73054 24448/89255 76775 Toll Free:18004197722 / loans@sundaramhome.in

Our PLR is revised by 10 basis points effective November 01, 2024. Please contact your servicing branch for more details.

Take Over Loans

Move your Home Loans from other financial providers to us at a lesser interest and save more on your long term monthly installments. Do this at ease with speedy processes and personalized service. After all, buying a home should also mean that you meet other commitments comfortably.

Features

Quick processing and disbursal of loans

Hassle-free personalised service and flexible approach

Specialised in-house legal and technical assistance

State-of-the-art infrastructure for document security

120+ branches across India to serve you better

Insurance scheme in association with Royal Sundaram

Who Can Apply Documents

Primary Applicant

Age: 18-65 YEARS

Nationality: INDIAN

Professional: SALARIED / SELF EMPLOYED

Gender: ALL GENDERS

Co-applicant

  • Adding co-applicant helps in maximizing the loan amount.
  • Co-applicant can be spouse or close family members.
  • Attractive interest rate for women co-owners.
  • All co-owners of the property ought to be co-applicants.
KYC Documents
Proof of identity and address

Permanent Account Number (PAN)
PAN is mandatory for all applicants. If PAN is unavailable, where the borrower's income is not considered or a property owner, Form No 60 must be provided.
KYC Documents (Proof of Identity and Address)
Officially Valid Document:
  1. Masked Aadhar Card
  2. Permanent Driving License
  3. Election / Voter’s ID (If address is unavailable)
  4. Valid Passport
  5. Job card issued by NREGA duly signed by officer of State Government
  6. Letter issued by the national population register containing details of name and address.
If above documents do not contain the current address, any of the following documents with the current address must be provided:
  1. Utility bill not more than 2 months old of any service provider (Electricity / Telephone / Postpaid mobile / Piped gas, Water bill)
  2. Property / Municipal tax receipt
  3. Pension / Family pension payment order (PPOs) issued to retired employees by government department / PSUs, if address is mentioned
  4. Letter of allotment of accommodation from employer issued by govt dept / PSUs / statutory or regulatory bodies / scheduled commercial banks / FIs and listed companies and leave & License agreements with such employer allotting official accommodation.
The temporary OVD must be replaced with the official OVD on or before disbursement.
Note : For Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI),both the Passport and Overseas Address Proof are mandatory.
Additional norms for NRI, PIO & OCI: Where the OVD presented by a foreign national does not contain the details of address, in such case the documents issued by the Government departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as proof of address
Since original verification is not possible, these documents to be certified by following officials as mentioned below
  1. Authorised officials of overseas branches of Scheduled Commercial Banks registered in India
  2. Branches of overseas banks with whom Indian banks have relationships
  3. Notary Public abroad
  4. Court Magistrate
  5. Judge
  6. Indian Embassy / Consulate General in the country where the non-resident customer resides

Income Documents
Proof of Income

SALARIED
Resident Indian:
  1. Latest 3 months’ Salary Slip / Certificate (to match with Bank Credits) / 6 months’ Salary Slip in case of variable pays.
  2. Form No 16: Wherever Applicable
  3. Salary credit bank statement & EMI debited bank statement for latest 6 months.
NRI/OCI/PIO:
  1. PIO/OCI Card - Applicable for OCI/PIO (holding foreign passport)
  2. Valid Visa / Work permit as Applicable
  3. Duly executed General Power of Attorney (POA) in SHFL format
  4. Latest 3 months’ Salary Slip
  5. Salary credit bank statement & EMI debited bank statement for latest 6 months.
  6. NRE & NRO Account statement for latest 6 months.
  7. Continuous Discharge Certificate (applicable for Merchant Navy Employees)
SELF EMPLOYED
Business License (Any one of the below)
  1. GST Registration
  2. Shop & Establishment Certificate
  3. Factory Registration Certificate
  4. Importer Exporter Code Certificate
  5. MSME Certificate
Income Documents:
  1. IT Returns, Financials (P & L A/c, Balance sheet, Schedules) & tax computation for last 2 years.
  2. GST Returns, wherever applicable for latest one year.
  3. Primary business accounts and EMI debit bank accounts for the latest 12 months.
Additional documentation where Partnership firm or LLP or Company is part of loan
For Partnership Firm:
  1. Latest Partnership Deed & Supplementary deed for any change in constitution.
  2. PAN card of the firm.
  3. Partnership firm authority letter.
  4. Beneficial Ownership declaration.
  5. Legal entity identification number wherever applicable.
For Company:
  1. Shareholding Pattern of the company attested by company’s CA / Form 32 / Annual Return to ROC.
  2. Certificate of Incorporation and Pan card of the company.
  3. Memorandum of Association (MOA) and Articles of Association (AOA).
  4. Board Resolution.
  5. Beneficial Ownership declaration.
  6. Legal entity identification number wherever applicable.

