• As Per occupation of the individual.
• Service - Salary slips required for proof.
• Self-employed - Copies of Income Tax Returns for last three years.
• Proof of Residence - A copy of ration card.
• A Copy of Passport if any.
• Details about size of family, other earning members and liabilities if any.
• Maximum amount of loan - It varies from 80 % to 85% of the property price.
• Amount of loan - If an individual wants an amount more than that permissible by the parameter of his income, the financial institution may sanction that amount solely at its discretion on the basis of mortgage of other assets like LIC Policies, any other property, Bank FDRS, NSC etc.
• Tenure of the loan - Most of the companies / banks extend loan for a maximum period of 15 years but will not extend beyond superannuation or 65 years, whichever is earlier.
• Repayment of loan - Repayment is usually on Equated Monthly Installments depending on the amount and tenure of the loan. It is advisable to choose a scheme wherein payment of interest is based on reducing balance method.
• Finance companies generally insist upon atleast one GUARANTOR. All the details which are required to be submitted for the loanee are also to be submitted in respect of the guarantor.

Calculation of Interest :
This is a very important aspect which needs to be evaluated. If the interest is calculated on a flat basis over the tenure of the loan then you are paying a higher rate than that quoted. It is always advisable to go in for an organisation which charges interest on reducing balance method.

Processing and administrative charges :
Compare the Processing and Administrative charges that each finance company / bank charges. The Processing fees is 0.8% and the administrative charges are 1% of the loan amount .

Penalty charges for pre-payment of loan :
Many companies / banks charge penalty for prepayment of loan which usually tends to vary from 1 % to 2%.