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Home Loans

Bakeri Group homes can be financed through leading financial institutions & banks. Please contact us to get details of approval numbers for our various ongoing projects & any other details at [email protected]

How to apply for a Home Loan? (Information Source: Legalpundits International Services Pvt. Ltd.)

Step 1
Approach a Housing Finance Company with the latest salary slip and TDS Form 16 of the last two financial years of yourself and your co-applicant. The loan officer will informally tell you the amount of loan you are eligible for, the areas in which they finance flats and the terms of the same. Collect a loan application form and confirm the needed documents (mainly proof of income).
Visit more than one company since you are likely to get better terms/ larger loan amount if you shop for the best deal.

Step 2
At your chosen HFC, submit the duly filled loan application, along with the requested documents and an application fee (around 1%). They will then interview you on the same. After conducting an appraisal of your application, the HFC will give an in-principle sanction of your loan.

Step 3
ou now have to submit your property documents, which should show a clear title. The HFC will check these and levy an administrative fee (around 1%). It will then disburse the loan, either fully or in installments, directly to the builder / seller of the flat.

How much housing loan can one get? It depends on a person's repaying capacity which is based on your income.

You can add your spouses' 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 88 also allows tax benefits on principal repayments. What is the reducing balance method of interest payment? In reducing balance you reduce the amount of principal payment already paid by you from the initial loan amount. You pay interest only on principal unpaid till that point of time and not the entire loan amount.