There are several Housing Finance Institutes who are currently providing Home Loans.
You can get a Home Loan of up to 80% of the Total Consideration Value, or, your eligibility whichever is lower.
Yes, you can avail for a pre approval from any financial institution. However all pre approvals has a validity period, which may be checked out with the concerned Financial institution.
Yes you can have your wife, son/daughter, father/mother as a Co-Borrower. However you are again requested to check with the Financial Institution regarding their permissible ownership grid.
The spouse of the applicant can be included as a co-applicant for the home loan and his/her income shall be included to enhance the loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.
Certain Financial Institution has made it mandatory for a Co-Applicant to join in the Loan (irrespective of his/her being/not being a Co-Owner in the property, with a Local Power of Attorney Holder in India. This may further be clarified with the Financial Institution.
You can select the payment period you are comfortable with up to 15 years or Retirement age whichever is earlier.
Application needs to be made in the prescribed Application Form of the Financial Institution, along with relevant documents and Processing Fees to the concerned
On Approval/ Sanction of the Application the Financial Institution forwards a Approval/Sanction Letter to the Applicant & Co-Applicant.
On Receipt of the approval Letter, the property can be selected/ if selected the disbursement process can be initiated.
An indicative list is given below. Representatives of the concerned financial Institution will give you the details.
NRI: Salaried Self-Empl
Resident Indians: Salaried Self-Empl
The loan will be disbursed on:
The home loan repayment is by Equated Monthly Installments (EMIs) comprising of interest and principal amount calculated on monthly rests through Post Dated Cheques or ECS mode.
In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called Pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMIs would commence.
The Property being financed is mortgaged with the Financial Institution as the Primary security. However other Co-Lateral security can be asked for based on the Applicants Financial Profile/ Others, which are solely determined by the financial Institutions.
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, it is advisable to check the current benefits available, with your Tax Consultant or with the Income Tax Dept. of India (www.incometaxindia.gov.in)
Disclaimer: The purpose of this FAQ is to provide the visitors a general understanding on the various issues relating to House Property. The above FAQ been prepared on the basis of advice received and may vary from person to person, based on facts of such case. Reasonable efforts have been taken in collecting, preparing and providing quality information, but we do not warrant or guarantee the accuracy, completeness, adequacy or currency of the information. The contents of the FAQ are subject to changes / amendments made by the CBDT / Finance Ministry.