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Home Loan

What is Housing Loan?

Any individual can avail the benefit of home loan to buy a new house/flat or a plot of land for constructing the house and even for renovation, extension, and repairs to an existing house from any bank and Financial Institutions.

Types of Home Loans

1. Purchase of Plot and construction there on.

2. Purchase of house from builder/third party

3. Loan for construction on existing plot

4. Loan for Expansion or repair of Existing house

5. Takeover of existing home loan to another bank

6. Overdraft against existing home loan

7. Top-up against existing home loan

Documents Required For Apply Loan

1. Original Sale agreement between seller and Purchaser. 2. KYC (Aadhaar, Pan) and 2 photographs of each of applicant and Seller. 3. Margin Money Proof Paid by the applicant. 4. Salary Slip of last 3 months, if salaried person. 5. ITR along with Computation of last 2 F.Y or Form-16 of last 2 Years ( For Salaried). 6. ITR along with Computation of last 3 F.Y ( For Business or Profession). 7. Bank Statement of last/latest 6 months ( salary Account). 8. Bank Statement of last 1 year ( For Business or Profession). 9. Rent agreement ( If applicant residing in rented house). 10. Utility Bill ( if residing in own house)

Property Documents

1. Original Title deed of Previous owner. 2. Chain of Title deed ( if Purchase or sale for more than once in last 13 years). 3. B-1 Khasra. 4. Diversion order. 5. Building Permission. 6. Latest Municipality Tax receipt

Other Conditions & Charges related to LAP

1. LTV Ratio Shall be 90 % for Loans Up to 30 Lacs and 80% for above 30 Lacs. 2. Maximum Tenure shall be for 30 years or attaining the age of 70 years. 3. Processing Fees ( 0.4% + GST). 4. EM Charges (0.1%). 5. Document Charges

Note: these above conditions may differ from bank to bank

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Do I need to pay a fee to avail a Housing Loan?

Yes in form of processing charges, equitable mortgage charges and other charges as may be notified by the circular of banks.

What is the turnaround time of availing Housing Loan?

It is usually takes 7-9 working days from the date of receipt of application. The computation of 7-9 days shall starts from the day on which all documents with proper appraisal of the application are provided by the applicant to bank.

What does own contribution or Margin money means?

It means the amount paid by the borrower to the seller of the house property (Total realizable value of property – Loans given by the bank).

Do I get Tax benefits from the housing loan?

Yes you are eligible for tax benefits on the principal and interest amount of your Home Loan under the Income Tax Act, 1961.

What security will I have to provide?

Security of the loan would generally be security interest on the house property being financed by the banks it is extremely important for you to ensure that the title to the property is clear from all encumbrances and litigations.

What are the different types of properties considered under the Hosing Loans scheme?

Only the property which is proposed to be taken or constructed for self -occupied purpose.

What is existing interest rate charged by the banks?

It is usually starting from 6.60 % and can go up to 7.5% PA (It may vary from bank to bank and also depending upon the credit score of the borrower).