- Can I get a Home Loan and from whom ?
- How much loan can I avail ?
- Who can be a joint applicant for the loan sought ?
- For what tenure can I avail the loan ?
- How do I repay the loan ?
- What is the security for the loan sought ?
- What documents are required to get the loan sanctioned ?
- How would I get the loan disbursed ?
- What tax benefits do I enjoy ?
1. Can I get a Home Loan and from whom ?
Yes, you can avail a Home Loan.
Following is list of the finance institutions which have approved the project and apart from this you can avail home loan from your desired finance institution which have / have not approved the project –
- HDFC
- ICICI
- LIC Home Finance
- IDBI
- Axis Bank
- Standard Chartered Bank
- HSBC
- Punjab National Bank
- State Bank of India
- Union Bank of India
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2. How much loan can I avail?
You can get a Home Loan of up to 80 – 85% of the total consideration value (flat value + car park / two wheeler parking space value only) depending upon your qualification. Additional costs are not financed by the Housing Finance Company / Financial Institution.
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3. Who can be a joint applicant for the loan sought?
You can include your spouse as a joint applicant for the home loan sought from the financial institution and the financial institution shall include the income of your spouse to enhance your loan amount. Moreover, upon the discretion of the financial institution you can include your other family members as joint applicants.
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4. For what tenure can I avail the loan?
You have the option of selecting a term you are comfortable with subject to the approval by the financial institution.
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5. How do I repay the loan?
The home loan repayment is by Equated Monthly Installments (EMI) comprising of interest and principal amounts. EMI’s can be paid by post dated cheques in favour of the lending financial institution or other methods as suggested by the financial institution.
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6. What is the security for the loan sought?
You need to provide security of the property and/or such other additional / collateral security as may be mutually agreed between you and the lending financial institution.
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7. What documents are required to get the loan sanctioned?
An indicative list of the documents required are shown below, however, the lending financial institution may insist for further documents to be submitted by you –
- Passport size photographs of all the applicants.
- Residence and age proof which may be established by copy of Passport, Voter’s ID card, driving licence, ration card, etc.
- Bank statements for the last 6 months
- atest salary slip / statements showing all deductions in case of employed applicants.
- Certified copies of Balance Sheet and Profit and Loss accounts, IT acknowledgement for the last 3 years in case of self employed applicants.
- Memorandum / Articles of Association for companies, partnership deeds for firms and a brief profile of the company / firm in case of companies / partnership firms.
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8. How would I get the loan disbursed?
Your loan will be disbursed on –
- Submission of legal documents as mentioned above to the lending financial institution.
- Investment of your own contribution to the lending financial institution.
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9. What tax benefits do I enjoy?
Tax benefits are available on the principal and interest components of a loan as per the Income Tax Act, 1961. As the benefits could vary from year to year, please do check out the current benefits available.
For further assistance you can get in touch with Ms. Ruma Mukherjee at 9836269098 who would direct you to the concerned representative of the lending financial institution.
