Home Loan : A sum of money borrowed from a Bank/NBFC to purchase a New/Old House, Residential Open land or for a self-construction . Home loans consist of an adjustable or fixed interest rate and payment terms.
|Age||18 to 55 Years||21 to 60 Years|
|Loan Amount Offered||Rs.10L to 2Cr*||Rs.10L to 2Cr*|
|Tenure||5 to 30 Years||5 to 30 Years|
*SEP : Self-employed professional; *SENP: Self-employed non-professional.
*Loan Amount can be higher subject to Bank's / NBFC’s internal approvals.
House(Old/New) Purchase Loans: This type of home loan can be availed when buying a new home. You can find the best home loans in India at loandhaba.com, and compare home loans interest rate with all the top Banks and NBFCs.
Land Purchase Loans/Plot Loans: The land purchase loan may be availed in order to complete the purchase of a plot of land for construction or as an investment. Land purchase loans are just like a home loan, the only difference being that this loan is used to purchase a vacant plot. The term, the interest rate and procedure for both home loan and land purchase loan are similar.
Self-Construction Loans: This type of home loan can be availed for the construction of a house. Such a loan is granted only if you already own a plot of land and plan to start construction of your house on it.
Home Improvement Loans: Home improvement loans are increasingly becoming popular as its interest rates are similar to home loans interest rates. These loans can be availed when you are planning to renovate or make repairs to your current home.
Home Extension Loans: With time you might feel the need to add more space to your house for varied reasons, such as a growing family. Opt for this home loan type when you plan to increase your living area and extend your existing home.
Home Loan is one of the biggest liabilities in any individual's life; considering the amount borrowed and long tenure involved. However, a home loan comes loaded with some benefits as well, which are mentioned below:
Deduction for Interest Paid on Housing Loan - If you are paying EMI for the home loan, it has two components - interest payment and principal repayment. The interest of the EMI paid for the year can be claimed as a deduction up to a maximum of Rs 2 lakhs under Section 24 of the Income Tax Act, 1961.
Deduction on Principal repayment - The Principal portion of the EMI paid for the year is allowed as deduction under section 80C of the Income Tax Act, 1961. The maximum amount that can be claimed is up to Rs 1.5 lakhs. But to claim this deduction, the house property should not be sold within 5 years of possession. If the property is sold within 5 years of possession then the deduction claimed earlier will be added back to your income in the year of sale.
Capital Appreciation - We all are aware of the fact that property prices rise over time, which leads to capital appreciation and becomes one of the major reasons to invest in a property. Not only construction costs, rents over a period of time seem to keep up with inflation as well; making home one of the best investments for the long term.
'Pradhan Mantri Awas Yojana ' (PMAY)- We all are aware that it is an initiative by Government of India in which affordable housing will be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022. We can avail the subsidy benefits upto to Rs.2.67 Lakh. For more information please check it out on http://pmaymis.gov.in/ , https://www.pmawasyojana.co.in/ , http://mhupa.gov.in/
Credit Score - By availing a home loan you can build up your Credit Score. Home loan is a long term liabilities of any individuals. So, if your repayment is timely of your Home loan will help you to build positive credit history and credit score. Documents Required for Home Loan (Can be downloaded from here )
The completely filled and signed home loan application form
Recent photographs and investment proof (if any)
Proof of identity (photo copies of Voters ID card/ Aadhaar Card / PAN Card /Driving Licence).
Statements of investments, if any
Copy of document providing approval of proposed extension/construction plan.
Valuation/cost estimation report from evaluator approved by the NBFC or Bank
Additional documents such as municipal/society/builder NOC, allotment letter provided by housing board, etc.
Past six months' salary slips and salary account statements in case of salaried applicant.
IT Dept. acknowledged copies of documents like Profit and loss statement and sales receipts that have been certified by a Charted Accountant.
Salary account bank statement and salary slips for salaried individual In addition to these, you may have to also submit the following documents:
Acceptable address proof when applying for a home loan also include bank agreement, property tax receipt, Govt issued ID proofs and various utility bills like water, electricity and telephone.
Commonly accepted age proof documents include certificates of class 10th school leaving, birth certificate as well as passport and LIC policy premium payment receipt.
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