BUYERS GUIDE
GUIDE TO ALL YOUR HOME BUYING QUERIES
HOME LOANS
Overview
To be eligible for a home loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turn 65 years of age. The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits, etc. However, there are ways in which to increase loan eligibility and amount. If a spouse or Finance is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility. However, the most important factor in sanctioning loans is repayment ability. The total cost includes registration charges, transfer charges and stamp duties. Therefore, you can avail of these benefits on both the Interest paid and the principal amount repaid adding value to your EMI flow and savings.
- Can I get my House financed?
Yes, All Mauli Properties offered for sale have clear titles. All Mauli projects are approved with most leading banks and financial institutions for availing home loans.
- How Much Loan Can I Avail?
You can avail a maximum loan of 80% of the Agreement value. However, your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.
- What is the term of the loan that banks offer?
Loan tenures to a maximum of 30 years, depending on age.
- What are the documents required for availing a home loan?
- Completed Application Form
- Photograph
- Photo Identity Proof
- Residence Address Proof
- Signature Verification Proof
- Age Proof
- Fee Cheque
- For Salaried applicants
- Last 3 months' Salary Slip
- Form 16
- Repayment Track record of existing loans/Loan closure letter
- Bank Statement for the last 6 months from Salary Account
- For Self Employed Applicants
- A brief introduction of Business/Profession
- Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
- Repayment Track record of existing loans/Loan closure letter
- Board Resolution in case of a company
- Proof of existence of the company
- Office Address Proof
- Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)
- DO I GET A TAX BENEFIT ON THE LOAN?
Yes.
- DO I GET DEDUCTION ON INTEREST?
The repayment of the interest portion of the EMI is allowed as a deduction under section 24 if the purchase or construction is completed within a period of three years from the end of the year in which the loan is taken under the head "income from house property" up to Rs. 2,00,000/- for self-occupied property and full amount of interest in case of let-out property provided that loss from such let out house property does not exceed Rs.2 Lakhs.
- DO I GET DEDUCTION ON PRINCIPAL REPAYMENT?
The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1.5 Lakhs. You can also claim deduction under Section 80C towards payment made for stamp duty, registration fee and other expenses for the purpose of transferring the property in the name of the assessed. All these deductions however should not exceed the overall limit of Rs. 1.5 Lakhs.
However, deduction under Section 80C is not available in respect of payment made towards the cost of any addition, alteration, renovation or repair carried out after the issue of the completion certificate.
- INCOME FROM HOUSE PROPERTY?
According to the Indian Income Tax Act, if a person (resident or NRI) owns more than one house property, only one of them will be deemed as self-occupied. There will be no income tax on a self-occupied property. The other one, whether rented or not, will be deemed to be given on rent and deemed rental income (based on certain valuations prescribed by the income tax rules) will be added to income. Further, TDS will be deducted on actual rental incomes earned by NRI.
- WEALTH TAX?
Wealth tax is levied on the value of specified assets in excess of the Rs. 30,00,000. Specified assets include house property. However, the Wealth Tax Act provides an exemption in respect of one house property. There is a specific exemption available for returning Indians in respect of investment made in house property out of money brought from outside India or from balances held in NRE accounts as on date of return to India.
- CAPITAL GAINS?
If a residential property is held by the seller for more than 36 months, it is considered a long-term investment or else short term. Long Term Capital Gain shall be computed by considering indexed cost of acquisition. NRIs are entitled to claim exemption from capital gain’s tax if they reinvest in specified assets as per Income Tax Act.
- CERTIFICATE FOR DEDUCTION AT LOWER RATE OR TAX EXEMPTION CERTIFICATE?
Section 197 of the Income Tax Act, 1961 provides for deduction of tax at lower rates in certain cases. The rate prescribed for TDS from NRI's income is the maximum rate of tax at which relevant income is taxable in India. However, in majority of the cases of NRI, the actual tax liability is lower than this.
However, the higher deduction of tax so made is generally not claimed as a refund by filing Return of Income. In order to assist such situation, the Income Tax Act has provided procedure under section 197 whereby an NRI can apply to the Assessing Officer (in prescribed form) to issue specific certificate authorizing the payer of income (who normally deducts tax at highest prescribed rate) to deduct tax at a lower rate or nil rate. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. The payer shall deduct tax in accordance with the certificate of the Assessing Officer.
REAL ESTATE
FAQ’S
CAN I GET MY HOUSE FINANCED?
Yes. All Mauli Properties offered for sale have clear titles. All Mauli projects are approved with most leading banks and financial institution for availing home loans.
HOW MUCH LOAN CAN I AVAIL?
You can avail a maximum loan of 80% of the Agreement value. However, your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.
WHAT IS THE TERM OF THE LOAN THAT BANKS OFFER?
Loan tenures to a maximum of 30 years, depending on AGE.
EMI
calculator
REAL ESTATE FAQ’S
CAN I GET MY HOUSE FINANCED?
Yes. All Mauli Properties offered for sale have clear titles. All Mauli projects are approved with most leading banks and financial institution for availing home loans.
HOW MUCH LOAN CAN I AVAIL?
You can avail a maximum loan of 80% of the Agreement value. However, your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.
WHAT IS THE TERM OF THE LOAN THAT BANKS OFFER?
Loan tenures to a maximum of 30 years, depending on AGE.
EMI Calculater
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