For us, the greatest part is to take initial move towards Buying Home is to Bring HOME LOAN (MORTGAGE). Significant things to think about Home Loan:
Get a loan sanctioned even before you select a property.
Quick and easy processing for peace of mind.
Loans at attractive interest rates making it easier on your pocket.
Monthly EMI
Check Available Major Housing Loan Companies who provides loans for Buying your dream home or finance your house with attractive rate of interest and Other benefits.
Basically Banks offers a home loan, and charge an interest rate. Banks will use your home/Property as security and you only completely own the home after you repay the loan amount in full. If you default on the loan, the Banks holds the right to take Charge of your home, sell it and use the proceeds to pay off your debt amount.
The Home Loan application process is simple. The first step is to find out the in which bank would like to apply for a Home Loan. Banks have different interest rates for Home Loans. U Can use aggregator websites, it is possible to compare Home Loan interest rates online and find out a bank you can apply. It is best to apply more than one bank so in that case one bank doesn't approve, you have another option in hand to support.
After Based on your documents, the bank will decides whether you are eligible for a Home Loan, Once it approves your application, the funds are disbursed to your account.
To apply for Home Loan, click here to get started...
Yes, home loan principal is part of Section 80C of the Income Tax Act. Under this section, an individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan. An amount up to Rs. 1.50 lakh can be claimed as tax deductions under Section 80C.
If the loan is taken jointly, then each of the loan holders can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment u/s 80C up to Rs 1.5 lakh each in their individual tax returns. To claim this deduction, they should also be co-owners of the property taken on loan.
Lenders offer home loans, not only for a house buying but also for a various other purposes. Some of the types of home loans available in the financial market as below.
A CIBIL score range has between 300 to 900. You should ideally have a score that is closer to 900 as it helps you get better deals on Loans. Basically, a CIBIL score of 750 and above is considered as ideal by majority of lenders. You can get a loan with a CIBIL of 750 and above.
Documents For Salaried individuals for Home Loan
General list of documents required:
Documents For Self-employed individuals for Home Loan
In order to judge your creditworthiness, your prospective lender will therefore ask you to submit a host of documents. The following are the documents you need in you home loan application file.
If a flat is being purchased from the builder
If you are constructing a house on own land
If the property being purchased is located in a Cooperative Society