Home Loan is a secured loan with the property pledged as collateral with the bank/ housing finance company. we understand that every home loan is a very personalized need of the customer .It has almost become impossible for an average earning person to buy a home on a lump sum payment. Therefore the concept of home loan has come in trend.
There are plethora of housing finance companies and equal number of banks that offer home loans these days. The task of selecting one company and one offer for home loan amidst the thousands available options have become a very complex task owing to the burgeoning housing finance market in the country. Hence, AEON ASSOCIATES make the best effort to understand the requirement, and provide you with the most customized home loan with lowest interest rates. Most often, a home loan is taken to buy a residential apartment whether ready to move or under construction, renovation of house, purchase of plot, construction on plot owned by you. Increasingly, people take a new home loan to transfer the balance outstanding on their existing loan because they are getting a better deal.
Terms & Conditions
Eligibility Criteria : While determining the loan eligibility of a customer, lending institutions primarily focus on the repayment capacity. The repayment capacity is determined by taking into consideration factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history.
Need of home loan : One can apply anytime after deciding to acquire or construct a property, even if the property has not been selected or the construction has not commenced. The loan amounts are sanctioned in principle to let buyers know what amounts they are eligible of. Actual disbursements start after satisfactory validation of all necessary documents and completion of specific procedures.
Home Loan Range : Housing finance institutions generally finance upto 75%-90% of the asset value. Depending on the institution, the maximum loan amount may vary from Rs.20 lakh to Rs.25 Cr.
Repayment Period Options:Repayment period options generally range from 1 to 25 years.It also depends upon the age of customer.
CIBIL Score : The CIBIL TransUnion Score plays a critical role in the loan application process.The credit score works as a first impression for the lender, the higher the score, the better are your chances of the loan being reviewed and approved.
Understand foreclosure norms: No forclosure charges are applicable on home loan.
Time Required For Loan Disbursement: The average time required for loan disbursement is 3-15 days subject to satisfactory and complete documentation and completion of all relevant procedures
Documents Required At The Time Of Application Following are the documents that lenders require at the pre-approval stage:
- Proof of Age -Pan Card/Passport/Driving license
- Residence Proof
- Office Address Proof
- ITR with computation for last 3 yrs
- Copy of Bank A/C statements for the last 12 months
- Copy of latest credit card statement
- Passport size photograph
- Legal Existence proof & Registered Office Address -(Sale Tax/Service tax/ Vat Registration)
- Auditor`s report with annexure & Form 3CA/ 3CB & 3CD for last 3 yrs
- Balance Sheet & P & L A/c for last 3 yrs
For Salaried Employees:
- Form 16 of last 3 years
- Latest pay slips
- Letter from employer
Tax Benefits on Home Loan: One can avail of tax benefit both on the principal as well as interest paid on home loans. Under section 80C of the Income Tax Act 1965: Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium etc up to a maximum of Rs 1,50,000/- will be eligible for deduction from gross income. Under section 24 Interest amount max to Rs 200000 can avail as deduction from total income.