Buyer's FAQ's

How much housing loan can one get?
It depends on your income and repaying capacity. You can add your spouse's income to increase the amount of loan.
What tax benefits are available in regards to the housing loans?
Tax benefits are available to consumers of house loans for the interest component as well as principal component of the housing loans. The current budget has left the upper limit of the interest payment deduction at Rs 150,000 per annum. The section 88 also allows tax benefits on principal repayments.
What is the reducing balance method of interest payment?
In reducing balance you reduce the amount of principal payment already paid by you from the initial loan amount. You pay interest only on principal unpaid till that point of time and not the entire loan amount.
What are the documents required for a self-employed person to avail home loan?
Common Documents   Partnership
  • Updated Bank Pass Book / Statement of accounts for last 6 months (Xerox)
  • Ration Card (Xerox)
  • Business Profile: A note on business mentioning nature of business, list of clients, suppliers, staff strength, geographical spread, etc.
  • Copy of Partnership Deed
  • 3 yrs P & L a/c, B/S, Computation of income certified by CA.
  • Individual Computation of Income and tax returns for last 3 yrs.
Proprietor / Professional   Pvt. Ltd. Company
  • 3 yrs P & L a/c, B/S, Computation of income certified by CA
  • Income Tax return file statement for 3 yrs
  • Remuneration certificate
  • Board’s resolution for fixing remuneration.
  • Company's annual report
  • Individual IT returns for last 3 yrs.

FAQ Disclaimer
The information provided here is just indicative and subject to change without prior notice by different banks and financial institutions. It is wise to seek advice from professional of banks and financial institution before any final decision.

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