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Everyone has a dream of buying their own house. But with the immense rise in properties, such a dream remains a dream only for some people. This is where a home loan comes to the rescue.
A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenures. They are repaid through EMIs. After repayment, the property's title is transferred back to the borrower.
There are many banks and financial institutions that offer loans to help you buy or construct your dream home. Loans are also available for renovation or extension purposes.
The most common type of loan to avail for the purchase of any property. You can up to 80-90% of the property market price in form of housing finance.
It provides finance for renovating or improving the condition of your home.
This type of loan is taken to construct a new house.
If you are dissatisfied with your current lender’s service, you can transfer the outstanding balance of your loan to a different lender who offers a lower interest rate and better service. You can even look into the option of a top-up loan on your existing loan after the transfer.
This type of loan combines financing for both the plot of land on which you want to build a house and the construction into a single loan.
Tax Benefits:A borrower can claim an Income Tax deduction of up to Rs. 1.5 Lakh under section 80C of Income Tax of India 1971 Act. While Section 24B of the Income Tax Act of India allows for a deduction of up to Rs 2 lakh on the interest portion. The income tax deductions are only available after the house has been completed. You cannot claim income tax deductions while the property is being built.
Tax Benefit on Second Home Loan:If you buy a second home, you will be eligible for an Income Tax deduction under section 24B of the Income Tax Act.
Home Loan Balance Transfer:It gives you the benefit of a balance transfer to another lender with a lower interest rate.
Ease to Buy a New Home:It makes it easy to buy a new home with one’s own money because It makes it easier to buy a house because it can be repaid in easy monthly installments.
No prepayment Charges:It has the highest repayment tenure that goes up to 30 years and by extending the loan tenure one can reduce the EMI liabilities.
No Need to Pay Rent:It enables you to buy your own home so there is no need to pay rent. It is better to pay EMI for your own home.
Tax Benefits:A borrower can claim an Income Tax deduction of up to Rs. 1.5 Lakh under section 80C of Income Tax of India 1971 Act. While Section 24B of the Income Tax Act of India allows for a deduction of up to Rs 2 lakh on the interest portion. The income tax deductions are only available after the house has been completed. You cannot claim income tax deductions while the property is being built.
Tax Benefit on Second Home Loan:If you buy a second home, you will be eligible for an Income Tax deduction under section 24B of the Income Tax Act.
Home Loan Balance Transfer:It gives you the benefit of a balance transfer to another lender with a lower interest rate.
Ease to Buy a New Home:It makes it easy to buy a new home with one’s own money because It makes it easier to buy a house because it can be repaid in easy monthly installments.
No prepayment Charges:It has the highest repayment tenure that goes up to 30 years and by extending the loan tenure one can reduce the EMI liabilities.
No Need to Pay Rent:It enables you to buy your own home so there is no need to pay rent. It is better to pay EMI for your own home.
Loan eligibility refers to how much money you’ll get to buy a house and whether or not you’re eligible for a loan. To determine your home loan eligibility, certain factors must be considered, such as the applicant’s age, income, type of employment and property, credit score, and many others.
Loan eligibility depends on some factors such as:
⦁ Income
⦁ Age
⦁ Employment Type
⦁ Annual Increment
⦁ Credit Score
⦁ Income Stability
⦁ Property Details
⦁ Outstanding Loans
⦁ Residency Status
⦁ Collateral Security
Nationality:You need to be a Citizen of India with documents to prove your claim.
Occupation and Income:Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.
Credit History:Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.
Banking Relationship:Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.
Market Value of Property:Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.
Title of Property:Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.
Identity Proof (If any)
Aadhar Card, Pan Card, Passport Copy, Voter ID, Driving License, Employer Issued ID Card
Address Proof (If any)
Aadhar Card, Passport, Electricity Bill, Telephone Bill, Ration Card, Lease Agreement
Photograph
1 passport size
Income Proof (Salaried)
⦁ Salary slip of last 3 Months
⦁ Latest Form 16
⦁ Latest 2 Year Income tax Return
Income Proof (Self Employed)
⦁ Latest ITR, Profit & Loss balance sheet for 3 years
Bank Statements
Last 1 Year
Other Documents
Trade License
Partnership Deed
Article of Association
Memorandum of Association
Import Export Code
SEBI Registration Certificate
ROC Registration Certificate
Financial Statement Audited by CA
Profit & Loss Account Statement
Balance Sheet
6 Months Bank Account Statement
Professional Practice License for Doctors, Consultants, etc
Registration Certificate of Establishment for Shops, Factories, and Other Establishments
Business Address Proof
3. Documents Required from all Non-Resident Indians (NRIs) Applicants
Income Proof Documents for NRI
Property Papers
Property Documents
Sale Deed
Stamped Agreement of Sale
Allotment Letter
No Objection Certificate or NOC
Housing Society
Builder
Possession Certificate
Land Tax Receipt
Construction Cost Estimate
Bank Account Statement of Payment Made to Seller or Builder
Payment Receipt of Payment Made to Seller or Builder
Incase of resale property share certificate is required
Occupancy Certificate
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Finwell Investment Solution is an innovative one-stop-shop for all your financial needs, including Home Loans, Personal Loans, Business Loans, Life Insurance, Health Insurance, General Insurance and more.