Buyers Lounge
It serves as a one-stop resource to help buyers make informed, confident decisions with ease.
- A home loan is a residential mortgage taken by an individual or family who wishes to purchase a piece of real estate in the form of a house, apartment, condominium, villa or a row house.
- Housing loans can also be obtained for building a house, repairing or renovating the interiors of an existing house.
- Home loans are easily available and are categorized into various interest rates (fixed or floating), as per the borrower’s needs and repayment capacity.
Anyone, including Non Indians, with a steady source of income.
- Loans are generally disbursed up to a maximum of 85% of the cost of the apartment.
- In most cases, housing loan is sanctioned depending upon the repayment capacity and income of the proposed borrower.
- Spouse’s income can be included, if a person wants to increase his/ her eligibility for the loan.
- The maximum loan that can be sanctioned varies with housing finance companies/ banks and it ranges from Rs. 10 lakh to Rs. 1 crore.
Equated Monthly Installment (EMI) is the amount comprising of portion of the interest and the principal loan amount which is payable by a borrower to the lender every month.
A fixed rate housing loan is a loan where the rate of interest is constant through the entire term of the loan.
- A floating interest rate housing loan is a loan where the interest rate payable is linked to market conditions such as the lender bank’s retail Prime Lending Rate (PLR).
- A floating interest rate fluctuates as the bank rate varies.
- Floating interest rates are generally lower than fixed interest rates.
Yes.
For Salaried Individuals:
- Latest salary slips (proof of income)
- Photographs
- Proof of age
- Identity papers
- Proof of residence
- Bank statements for the previous six months
For Self-Employed:
- Certified copies of balance sheet
- Profit and loss statement
- Tax challans/ tax returns for the previous 3 years
For Partnership/Private Limited Companies:
- The Articles of Association
- Partnership deed
- Details about the firm
For NRIs:
- Latest salary certificate specifying name (as it appears in the passport), date of joining, passport number, designation, salary and perquisites.
- Photocopy of labor card/identity card
- Photocopy of valid resident visa stamped on the passport
- Photocopy of monthly statement of local bank account
- Other property-related documents
Finance against:
- Provident Fund Account
- Fixed Deposits
- Post Office Savings
- Shares and Debentures of listed companies
- Government Bonds and Securities
- Taking a home loan seems like a judicious option when the resources on hand may be insufficient to buy a lifetime asset like your dream house.
- A home loan financially helps individuals who cannot pay the entire sum required to purchase their dream house.
NRI Corner
Our planning and design management services are provided by our multi-disciplinary team of professionals with backgrounds in urban and regional planning, urban design, architecture, development management, property, law, engineering communications.
- Due Diligence Service
- Entitlement approvals and Legal Assessments
- Project Planning and Feasibility
- Project Assessment Studies including Financial Analysis
- Geological and Soil Investigation, Maps
- Architectural / Engineering / Interior Designs
- Evaluation of Bids
- Construction Supervision
- Quality Management
- Construction Management
- Cost Management
- Contract Management
Tax Benefit
The home loan borrower enjoys Tax Benefits on both Interest paid and the Principal re-paid. Under Section 24(d) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 2,00,000.
Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings and investments is eligible for tax deduction up to a maximum limit of Rs. 1,50,000.
