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Loan

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Advantages of Home Loan :

  1. Tax benefit – Principal amount under Section 80C & Interest amount under Section 24.
  2. Timely payment of EMI will enhance credit score
  3. Creation of Asset
  4. Processing fee is also deductible under Section2. This includes any service fee or other charge in respect of the loan amount.
  5. Appreciation

Dis-advantages of Home Loan :

  1. Fluctuation of Interest rate
  2. Higher tenure of loan means minimum or o principal payout in initial years due to which (a) balance transfer or full repayment may have more principal than imagine.(b) you have lost of opportunity of investment if no principal payback.
  3. You have to commit yourself for longer term.
  4. You can’t claim HRA component.
  5. You will payback lot more than the amount taken as loan.
  6. .If you sell the property before 5years, tax benefit of principal repayment will be reverted and will be added to your annual taxable income in the year in which the property is sold and tax will be at current rate. 

Documents Required for Home Loan:

Criteria

Documents

Applicant

Guarantor

Application Form

 

√

√

Photograph

 

√

√

Identity Proof

PAN Card/

Passport/

Driving License/

Aadhaar Card/

Voter's ID Card

√

√

Address Proof

Passport/

Driving License/

Aadhaar Card/

Voter's ID Card

Business Address proof for Non-Salaried Applicant.

√

√

Bank Statement

Last 06(Six) Months

√

√

Income Proof

 

A. In case of Salaried Employee :

1.Latest 3 Salary Slips or Salary Certificate on Employer's Letterhead

2.Last 3 year's Form 16 from Employer or Last 2 Year's Income Tax Returns

B. In case of Self Employed or Professional :

1.Last 3 Year's Income Tax Returns

2.Last 3 Year's Certified Financial Statements or Provisional Financial Statements Duly Certified by CA.

 

A. In case of Salaried Employee :

1.Latest 3 Salary Slips or Salary Certificate on Employer's Letterhead

2.Last 3 year's Form 16 from Employer or Last 2 Year's Income Tax Returns

B. In case of Self Employed or Professional :

1.Last 3 Year's Income Tax Returns

2.Last 3 Year's Certified Financial Statements or Provisional Financial Statements Duly Certified by CA.

 

 

Eligibility for Home Loan Criteria :

Criteria

Salaried

Self Employed /Professional

Age

Min. 18 Years

Max. – 70 Years

Min. - 21 Years

Max. – 70 Years

Tenure

5 Years to 30 Years

5 Years to 30 Years

Income

Min. Rs.10,000.00 pm

Min. Rs.18000.00 pm

 

Experience

Min. Two Years

Min. Three Years

Credit History

√

√

Amount Offered

Rs. 5 Lakh – 1 Crore

Rs. 5 Lakh – 2 Crores

 

HOME   LOAN   INTEREST   RATE

Bank

Floating Rate

Interest Rate

MCLR Interest

Rate

Processing Charges

 

Allahabad Bank

8.55% - 8.65%

8.60%

NIL

 

Andhra Bank

9.50% - 9.70%

8.65%

0.50% of the loan amount or maximum of Rs.10,000 + service tax

 

Axis Bank

8.35% - 8.75%

8.15%

Up to 1% of the Loan amount subject to minimum of Rs.10,000/-

 

Bank of Baroda

8.35% - 8.55%

8.35%

Upto Rs.50 lacs 0.5 % of loan amount (min Rs.7500 & Rs.12500) + service tax
Above Rs.50 lacs 0.25% of loan amount(min Rs.7500 & Rs.20000) + service tax

 

Bank of India

8.55% - 8.60%

8.50%

0.25% of loan amount Min.Rs.1,000 and Max. Rs.20,000/-

 

Bank of Maharashtra

8.75% - 8.85%

8.75%

0.25% of the loan amount (subject to maximum of Rs.25000/-)

 

Canara Bank

8.65% - 8.75%

 8.45%

 Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged.

