Every individual dreams to buy there own house and live with their loved ones. The ownership of a house is one of the key signs of success among the fast-growing Indian middle class. As the income of the average Indian family increases, there has been a continuous increase in the desire to own a house and this has lead the price of property to reach unmatched highs in recent years. This is among the major reasons for the home loan business to have witnessed unmatched growth in recent years.
|Age||Age should be between 21-60 years||Age must be between 21-65 years|
|Income||A minimum annual income of ₹1,80,000 is required||A minimum annual income of ₹1,80,000 is required|
|Current Experience||2-3 years of current job stability||3 years of current business stability|
|Documents||Salaried||Self Employed Professional||Self Employed Non Professional|
|Application form with photograph duly signed|
|Identity, residence and age proof|
|Last 6 months bank statements|
|Last 3 months Salary-slips|
|Processing fee cheque|
|Form 16 / Income Tax Returns|
|Proof of business existence||-||-|
|Education qualification certificate and proof of business existence||-|
|Last 3 years Income Tax Returns with computation of Income||-|
|Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account||-|
*Can I get a home loan for the entire property value? No. Banks usually keep a 20% margin when providing individuals with a home loan. This means that the lender will agree to provide you with 80% of the property value as a home loan, while you will have to shell out the rest 20% by yourself. *Are there any prepayment charges in case of a home loan? In case of a floating rate home loan, lenders cannot charge a prepayment penalty as per RBI directives however a penalty may be applied in case of a fixed-rate home loan. *Who can co-sign a home loan with me? Various family members like father, mother, siblings, etc. can co-sign a home loan other than that your spouse or adult children can also be co-signors in case you are applying for a home loan. *Can I get tax benefits on home loan? Yes, both the loan principal amount and the interest paid towards loan repayments provide tax benefits under Section 80C and Section 24 of the IT Act respectively. *How many people can co-sign a home loan with me? At present, up to 7 people can co-sign a home with the primary applicant. However, those people need to be your blood- relatives of the family member. *Can my friend co-sign a home loan for a flat? In India, as per existing rules, your friend cannot co-sign a loan as he/she is not a blood relative or otherwise related to you. *What is Pre-EMI Interest? Prior to full and final disbursement and commencement of EMI, you pay pre-emi interest on the portion of the loan disbursed to you. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of the EMI. *How can I repay the loan? You can repay your loan either via Electronic Clearing System (ECS) OR by giving Post Dated Cheques (PDCs). *What is a floating rate of interest? In this case, the rate of interest fluctuates based on the market lending rate. This means you stand the risk of paying more than you budgeted for in case the lending rate goes up. *What are the tax benefits of home loans? As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is ₹ 2,00,000/- for the interest amount paid in the financial year and up to ₹ 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
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