PAN Card Govt. Organization/PSU ID Card Address proof required for borrower & all co-borrowers To be collected for both current residence & current office Valid documents for Residence: Electricity Bill, Telephone (including post-paid), Gas Bills (Not more than 90 days old) Society charges bills (Not more than 90 days old) Residence ownership documents (Sale Deed) Passport Bank account statements (Salary credit should be visible in these statements) Credit card statements *All these documents can be in the name of spouse or parents provided supported by relationship proof Mandatorily required for borrower & all co-borrowers Valid documents are: PAN Card Passport Drivers License Birth Certificate Class X Board Certificate Life Insurance Policy Employee Identification Card Armed Forces card
Identity Proof
Address Proof
Date Of Birth
Documentation Details
Documents PAN Number Latest Telephone Bill ITR/Form 16 Salary Slips Bank Statements Remarks Required for borrower & all co-borrowers Mandatory either residence or office Required for last 2 years Latest 3 months salary slips required Latest 6 months bank statements required
Application Fees Cheque Mandatory Property Papers Property papers photocopy incase of repurchase (Previous property back chain & Agreement to sell)
Self Construction Loans Architects estimate mandatory Approved Sanction Plans Approved sanction plans required in all cases where property is 10 years old For older properties customer undertaking mandatory 3*3 EMI 3 EMI cheques 1 Principal value cheque 1 First EMI cheque 1 Cancelled cheque