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Property Loan is a secured loan taken against the security of an unimproved Land or other property. The loan amount is provided as a definite percentage of the property’s market value, usually near about 40 to 60%. The property loan is used for purchasing a new land or house, constructing a house, pre-allotment booking finance for property or buying a residential plot. NRI’s can purchase ready residential property with Property Loan.
Property Loan Eligibility
A person who is an Employee or a professional, self-employed or an income tax payer or engaged in agricultural and allied activities.
A person with Net Monthly Income (salaried) is in excess of Rs.12, 000/- or Net Annual Income (others) is in excess of Rs.1, 50,000/-.
The income of the spouse may be added if he/she is a co-borrower or a guarantor.
Maximum age limit: 60 years.
Age Proof & Address proof.
Income Proof of the applicant & co-applicant.
Passport size photograph of the applicant & co-applicant.
Last 6 months bank A/C statement.
In case of Salaried:
Employment certificate from the employer.
Copies of pay slips for last few months and TDS certificate.
Latest Form 16 issued by employer Bank statements.
In case of Self-employed:
Copy of financial statements for the last 2 years.
Profit and loss account for the last few years.
Income tax assessment order.
Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company.
Property Loan Interest Rates
Before applying for Property Loan, a borrower must know the rate of charges, penalty or fee charged by your lending company or bank for default in monthly EMI. The customer must know the processing charge and in case a customer decide to switch the loan from current lender to a new lender, current lender will charge penalty or fee for pre-closure of their loan.
Choosing the right kind of interest rate can be extremely baffling while shopping for a home loan. Only a single question comes into mind - Should I choose 'fixed' or 'floating' rates of interest?
Home loan interest rates have soared to an alarming degree in the past few months. This in turn has certainly affected the loan eligibility for home loans in India. This encourages loan borrowers to re-evalu...
Home Loans make it comfortable for you to advance in as soon as possible without breaking your bank and upsetting the budget. 'Look before you Leap' is the strategical rule of thumb whilst shopping for the hom...
5 Things you must know about Home Loan Tax Benefits
2016 is the year of surprises and gifts. Rate cuts, cheaper loans, tax benefits have made this year great for home loan buyers. If you are also planning to buy a house, this is the right time. While buying a house, you negotiate with the property dealer and then with the banks to get the cheapest home loan deal. Even if you get the best deal with a lot of discounts, you might end up saving a few rupees because of your tax sheet. But if you know the rules of this game, you can get a maximum of... read more
Applying for a Home Loan? Should you go for Fixed or Floating Rate?
The end of the last year marked something significant in Home Loans that was not aggressively marketed by the newsmakers. Many of the prominent banks have launched home loan products on fixed rates. Conventionally, the home loans are floating in the country, and they are determined by the current interest rate regime. These regimes are based on the monetary policy of the central bank and rise and fall accordingly.
Unlike Personal Loan or Auto Loan, home loan is usually floating but ... read more
Home Loan For Below Rs. 10,000 Income
Earning Rs. 10,000? You can still avail home loan. Axis Bank, a private sector lender on its 20th anniversary on Wednesday launched a home loan product for people earning as low salary as Rs. 8000. With this product the bank is targeting disbursals of up to Rs 1,000 crores annually”, says a senior bank official.
To reduce the risk, such borrowers have to pay a premium to the bank. For low earners, the rate of interest would be 10.75% that is higher than what is being offe... read more
Save Thousands on your Mortgage Loan
If you are planning for a mortgage loan, then before going to market and shopping for it, have a look at this to do list before buying a mortgage loan.
Gather data from all the sources and referrals available: Approach all the possible sources and refer people around you to get the basic knowledge about the product. Also be aware of your credit history and credit score. Try to improve your credit score before availing any loan, if it is not good. See how:Some-tips-boost-loan-... read more
Benefits of Home Loan in Tax Deductions
‘Income from House property’ is a separate head for the tax under section 22 to section 27 provided by the Income Tax Act. No matter you have borrowed money for construction of a new house, purchase of property, repair or renovation of a house, the interest you pay on the money borrowed is a deduction in your tax bracket. The maximum deduction allowed for self-occupied property is Rs 30,000 per annum. If you have borrowed capital for any of the above requirements after April 1, 19... read more