Home Loan

If you can dream it, you can own it! Everything you need to know to avail of a home loan is right here. You can be assured of fair terms, total transparency and flexibility. We believe that when it comes to owning a home, nothing should come in the way. Features and Benefits of Home Loans 1. Loan Amount: Avail a Home Loan of up to 85%* of the cost of property or 80%* of market value, whichever is lower 2. Tenure & Term: The tenure of your Home Loan ranges from 1 to 30 years. The term however does not extend beyond the retirement age or 65 years whichever is earlier (65 years for self employed individuals) 3.Purpose: Avail of a home loan for ready built-up or under construction house/flat purchase 4. Reduce your EMI : With tenure of 30 years, you can reduce the EMI amount on your Home Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards 5. Interest Rates: The Interest rate applicable is based on the Retail base which fluctuates from time to time based on the money market conditions Processing Fees: This is charged as the fee towardslegal &valuation for processing your home loan application. 1. Service Tax and Cess as applicable 2. Easy Repayments:You have 2 options for repayment of the loan based on the EMIs payable on your Home Loan: a. Through ECS (Electronic Clearing Service) based on standing instructions to your bank b. Post Dated Cheques(PDCs) drawn on your Savings/Salary account 3. Home Loan Tax Benefits:Get Maximum Tax benefit under Home Loan scheme. As per Indian IT Rules, the current applicable exemption u/s 24 is `1.5 lacs for the interest amount paid in a financial year and up to `1 lac for the Principal amount repaid in the same year. Thus up to`2.5 lacs is tax exempt, helping you save up to `70,000 tax undersection 80cannually. 4. Applicant and Co-Applicant: Home Loans can be applied by an individual. The loan amount can be further enhanced by including an earning co-applicant. You can avail a Home Loan of up to 85% * of the cost of property or 80%* of market value, whichever is lower. The loan amount can be further enhanced by including an earning co-applicant. The actual Home Loan amount is determined taking into various account factors such as: • Repayment Capacity
• Age
• Educational qualifications
• Stability and continuity of income
• Number of dependents
• Co-applicant’s income
• Assets
• Liabilities
• Saving habits, and more

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