|
|
| Taking a Bank Loan – Tax Plan |
Interest paid on housing loan can be claimed as deduction under u/s. 24(b) fully. Such deduction is per person and not for one property.
Repayment of the principal amount of housing loan is also eligible for the deduction u/s. 80c subject to a maximum sum of Rs. 1,50,000/- per year.
|
|
|
|
| Points to be considered while taking Bank Loan |
|
| A) |
Selection of Bank: It is generally safe to take a loan from scheduled banks or leading financial institutions. Fortune is suggesting to get Housing Loan from DHFL / State Bank of India / LIC Housing Finance Ltd.
|
| B) |
Rate of Interest: The rate of interest on housing loans depends on the tenure of the loan, fixed/floating rate, profile of the borrower.
|
|
|
| Rate of Interests in some of the scheduled banks are as follows : |
| LICHFL |
| Parameters |
Upto 20 lakhs |
Above 20 lakhs |
| Interest Rates |
10.25 |
10.75 |
| Process Fees |
0.5 % of loan amount |
0.5 |
| Margin |
15% |
20% |
|
|
| SBI |
| Parameters |
Upto 30 lakhs |
Above 30 lakhs |
| Interest Rates |
10.00 |
10.15 |
| Process Fees |
0.5 % of loan amount |
– |
| Margin |
10% |
20% |
|
|
| DHFL |
| Parameters |
Upto 15 lakhs |
Above 15-30 lakhs |
| Interest Rates |
10.75 |
11.00 |
| Process Fees |
1.00 % of loan amount |
1.00 % of loan amount |
| Margin |
20% |
20% |
|
|
|
| C) |
Tenure of the Loan: Housing Loans are available ranging from 5 years to 20 years. We suggest considering repayment capacity per month, earning potential over the next few years while selecting the Tenure.
|
| D) |
Other aspects: Considering the financial profile and Repayment Capacity of the applicant banks provide housing Loan up to 80% cost of the property.
|
|
|
|
| Documents required for getting Bank Loan |
|
| Particulars |
Loan Customer Salaried |
Loan Customer Business Person |
Loan Customer (NRI) |
Guarantor (Mandatory) |
|
|
Yes |
Yes |
Yes (Visa) |
Yes |
|
|
Yes (Pan Card) |
Yes (Pan Card) |
Yes (Visa) |
Yes (Pan Card) |
|
|
Yes |
No |
Yes |
Yes |
|
|
6 Months |
No |
6 Months |
6 Months |
|
|
1 Year |
1 Year |
1 Year |
6 Months |
|
|
3 Years |
3 Years |
3 Years |
1 Year |
|
|
6 Nos |
6 Nos |
6 Nos |
2 Nos |
| 8. |
List of Assets & Liabilities |
|
Yes |
Yes |
Yes |
Yes |
|
|
No |
No |
Yes |
No |
|
|
| Note : Guarantor Documents are Mandatory |
