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Startup Counter

HOME LOAN

Even if you have sufficient funds to buy a house, a home loan offers benefits such as saving tax, ensuring enough liquidity and opportunity to let your funds grow.

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introduction

INTRODUCTION

A sum of money borrowed from a financial institution or a bank to purchase a house. The loan will be sanctioned for the purpose of purchase / construction/ extension/ repairs/ renovation of new/ second hand residential house/ flat/ plot of land and furnishings and interiors (hereinafter referred to as the ‘project’). The loan is to be repaid in Equated Monthly Installments over the tenure of the loan. The repayment installment commences from the date specified in the sanction letter. The liability to bank will be extinguished only when the outstanding amount in the loan account becomes nil.

advantage

BENEFITS

DOCUMENTS REQUIRED

Salaried EmployeesSelf Employed/ProfessionalsFor Guarantor (wherever applicable)
Original salary certificate from employer Acknowledged copy of three years Income Tax Returns/ Assessment Orders Statement of personal assets and liabilities
TDS certificate on Form 16 or copy of Income Tax Returns duly acknowledged by Income Tax Department Photocopies of challans evidencing payment of advance income tax 2 passport size photographs
Completed loan application Completed loan application Proof of identity (photocopy of Voter ID Card/Passport/Driving License/PAN Card)
3 passport size photographs 3 passport size photographs Proof of Residence (Photocopy of recent Telephone/ Electricity Bill/ Property Tax Receipt/ Voter ID Card/ Passport)
Proof of identity (photocopy of Voter ID Card/ Passport/ Driving license/ PAN Card) Proof of identity (photocopy of Voter ID Card/ Passport/ Driving license/ PAN Card) Signature identification from his/ her bankers
Proof of Residence (Photocopy of recent Telephone / Electricity Bill / Property Tax Receipt / Voter ID Card / Passport) Proof of Residence (Photocopy of recent Telephone / Electricity Bill / Property Tax Receipt / Voter ID Card / Passport)
Statement of Bank Account/ Passbook for last six months Proof of business address for non-salaried individuals
Signature identification from present bankers Statement of Bank Account/Passbook for last six months
Statement of personal assets and liabilities. Signature identification from present bankers
Statement of personal assets and liabilities

Tax Benefit

ParticularsSection 24 Repayment of InterestSection 80C Repayment of Interest
Tax deduction allowed for Interest Principal
Basis of tax deduction Accrual Paid Basis
Quantum of deduction allowed Self occupied property: Rs. 2,00,000
Non-self occupied property: No limit
Rs. 1,50,000
Purpose of loan Purchase/ Construction/ Repair/ renewal/ Reconstruction of a Residential House Property Purchase/ Construction of a new House Property
Eligibility for claiming tax deduction Purchase/Construction should be completed within 3 years Nil
Restriction on sale of property Nil Tax deduction claimed would be reversed if property sold within 5 years.

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