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Home Loans

Home Loan is a loan provided by a bank or a financial institution to fulfill the dream of owing a house .The loan is used to purchase a new/ resale house, construct a house or to buy an under construction house from a builder. The demand for home loans is very high in India and it is a much sought-after product today.

Apart from fulfilling the dream of having owned house, it will also help in wealth creation in the long term. Now with the disposable income of Indians going up drastically when compared to the late 90s , there are many people who avail home loan to add more property to their asset list. Property is proven to be an appreciating asset.

Significance of Home Loan:

The property prices in India have shot up quite significantly. Owing a house from one's savings is a a very difficult task . With rising levels of income and loan offers from virtually every banks makes it easy for fulfilling this basic need . The loan is secured in nature and hence the tenure offered for such loans are very high when compared to other loans. The rate of interest is also very low vis a vis other loan products. The uniqueness of home loan is the borrower get benefited from tax savings because interest outflow up to Rs. 150000 during a financial year can bet set off against salary/business income . Similarly principal amount to the extend of Rs 100000 can also be availed as a deduction under Section 80 ( C) of the Indian Income Tax Act , 1961. The ability to repay the loan over a long time period also makes the entire borrowing affordable for the individual because it fits the monthly outgo within his/her income. It is the easiest way to create an asset thereby giving tax benefits as well.

1. Personal Documents:

The common list of documents for both Salaried and Self Employed applicants are as follows:

  1. Photograph
  2. Identity proof
  3. Address proof
  4. Qualification proof( applicable only for Self Employed Professionals)

2. Income Documents :

  1. Salaried
    •  > Latest 3 salary slips
    •  > Form No. 16 of last 3 years. Alternatively appointment letter or service certificate indicating employment continuity would suffice.
    •  > Latest bank statement of six months where salary credit gets effected.
  2. Self Employed
    •  > Latest 3 years audited financials along with Income Tax Returns , Computation of income and all schedules.
    •  > Latest 12 months bank statement of main business banking.

3.Property Documents :

  1. > New Property from Builder ( both underconstruction and completed)
    • > Draft Agreement between buyer( borrower) and builder.
    • > Project approval letter by the bank.
  2. Resale property
    • > Draft agreement between buyer and seller.
    • > Copy of the registered agreement between the seller and the previous owner /builder along with the index II and Registration Receipt.
    • > Copy of all previous chain agreements along with its Index II and Registration Receipt.
    • > Copy of Share Certificate if society is formed.
    • > Copy of Commencement Plan.
    • > Copy of the Sanction Plan.
    • > Copy of the completion certificate( Occupancy Certificate).
    • > Copy of latest property tax receipt.

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