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Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank's loan, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the amount lent by selling the property.
Home Loan Eligibility Criteria : Salaried individuals confirmed in the service with minimum service of 3 years.
Individuals engaged in business & self-employed persons like, doctors, chartered accountants, architects and others.
However, the same is dependent on case to case basis.
Home Loan can be taken for below mentioned purposes:
However, in all the above cases, higher quantum is considered selectively, subject to certain conditions.
Generally, the margin required to be paid by the application is 20%. However, that depends upon different banks.
The margin is computed on the basic project cost which shall not include expenses incurred towards stamp duty, registration and other documentation charges.
All out-of-pocket expenses like, outsourcing charges, periodical inspection charges, inspection charges, insurance premia etc need to be borne by the borrower.
Resident Indians are eligible for certain tax benefits on both principal and interest components of a loan under the Income Tax Act, 1961. Under the current laws, you are entitled to an income tax rebate for interest repayment up to Rs. 1,50,000 /- per annum. Moreover, you can get added tax benefits under Section 80 C on repayment of principal amount up to Rs. 1,00,000 /- per annum. Also, an additional deduction of interest amount of 1,00,000 is received by an individual under Section 80EE, if the Home loan is disbursed in the year F.Y. 2013-14 and the amount doesn't exceed Rs. 25 lakhs. Also the total cost of house should not exceed Rs. 40 lakhs.