A home is something more than a mere dwelling. It is a place where human relationships are born and nurtured. You are emotionally attached to your home and a home is your most important asset which you usually buy with our lifelong savings. Since you can't afford to buy several homes in a lifetime, it becomes imperative that you opt for the best home loan option so that you do not end up making yourself trapped in a debt burden of high interest rates.
. Your age should be between 21 years to 65 years
. Minimum age of the co-applicant should be 18 years
. You must be gainfully employed during the time of loan application
. If your spouse is working, it will increase your eligibility as his/her earnings will add to your repayment capability
. Co-owners of the property must be co-applicants as well.
Tenure: Tenure of home loan in Delhi may vary from 05 years to 25 years, depending upon your eligibility and convenience.
EMI: Most money lenders have EMI calculator tool that will help you find out your EMI amount and the actual interest that you will have to pay during the tenure of your home loan in Delhi.
Flexible home loan repayment options: Your salary normally increases with time. The longer your work, your salary also increases proportionately due to your seniority and also to compensate for the inflation and rising standard of life. Therefore, some money lenders and banks now allow home loan borrowers in Delhi to pay enhanced amount of EMI (Equated monthly installment) in the later years of their home loan tenure.
Stamp Duty and Mortgage Deed: Your home loan provider would normally ask you to sign a Mortgage Deed which he will keep with him till the pendency of your home loan in Delhi as a security against your home loan. Some lenders will ask you to sign the Registered Mortgage Deed but only keep the original Title Papers as a security against your home loan. The stamp duty normally could be anything between 1 percent to 2.5 percent of the total home loan amount. For example, if your sanctioned home loan amount is Rs. Ten lakh, your stamp duty could be Rs. Ten thousand or above. This stamp duty figure varies from state to state in India.
As per the section 24(B) of the Income Tax Act of 1961, a deduction of up to Rs. 1.5 lakh can be claimed for computing the income from house property for the total interest payable towards purchase and construction of house property.
For self-occupied properties, this deduction is permitted for not more than one such self occupied property. Following document are required for the successful approval of home loan in Delhi:
. Copy of the PAN Card of the main applicant
