Banks offer loans for the purchase of new land, the construction of a house on it, the purchase of a new house, the purchase of a new apartment, the purchase of an old house or apartment and the modernization of an existing house. The right to receive a loan varies from eighteen to fifty years of age. Some banks offer doctors, engineers, accountants or lawyers under the age of sixty. Banks check whether the issue will be completed by the time the borrower retires, if he works.
Banks will lend, but not in full. Banks provide 80% to 85%. Balance is our responsibility. The rest will be loaned. It will be divided into three or four times when the construction is completed. Eighty percent of the value of the house or the approximate cost of the loan will be available, but the amount of the loan will be determined based on his income.
Documents required to obtain a real estate loan / real estate loan details of the list of documents
They say that if you want to buy a house at the age of 25-30, you will receive our salary seventy times more, if you are under 45, you will receive our salary fifty to sixty times, and if you are over 45 and you are self-employed, you will receive four or five times more than our annual income. Banks will consider whether we have the right to repay a bank loan. To switch to other EMIS and real estate loans, we can only pay housing costs today if we have thirty-five percent of the salary. With this in mind, the bank will introduce itself to determine the amount of its loan.
You can also get an additional loan from the bank from an additional loan to do home decoration or household appliances after the house is completed. As a result, fifteen percent of the loan amount will be available. But it is available only after three years. The bank will take 1% of the loan amount as a payment for the process. Bank to bank will change. Many banks also have the opportunity to borrow from other banks. This means that we can transfer our loan to another bank that is covered by legal plans as soon as we pay off half of the loan.
In general, when we apply to banks, it is best to review all our documents and keep them ready.
Completed application form
Photo of the applicant
With a photo
* Age certificate (list of tenth or twelfth grade stamps)
* Land Deed (Sir Secretary
* Registered office)
* Reference to the mother
A copy of the act of purchase and sale
Conclusion of a legal expert
* House plan,
a copy of the permit
Engineer’s report on the assessment of the house and the cost of construction
A copy of the bank book for the last six months
A copy of the tax return form
Copying a PAN card
Is a “fixed interest rate” better? Or is a “floating interest rate” that changes over time better?.? The confusion of being will be for many. It should be noted that although a person borrows at a fixed interest rate, changes in the fixed interest rate may occur after a certain period of time. In addition, with “floating” interest rates, there may be a low return on interest rates. Therefore, it is recommended to carefully read the terms of real estate loans and eliminate any doubts.
A “down payment” is the payment of a certain amount on a mortgage loan. Depending on the bank, a 10 lakh real estate loan may have a down payment of 1 lakh or 2 lakh. It is very important to have this amount in hand at the time of receiving the loan. In addition, if the bank evaluates a person’s property below market value, the borrower must pay the remaining amount. Therefore, it is better to evaluate the property yourself in advance and keep the proposed amount in your hands.
Unlimited evidence and obligations:
It is necessary to provide confirmation of the refusal of the refund in the forms requested by the bank. Failure to pay them in the right forms and at the right time can lead to delays in obtaining a mortgage loan. Therefore, it is necessary that banks familiarize themselves with all the necessary documents, prepare them and hand them over.
As a rule, with CIBIL scores from 300 to 900, banks prefer to lend to those with a score above 750. That is, based on the context of the loans that the borrower has received over the past 6 months. High markers are called “low risk” and low markers are called “high risk”.
Income tax benefits on mortgage loans:
Tax benefits in the federal budget for the payment of interest on real estate loans up to Rs. Came up with a plan to increase rupees by 1.5 lakh. As a result, borrowers now have to pay Rs. you can get up to 3.5 lakh rupees.
This exemption is available under Section 80EEA, which pays up to Rs. offers tax benefits up to 1.5 lakh rupees.
* Mortgage tax benefits under section 24 (b) of the existing RS. There are more than 2 or more lakh exceptions available.
Tax deductions on a mortgage loan worth in rupees. It is not allowed to demand the purchase of houses worth up to 45 lakh rupees.
Tax benefits under Section 80EEA are provided to borrowers on real estate loans under the PMAY CLSS plan.