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Under section 23 of the IT Act. 1961, there is complete exemption from IT Act in respect of the deemed or likely income from one self occupied property |
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If the loan taken by NRI on or after April 1999 to acquire a self occupied property within three years from the end of the financial year of the loan, deduction under the provisions of section 24 of the Income Tax Act upto Rs.1,50,000 per annum in respect of interest can be set off against any other taxable income. |
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You can apply for a Housing Loan, once you have selected your property. A loan amount would be sanctioned to you - based on your repayment capacity, which will help you decide your budget and plan the buying of your house. |
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You can avail a Housing Loan ranging from a minimum of Rs. 5 lacs to a maximum of Rs. 1 crore. The loan amount sanctioned is a maximum of 85% of the cost of the property or the cost of construction as applicable. Your repayment capacity as determined by the Bankers, taking into account your:-
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Age |
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Income |
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Qualifications |
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Number of dependents |
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Assets |
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Liabilities |
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Stability / continuity of your employment / business |
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Co-applicants income |
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You could include your spouse as a co-applicant for the Housing Loan and include his/ her income to enhance your loan amount. Further, if there are any other co-owners, they too would need to be co-applicants. In the absence of a co-applicant, a personal guarantee will be required from you. |
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You would need to provide security of the property and/or such other additional collateral security as may be mutually agreed upon. |
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Housing Loan repayment is by EMIs comprising of interest and principal amount calculated on monthly rests. You can pay EMIs by using Post Dated cheques from your account.
In case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called Pre-EMI interest and is payable monthly till the final disbursement is made, after which the EMI's would commence. |
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You can select any term you are comfortable with, upto 15 years. The term does not extend beyond your retirement age or on your reaching 60 years of age, whichever is earlier. |
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You can prepay the loan amount ahead of schedule - either in part or in full. "Prepayment Documentation charge" + Service Tax @ 10.2% is applicable on each part prepayments made by the customer. |
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You will have to send a cheque along with a covering letter clearly mentioning Your Application number. The effect of the same would be given and a re-schedulement / foreclosure letter would be sent to you at your communication address.
Incase of foreclosure, the original documents would have to be picked up by you OR your POA holder personally from the Bank on producing his/her identity proof. |
