HOME LOAN

 

Today facilities of Home Loan provide By different agencies and Banks in India help to make easily our own Home. But policy is altered than others of banks and agenciesom.so we can say objectives of home loan are in market help to select righ choice according your finance needs.

 1.       Who are eligible for Home Loan ?

Each Govt. or non-Govt. employees, Businessmen, Professional, Co-operative societies, Corporate Unit and Group of People.

2.       Importants of HOME LOAN

There is many benefit in Home loan. Such as-

a)       80% loan available on your property cost.

b)      Competitive interest rate.

c)       Tax Saving

  1. 3.       How HOME LOAN approved?

During Home loan approval Bank or financial institution use some kind of measurement –

a)      Capacity of strength for paying EMI

b)      Age

c)       Education

d)      Stability

e)      How many members dependable on the candidate.

f)       Property ownership-Physical asset of non-physical assets.

g)      Responsibility.

h)      Saving habits.

4.       What should be Home loan Period?

We can apply for 1-20 years. Sometime it may be 25 years.

Note- after retirement or 60yrs cannot be extend loan period anyhow. If you are self-employee than age limit is 65 yrs.

5.       Tax Profit

You enjoy Tax saving by your home loan also. If you acquired completely your home, you are eligible to save tax under rule 80C.

6.       Type of HOME LOAN –

There is different home loan available in Bank or financial institution . such as

a)      Regular Home loan

b)      Home extension loan

c)       Home margage loan

d)      Home improvement loan

e)      Loan for women

f)       Non- Residential loan

g)      Lease Rental loan          etc.

 

7.       Documentation for Home loan-

It is important that we should be update our document related to property ownership. As per Banker advise they divided it in two categories 

a)      Employee

b)      Businessmen

EMPLOYEE –

Those are employees need salary certificate from their employer along with designation, and should be three months’ salary proof (letter). Do not forget to update documents of Six months Bank statement also. Two years IT Return need under documentation for home loan.

Guarantor

Some bank or financial institution required Guarantor for home loan. So prepared for this and updated document such as photo ID, Residential proof, bank account statement  etc of guarantor.

Property Paper –

Most important that your ownership of Property’s Paper should  perfect.

8.       ESTIMATE YOUR LOAN PAYING CAPACITY-

We need it inevitably that how we pay home loan EMI. If family responsibility is there, your EMI should not be more than 40% of your income and if your family responsibility is nothing than EMI should not be more than 60% of your income.

 

And in the end you should be estimate your financial need before deciding value of Home loan amount

 

Note- this is information kindly take advise from your financial adviser.

 

 

 

 

 

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