Namma family builder in chennai, tamil nadu

What is Home Loan – Home loans help people to achieve their dream of home ownership.

A home loan is a secured loan that can be availed from both banks and Non-Banking Financial Companies (NBFCs) for the purpose of buying a residential property.

Home loans have varying interest rates which are often linked to your credit score. The normal tenure is up to 30 years and the amount has to be repaid in Equated Monthly Installments.

Tax deductions are possible on both the principal amount and interest component of the home loan amount. This is possible under Section 80C and Section 24 respectively of the Income Tax Act.

For the purchase of a new/old residential unit (it may be an independent house/ flat/villa/an apartment etc.)

For the construction of a residential unit on an existing non-agriculture plot.

For the extension of the existing residential property with repairs and improvements.

For the Take-over of a housing loan availed from another bank / FI Completion of the under-construction residential unit.

For the purchase of solar power panels along with the purchase/construction of the house.

Loan application form.

3 photographs passport sized.

Identify proof

Residence proof

Bank Account Statement/Passbook for last 6 months.

Signature verification by bankers of the applicant.

Liabilities statement and Personal Assets.

Property detailed documents

Salary Certificate (original) from employer. (salaried individuals)

Form 16/IT Returns for the past 2 financial years. (salaried individuals)

IT Returns/Assessment Orders copies of the last 3 years. (self – employed professionals)

Challans as proof of Advance Income Tax payment. (self – employed professionals)

Proof of business address for non-salaried individuals. (self – employed professionals)

IT returns/Assessment Orders copies of the last 3 years. (Self – Employed Businessmen)

Challans as proof of Advance Income Tax payment. (Self – Employed Businessmen)