Property Documents
Property related documents
Constructing your house on your plot of land

  • Original registered title deed in your favour
  • Parent document copies * linking the chain of transactions over the past 15 years
  • Encumbrance certificate for a minimum 13 years or (for prior period) @
  • Original plan approved from the Competent Authority &Lay out Approved Plan
  • Patta in your name
  • Original Estimation

* If the parent deed is prior 13 years and covers the same extent of property currently owned then such original prior / parent deed is also required.

@ If the parent deed is prior 13 years covers the same extent of property currently owned then the EC from the date of the said Original purchase/acquiring of the property is required.

Purchasing a Flat from Builder

  • Original registered sale deed for undivided share in favour of the customer
  • Original sale and construction agreement (To be registered if applicable) in favour of the customer
  • Original stamped receipt for the payments made by the customer to the builder (i.e. = Total property cost - Home loan amount)
  • Encumbrance certificate for a minimum 13 years or for prior period if applicable
  • Parent document copies for a minimum 13 years or for prior period of documents if applicable
  • Permission of Mortgage Letter by the builder in favour of Sundaram Home's format
  • Copy of approved plan and floor plan
  • Handing over of possession of flat
  • Completion certificate from builder

Buying a house on a resale basis

  • Original sale agreement between the seller & the customer
  • Original sale deed in favour of the seller
  • Parent documents * for a minimum 13 years *
  • Encumbrance Certificate for a minimum 13 years @
  • Patta and house tax receipt/ EB receipt (latest)
  • Original stamped receipt from the seller (i.e. = Total property cost – Home loan amount)
  • Copy of approved Building plan & Lay out Approved Plan
  • Draft sale deed
  • Evidence of handing over of possession by the seller

* If the parent deed is prior 13 years and covers the same extent of property owned by the vendor then such original prior / parent deed is also required

@If the parent deed is prior 13 years and covers the same extent of property owned by the vendor, then the EC from the date of the said Original purchase/acquiring the property is required.

Buying a flat on a resale basis

  • Original sale agreement between the seller & customer
  • Original sale deed in favour of the seller
  • Original construction agreement in favour of the seller
  • Original stamped receipts given by the builder favouring the seller
  • Parent documents * for a minimum 13 years *
  • Encumbrance Certificate for a minimum 13 years @
  • Latest property tax / EB/ Water & Sewerage receipt in favouring the seller
  • Original stamped receipt from the seller (i.e. = Total property cost – Home loan amount)
  • Copy of approved plan and floor plan
  • Evidence of handing over of possession by the seller

* If the parent deed is prior 13 years and covers the same extent of property owned by the vendor then such original prior / parent deed is also required

@If the parent deed is prior 13 years and covers the same extent of property owned by the vendor, then the EC from the date of the said Original purchase/acquiring the property is required.

Power of Attorney

THE POWEER OF ATTORNEY FORMAT USED IN CASE

When power of attorney is executed in India

  • Attorney should be a resident of India
  • Power of attorney is to be executed on a non-judicial stamp paper of Rs.100/- (State of Tamil Nadu)
  • The executant should execute in each page of the Power of Attorney and wherever the blanks relevant details are to be duly filled in.
  • A Judicial Magistrate or a Notary Public should ATTEST the signature of the executant.

In case of non-residents, if the power of attorney is being executed outside India

  • The attorney should preferably be a resident of India
  • The power of attorney should be executed on a plain paper as the case may be as applicable in the country in which the power of attorney is executed.
  • Any authorised official of the Indian Embassy/Consulate/Trade commissioner / Notary in the country where the executant resides should attest the signature of the executant.
  • The Power of attorney after being received in India, should be duly adjudicated / validated in the Concerned District Registrar, in India.
Power of attorney - Format :

FAQs

What is a takeover loan and why is it availed?+

Borrowers can avail a takeover loan to transfer their outstanding home loans from other banks to Sundaram Home. Thus we essentially takeover your loans from other banks.

Who can avail a take over loan?+

Borrowers who have existing home loan arrangement from other banks and have been paying regularly for 12 months or more, could avail take over loan facility from Sundaram Home.

How do the interest rates with a take over loan vary from that of regular home loans?+

Interest rates of take over loans from Sundaram Home do not differ from that of regular home loans.

Can borrower of an under construction property avail a take over loan from Sundaram Home?+

Yes, they can.

Can top up loan facility be availed in addition to a take over loan from Sundaram Home?+

Yes, additional top up loan can be availed along with take over loan.

What are the documents required for a take over loan?+

You can find a checklist regarding documents required on Link to document section