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Home Loans

Q. What is a Home Loan?

Ans.A home loan is the money that one borrows from a bank or a financial institution for buying residential property / flats / apartments. It is a secure payment that financial institutions pay us, against security (which in this case can be a house/property).

Q.What is the tenure for a Home Loan?

Ans. Home loans are usually taken for a long tenure that may range from 5 to 30 years depending upon the amount of loan taken.

Q. From where can I get home loans?

Ans. There are several banks and housing finance institutes those provide Home Loans. Some of the major banks and institutions are:

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Q. How much loan can I get?

Ans.About 40% of your monthly gross income can be availed as the loan amount. Though you can only get a home loan of up to 80% of the Total Consideration Value, or, your eligibility whichever is lower.

Q. How can somebody be considered eligible for a home loan?

Ans. Indian Nationals with a regular source of income including salaried individuals, self-employed professionals, business people and existing property owners including NRIs are considered eligible for a home loan. However, the only condition would be a security against the loan.

Q. Can a Home Loan be pre-approved?

Ans. Yes, there are pre-approved loan facilities made available by many financial institutions and banks.

Q. Can somebody have a Co-Ownership in the Property?

Ans. Yes, one can select his / her husband / wife, son / daughter, father / mother as a Co-Owner in the property.

Q. Who can be a co-applicant for the loan?

Ans.One can include his / her wife / husband as a co-applicant for home loan. But it should be kept in mind, that his / her income shall be included to enhance the loan amount and for other legal issues.

Q. Is Co-Applicant / Local P.O.A mandatory for applying for Home Loans, even if I don't have a Co-Borrower in the property?

Ans. Many financial institutions and banks have made it mandatory to have a Co-Applicant while applying for the loan. But for being a Co-Applicant, it is not necessary for that person to be a Co-Owner in the property. Further clarifications can be provided by the loan providing institutions or banks.

Q. What is the repayment period of the loan?

Ans. One can select the payment period according to their comfort with up to 15 years or retirement age whichever is earlier.

Q. What are the other costs that usually accompany a home loan?

Ans. The following are the additional charges that accompany a home loan:

 1. Processing Charge – is the fee that lender charges when you apply for a loan.

2. Pre-Payment Penalty – is charged by banks / financial institutions when you choose to pay back the loan amount before agreed duration ends. This penalty could be 5% of the pre-paid amount.

3. Commitment Fees – is levied by financial institutions in case the loan is not availed within a stipulated period of time even after it was processed and sanctioned.

4. Miscellaneous Costs – is charged by the lenders as documentation or consultation charge.

Q. What is an EMI?

Ans. EMI (Equated Monthly Installment) is the amount of money that is paid by the person availing a loan to the lender (banks / financial institutions) on a monthly basis. EMI is always paid on a fixed date of each month until the total amount due, is paid up during the tenure.

Q. How is the EMI calculated?

Ans. The EMI is calculated by taking into account the loan amount, the time period for the repayment of loan and the interest rate on loan amount.
e.g. If your loan amount is 1,00,000, the loan period is 10 years and the interest rate is 8.75% per annum, then your calculated EMI will be Rs 1,253.27.
You can also take help of the EMI Calculators, to know the exact amount of EMI in your case.

Q. What are the documents to be submitted for approval of a home loan?

Following is a list of the documents required for approval of a home loan:

1. Personal Details like: Name, Residential Address and DOB (date of birth) etc.

2. Identity Proof like: Pan Card or Voter ID or Driving License.

3. Proof of Income like: Salary Slip (including all the deductions).

4. Proof of Address: Electricity Bill, Water Bill, Bank Statement or Credit Card Statement.

5. Bank Statement of last 6 months.

6. Guarantor Form (this is optional depending upon the policies of bank or the financial institution).

Q. What is the stepwise procedure for taking a loan?

Below are the steps to be followed:

1. Submit application form with all the necessary documents.

2. Verification of documents by the financial institutions.

3. After all the documents are verified, you get the loan sanctioned by the banks.

4. After loan is sanctioned you sign the loan agreement and the loan amount is given to you.

Q. What is the difference between fixed interest rate and floating interest rate?

A fixed interest rate remains constant throughout the loan period irrespective of the changes in market conditions. On the other hand, floating interest rate can decrease or increase depending on market fluctuations.

Q. What are the different factors one should keep in mind while comparing loans from different financial institutions?

Below are some notable points:

1. Plan out the kind of loan and the amount that you want to apply for.

2. Determine the total cost of the loan that you will be paying till the loan tenure ends.

3. Carefully read all the terms and conditions on which the bank or financial institution will be providing the loan to you.

4. Check out the different loan offers that are available in the market and make your choice while keeping the above steps in mind.

Q. What are the tax benefits?

According to the Income Tax Act, 1961, you do enjoy some tax benefits on your loan, but only on the principal and interest components. Check the current market conditions and the prevailing benefits that you can avail from www.incometaxindia.gov.in