The loans taken up in order to construct/buy good house, flat, row houses, condominiums is known as the home loans. Home loans are gaining popularity day by day. People in India are very emotional and love to spend their hard earned money towards purchasing good homes.
Importance of Home Loans:
Many people in India cannot afford to pay rent on a regular basis. They started purchasing Flats, Row Houses, Condominiums, Apartments, Dupleix, and Independent Houses to lead a good life.
Many companies in India decided into cash in on the opportunity and woo customers to take up the home loans. Government’s liberalisation policy has encouraged people to go in for huge investment in real estate segment in India.
Details of Home Loan Document For Employed/Salaried Professionals:
Some of the documents available for the salaried professionals are given below as follows:
- Passport size photographs
- Identity proof like Passport, Aadhar, Pan Card, Driving License and other documents
- Bank Account Front Copy Xerox
- Statement of Bank Account for the last six months
- Assets and Liabilities Statement
- Last 3 months salary slips
- Copy of the IT returns for the last 3 financial years
- TDS (Tax declaration and saving) Certificates
Documents Needed For Self Employed Professionals:
- Passport Size Photographs
- Bank Account Statement Xerox
- Bank Statements Xerox
- Residential Proof like telephone bills, mobile bills, electricity bills, water bills and others
- Assets and Liabilities Statement Xerox
- Three Year IT Assessment Form Xerox
- Legal Document of the Company (Xerox)
Advantage of Home Loans In India:
Some of the advantages of the home loans in India are given below as follows:
Increased Loan Amount: A superior home loan will have a very highest loan amount for its customer In India. Instalment is paid by customer on a monthly basis.
Sense of Achievement: Good Home Loans offers sense of achievement, as purchasing a home is bigger than winning world cup. When you enter your newly built/purchased house, a sense of pride will slowly sink in.
Reasonable Interest Rate: Lovely home loans come with reasonable interest rates. Best home loans experience up and down as well. At present it is steady at approx 9.10%, however, due to demonetization drive by Modi government, it may go down as real estate has been hit very badly.
Amazing Tax Benefits: Wonderful tax benefits are available with people opting for the home loans in India. Deduction of interest can be claimed in which construction of house is done. Suppose you constructed house on August 1, 2014, you can claim interest deduction for next 12 months in 2015.
Disadvantages of Home Loans in India:
Some of disadvantage of home loans in India are as follows:
Rate of Interest: Rate of interest for the home loans will never change. It will impact the common man and people from middle class, as they will not be able to bear the cost.
Influenced by Location: Home loans may nor may not given if your land is located in sub-urban area rural areas. However, if your asset is located in centre of the city, then you will get home loans.
Cost of Real Estate: Cost of the real estate has changed considerably. Indians are not able to bear the increasing cost of real estate.
Long Term Commitment: Most of the home loans require long term commitment. Unfortunately, if you are not able to have a stable job, then payment towards the home loans will take a huge hit.
Hence, Best home loan service providers like Moneymindz, are here to stay forever in India to take care of Indians willing to purchase the house.
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