Thursday, 21.06.18 (400 views)

Home loan

Home loan is the best way to make your dream come true of having your own sweet home. Buying a home is a very big decision in your life. But you will understand that with the rising price of property it will be very difficult to buy your dream home with only your savings. There is no doubt that we all have to take the help of a loan to have our own sweet home a reality.

The buying process of home involves so many complex factors that compounds are anxiety; frustration and our limited salary do not permit us to buy property in many cases. But home loan can come to your rescue. There are some who are against home loans as it involves a lot of time and considers it as a liability but at the same time there are host of benefits which comes with the home loans.

Yes, getting a home loan is not as easy as said. There are a host of banks which are there waiting to give you a home loan but getting the loan sanctioned is a daunting task if you don’t know the formalities of the bank concerned. Get to know all the details before jumping the track for a home loan. Let us look at some of the factors which we have to take into consideration before we are in a position to sign the dotted line for a loan to build our home.

Why home loan How to apply for a home loan
Documents required Mistakes in home loan processing
Loan providers EMI

Why home loan?

Buying a home now is a daunting task and with the rise in the price of real estate property, this is one easy way through which you can have your own home. This can be your biggest lifetime achievement and will give you a sense of achievement.

Usually, the rate of interest in case of home loan is comparatively low in comparisons to other types of loans and period of repayment is a long time.

The moment your bank approves your home loan it gets an approval stamp and so in future, you can sell your house without any difficulty.

Under the newly introductions Sections, 80C along with 80CCE of the Income Tax Act, 1961 the principal repayment up to Rs 1 lakh on your home loan will be permitted as a deduction from the gross total income subject to implementation of prescribed conditions.

List of documents needed to get home loans

For salaried persons

For Self-employed people

Salary slip or Form 16 A Full details Balance sheet, profit and loss account
A copy of your ration card, PAN card, electricity bills as proof of residence Statement of income with Income Tax returns
Necessary details of where investments have been made like, FD certificates, shares or in any other fixed assets. A copy of advance tax payments, a registration  certificate for deduction of Profession Tax
Xerox copies of LIC policies Bank statements of current  and saving account for the last 6 months
Passport size photograph A copy of your ration card, pan card, telephone or electricity bills to prove your residential address.
A copy of bank statement for the last six months. Copies of LIC policies and passport size photo of yours.
Financial details of a guarantor  
Age proof  

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