The maximum term of your home loan can be up to 25 years and it cannot extend beyond your retirement age or 60* years (whichever is earlier).
*60 years for salaried individuals and 70 years for self-employed individuals.
The maximum term of your home loan can be up to 25 years and it cannot extend beyond your retirement age or 60* years (whichever is earlier).
*60 years for salaried individuals and 70 years for self-employed individuals.
You can get a loan up to 100% of the construction estimate subject to a maximum of 90% of its market value (whichever is lower) for the loan requirement up to Rs. 30 lakh*. Construction estimate to be certified by chartered engineer/architect and duly verified by the Technical Officer.
Your home loan amount depends on your annual income and ability to repay the loan. You can increase your home loan amount by adding an earning co-applicant.
*For loans above Rs. 30 Lakh, the loan to value applicable will be as per the Bank norm and policy guidelines.
Your home loan makes you eligible for certain tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.
*As per the Income Tax Act 1961, the current applicable exemption under section 24(b) is Rs. 2,00,000/- for the interest amount paid in the financial year and up to Rs. 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
*National Housing Bank (NHB) had introduced Know Your Customer (KYC) guidelines for housing finance companies. We request you to co-operate with us in complying with these guidelines.
*If variable components like over time and incentives are reflected, then salary slips for the past 6 months are required.