 

Catholic Syrian Bank

  

10.10% - 10.50%

 1% of Loan Amount and Min.250/-

 

Central Bank of India

8.50%

8.50%

Rs.20000/- or .50% of loan amount subject to maximum

 

City Union Bank

 11%-13%

9.75% - 12.50%

  

 

Corporation Bank

8.85%

 8.75%

 Upto 0.50% Minimum Rs. 1,000 Maximum Rs. 50,000

 

Dena Bank

8.55% - 8.80%

8.60%

0.50% of sanctioned limit

 

DHFL

8.35%

 

Rs.5,000 to Rs.20000 + document charges + Service Tax

 

Federal Bank

 MCLR+0.05% - MCLR+0.30%

8.95% - 9.20%

 .50% of the limit, minimum Rs. 1000.00, maximum Rs. 5000.00

 

GIC Housing

10.25%

 

Rs.2500 + service tax

 

GRUH Finance

9.75% - 15.25%

 

Up to 1% of the loan amount

 

HDFC Ltd

8.35% - 8.55%

16.15%

Up to 1.25% of the loan amount or ? 3,000 whichever is higher, plus applicable taxes

 

ICICI Bank

8.35% - 8.80%

8.20%

0.50% - 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge

 

IDBI Bank

8.35% - 8.40%

8.80%

NIL

 

Indian Bank

8.60%

8.60%

0.25% of loan amount with a maximum of Rs.20,000

 

Indiabulls Housing Finance Ltd

8.35% - 8.80%

 

Upto 28 lacs = Rs.7500 - Rs.10000
28 lacs - 1.5 Cr = Rs. 10000 - 0.5% 
1.5 Cr - 3 Cr = Rs. 25000 - 0.5
Above 3 Cr - 0.5% - 1%

 

Indian Overseas Bank

8.65% - 8.90%

8.65%

A flat rate of 0.58% of the loan amount- maximum of Rs. 10,190/- There is no hidden charge.

 

Indus Ind Bank

  

8.95% - 15%

 2% of Loan Amount, Min. 5000/-

 

India Infoline Ltd

9.55% - 10.50%

 

Up to 1% of the home loan

 

Karnataka Bank

9.50% - 9.75%

8.15%

0.25% with a minimum of Rs.250

 

Kotak Mahindra Bank

8.75%

8.85%

Zero

 

LIC Housing

8.35% - 8.80%

8.15%

Upto 1 crore - 5000 + Service Tax
1 crore & above - 10000 + Service Tax

 

L&T Housing Finance

9.65% - 10.25% (for Salaried/ SEP) 9.65%-10.50%(SENP)

 

 0.25% of Loan Amount

 

National Trust Housing Finance Ltd

14% - 16.50%

 

2% of the loan amount or maximum of Rs.5,000 + taxes

 

OBC

8.60% - 8.70%

8.60%

NIL

 

PNB

8.50% - 8.70%

 

0.25% - 0.5%

 

REPCO Home Finance Ltd

9.60%

 

Up to 1% of the loan amount + taxes

 

SBI

8.35% - 8.65%

8.00%

0.35% of Loan Amount or Rs 10000 plus service tax whichever is less, subject to minimum of Rs 2000 plus taxes

 

Standard Chartered Bank

9.35%

8.95%

0.5 % - 1.50%

 

Sundaram BNP Paribas Home Finance

9.80% - 11.05%

 

Up to 0.75% of the loan amount or maximum of Rs.5,000 + taxes

 

Syndicate Bank

8.75%

8.75%

Min. Rs.500/- & Maximum up to Rs.5000/-

 

Tamilnad Mercantile Bank

 9.40%-9.65%

9.75%

 0.50% of Loan Amount

 

TATA Capital Housing Finanace

8.65%(For Women) - 8.90%(For Others)

 

0.20% - 0.25% of the loan amount + Service tax

 

UCO Bank

8.75% - 8.90%

8.60%

 0.5% of the loan amount, minimum Rs.1500/- & maximum Rs. 15000/-.

 

Union Bank of India

8.75% - 8.80%

8.50%

 Nil

 

United Bank of India

8.80%

8.80%

 0.59%, Minimum Rs.1180/-; Maximum Rs.11800/-

 
Yes Bank   9.35% - 10.50% 0.5% of the loan amount or Rs 10000 whichever is higher  
Vijaya Bank 8.90% 8.65% N.A  
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