Home Loan
Owning a home is one the biggest endeavours in a person's life. At Just4uloans, we make sure that all your housing needs are hassle free. We go an extra mile to ensure that your requrements are fulfilled. Our in-depth industry knowledge and vast experience helps us to cater to your home loans requirement in a customised manner.
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The basic needs of human include food, cloth, water, shelter and security. Housing is an important need for every family. Just4uloan.com facilitate home loan under all categories.
1] Purchase of flat/apartment.
2] Purchase of residential plot and construction of house thereon.
3] Repair and renovation of house.
4] Take over of high interest home loan to low interest in order to reduce the interest cost.
- Just4uloan.com always makes its efforts to facilitate sanctions of home loan within a shortest possible time at the most competitive rate of interest from reputed banks/housing finance companies and NBFCs.
- In pursuance of National Housing Policy of Central Government, Reserve Bank of India has been facilitating the flow of credit of housing sector.
- During the last three years, the housing sector has emerged as one of the sectors attracting a large quantum of bank finance. The current focus of RBI’s regulation is to ensure orderly growth of housing loan portfolio of banks.
- Any qualifying individual can avail housing loan subject to the purpose of owing a residence only. Home loans are not sanctioned to purchase any commercial premises like shop, office, warehouse or factory etc.
- Home Loan / Housing Loan is a type of secured loan as the house or residence purchased is mortgaged to the lending institution till the full & final Payment of the loan amount.
- This is a long term loan and the home loan repayment period could be anywhere between 5 years to 30 years.
- The rate of interest generally varies within the range of 9.30% to 13% depending upon institution to institution. Floating interest and Fixed interest are the available interest calculation options to the borrower of Home Loan / Housing Loan in India. The government policies also impact the rate of interest on Home Loan.
- Generally it is a practice of lending institutions to grant up to 80% to 85% of cost of the house where as the rest 15% to 20% of the cost to be meet out by the borrower.
- A borrower may buy its prime residence by availing home loan or he or she may buy additional residential property. A Borrower can also avail the facility of premature settlement of the loan or transfer his high interest loan to another bank who charge lower rate of interest. Borrower have to repays these loans in equated monthly installment within the total loan tenure ranging from 5years to 30years
- Home loans are also available for NRI.
There are some Documents for Home Loan / Housing Loan Mandatory like Pan Card. Age proof, Residence proof, Income Papers, bank statement.
- Pan Card is Mandatory.
- For proof of Identity : Pan Card/ Passport/ Voting I Card/ Driving license.
- Age Proof : Pan Card/ Passport/ Driving License.
- Residence Proof : Electricity bill/ Passport/ Telephone bill/ Mahanagar Gas.
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Income documents
- Self employed : 3 yrs Income Tax Returns.
- Salaried : Form 16 for last 3 yrs & Salary certificate for previous three months.
- Copy of bank statement for previous six months, reflecting salary or the regular business transactions.
- Minimum two years for salaried as well as self employed.
- All payment receipts.
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Sale agreement (Agreement between Seller and Buyer)
If Property is Resale then following documents are required :- Registration and stamp duty receipt.
- Original share certificate of the Society.
- Allotment letter from the society in your name.
Lease deed, if executed.
- Certificate of the registration of the society.
- No-objection certificate (NOC) from the society.
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7/12 extract or property register card in the society's name.
N.A (permission for the land from the collector)
Order under the ULC Act (Urban Land ceiling Act)
Building plans sanctioned by the authority.
Corporation/Nagar Palika granted Commencement certificate.
The latest receipts of taxes paid.
Original Agreement to assign/Deed of assignment.
Occupation Certificate (OC). - Possion Letter on builder s letter head in case of property purchased from builder.
- 4 Photos.
- Cheque will be in the name of seller in case of resale and builder if purchased from builder.
POST SANCTION DOCUMENTS for Home Loan / Housing Loan
- Post Dated Cheques (PDCs) or ECS Mandate form or Standing Instruction Request.
- Margin money receipt.
- Everyone wishes to buy a property get a home loan and repay the loan can get Home Loan.
- Bank / lender has a set certain Eligibility criteria that you need to meet before getting Home loan / Housing Loan.
- Your age should be minimum 21 yrs and Maximum 58 yrs for salaried applicant and 60 years for self employed.
- Applicant should have stable soure of Income (The minimum take home pay of the applicant should be Rs. 1,00,000/- in case of salaried applicant & in case of self employed the net income after tax should be Rs. 1,00,000/-). The applicant should be in cumulative service for a minimum period of two years or should be self employed for a minimum period of three years (Work Experience).
Tax Benefit
| On Principal Repaid | On Interest Paid | |
|---|---|---|
| Self –Occupied | The repayment of principal of Rs.150000 is also eligible for deduction from Income Tax u/s 80C. (Rs.200000 for Senior citizen) | Upto Rs.200000 if completed within 3 years from the end of the F.Y in which loan was taken, else Rs.30000. Additional exemption of upto Rs.50000/- on interest paid for loans upto Rs. 35 lakhs with the cost of home upto Rs 50 lakhs |
| First home-Rented / vacant | Upto Rs.150000/- (Rs.200000 for Senior Citizen) if staying in a different city for work. | On entire interest paid without any limit |
| Second Home | Nil | On entire interest paid without any limit |
| Under construction | Nil | The interest paid can be claimed in equal parts in 5 F.Y’s post completion or handing over. |
There are hidden charges Or Other Charges for home loan or say other charger for home loan these charges are :
- Processing Fees : For Handling and processing loan Documents.
- Legal fees : Customer has to pay to there Institution or Legal consultants of Institution.
- Valuation charges : Customer has to pay to there Institution or his Valuator.
- Stamp duty on creation of mortgage of property.
- Prepayment Charges : If money is paid by customer from his account then there are no prepayment charges. If Home loan is taken over by some other bank, lender, institute then customer has to pay prepayment Charges.
