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  • Marwa Kushal Nagar

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  • Arranging Home Finance Everybody desires to have a home of their own and a few are fortunate to have. The most important thing is deciding what you want. The factor needs a special attention as ultimately you have to arrange to pay for the cost of the property.

    How much housing loan can one get?

    It depends on a person’s repaying capacity based on your income. You can add your spouse’s income to increase the amount of loan.

    What tax benefits are available in regards to the housing loans?

    Tax benefits are available to consumers of house loans for the interest component as well as principal component of the housing loans. The current budget has left the upper limit of the interest payment deduction at Rs 150,000 per annum. The section 80C also allows tax benefits on principal repayments.

    What are the documents required for the Home Loan?

    Given below is the standard list of documents required for a home loan, some of the documents and terms may differ depending on the bank.
    Project Documents like:

    • Sale Deed
    • Layout Copy.
    • Layout Approval.
    Individual Documents:
    • Age, ID Proof (Pan Card/ Driving License/Passport).
    • Address Proof (phone bill/MSEB bill/employer certificate).
    • Latest 3-month Salary Slips.
    • Latest 2 years Form 16.
    • Last 6 month bank statement of Salary Account.
    • Qualification Certificate.
    • Processing fee Cheque.

    What is floating interest rate?

    In a floating interest rate, you interest payment will vary according to the market lending rate. If interest rates rise your interest payments will rise and vice-versa. You bear the risk of interest fluctuations in the market. Floating rates are slightly cheaper than fixed interest rates.

    What is fixed interest rate?

    In a fixed interest rate, your interest rate is fixed over the entire tenure of loan