HOME LOAN- APPROVED PROPERTY POLICIES
About Home Loan
In India, owning your own house is considered as one of the major signs of success. As the average income is increasing , the desire to buy own house increasing simultaneously and the price of property is increasing day by day, irrespective of urban and rural areas. So it becomes impossible to buy a house only with savings. This has lead to an increase in popularity of purchasing home loans from banks and NBFCs. A home loan which is also known as housing loan refers to an amount borrowed by consumer/s from a bank or NBFC to buy, construct, repair or renovate a residential property. This borrowed amount or loan is lent on a fixed or flexible tenure and an interest rate on the borrowed amount. The borrower/s are supposed to pay off the principal amount of loan with the interest in the given tenure
Why Home Loan?
You don't want to spend all of your savings
When banks give away home loans, they finance you up to 85%-90% of the original house purchase price. The borrowers are supposed to pay only 10%-15% of remaining amount. This helps to loosen the financial burden on your shoulders. This way you don't have to spend all your savings for purchasing a house.
Tax Benefits
Home loans are eligible for tax exemptions under Income Tax Act. You can claim up to Rs. 2.0 lakh out of the interest component of your home loan. According to the Section 80 C of Income Tax Act you can also claim tax benefit of Rs. 1.5 lakh of principal paid during the financial year.
Properties Accepted
1. Approved by Govt. body
Profile Accepted (Income wise)
1. Salaried
2. Self-employed (Business man)
3. Cash salaried
4. Pensioner
Note:
- Open land purchase without construction is allowed.
- Home loan from another bank can be transferred by us @ 40% top up at home loan rate itself.
- Minimum amount for login – Rs. 5 Lac for a single case.
| S.No. |
Particulars |
Description |
| 1. |
Rate Of Interest |
8.70% - 11.00% |
| 2. |
Co-applicant requirement |
Co-Applicant must be in blood Relation,Wife |
| 3. |
Guarantor requirement |
Depends on Bank requirements |
| 4. |
Property not selected (PNS) Programme |
An Applicant can check his/her loan amount eligibility before finalizing the property. First he/she can have sanction letter of loan in hand so that he/she can finalize the property according to loan amount sanctioned to him/her on the basis of his/her income. |
| 5. |
Fixed-Obligation-to-Income ratio (FOIR) |
50 % to 75 % |
| 6. |
Pradhan Mantri Aawaas Yojana (PMAY) |
Available if conditions of PMAY is fulfilled |
| 7. |
Loan Tenure |
5 years to 30 years |
| 8. |
Minimum Loan Amount |
5 Lakhs |
Profile accepted (Document wise)
1. Clients having income proof (ITR, business registration etc.) or clients not having any income proof both are acceptable for this loan.
List Of Documents
- - The list of required documents differs from lender to lender. But we have given a generic list of required documents below:
| S.No. |
Particulars |
Description |
| 1. |
ID Proof |
Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees. |
| 2. |
Address Proof |
Aadhar Card, Bank statement, Rent Agreement, telephone/electricity/water/credit card bill or Property tax. |
| 3. |
Business Proof |
Business registration proof such as Udyog Adhar, Shop Act, VAT/CST,Service tax, GST Registration as applicable |
| 4. |
PhotoGraph |
Passport-size photographs of Applicant & Co-Applicant |
| 5. |
Banking |
Bank Statement of Last 6 Months |
| 6. |
Income Proof |
3 Months salary slip and form 16 of last 2 years(if applicable)for salaried & 3 years ITR for self Employed |
| 7. |
Property Papers |
Property Papers with complete chain documents |
| 8. |
Current running loan details |
Current Running loan Sanction Letter & Repayment Schedule |
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