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Extra costs along with Home Loans:

Processing Charge:

A fee payable to the lender on applying for a loan. It is either a fixed amount not linked to the loan or may also be a percentage of the loan amount. The loan amount required cannot be less than the processing fee.

Pre-payment Penalties:

When a loan is paid back before the end of the agreed duration, a penalty is charged by some banks/companies, which is usually 2% of the amount being paid.

Miscellaneous Costs:

Some lenders may levy documentation or consultant charges.

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Tax benefits of home loans:

You can avail home loan Tax benefits under section 24 of the Income Tax Act. By availing a home loan you can claim tax exemptions of up to Rs. 2,00,000/- for interest component of your EMI paid during the financial year. Interest paid up to a maximum of Rs 1, 50,000/- will be eligible for deduction from gross income on loan after completion of construction will be deductible from income from property.

If your spouse is a co-applicant with you in the home loan then both the applicants can double your tax benefits. The applicant and the co-applicants, both are separately eligible for both interest and principal tax benefits while computing tax under the above-mentioned sections of Income Tax Act.

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Role of Credit score in getting home loan:

For availing Home Loan, credit score plays a critical role, which is a base of your credit worthiness. The credit score weighs on your past repayment track record. So, Credit score plays a big reference for the lender in sanctioning home loan. Credit Information Bureau of India Limited (CIBIL) is a most popular credit rating bureau in India. A CIBIL Score is three-digit number that ranges between 300 and 900. It is generally a minimum CIBIL score of 750 is considered a good credit score and more than 750 will be a successful credential of the borrower.

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Home loan eligibility criteria:

Home loan eligibility criteria include the criterion the loan applicant needs to satisfy in order to be eligible for a home loan. Every lender has different home loan eligibility criteria but they judge the loan applicant's credibility based on some common criteria, such as age, income, work experience and credit history.

The criteria with respect to eligibility for a home loan tend to vary from one lender to another. Following are some key requirements to be taken into consideration:

Target Group: Any salaried, self-employed or professional individual of Indian nationality can apply for a home loan.

Age: The applicant’s age must be 21 years or above

Income Criteria: The applicant should have a regular source of income to satisfy regular EMI Payments. For Business People and self-employed individuals, profit earned by you determines the housing loan eligibility,

Employment Experience: The applicant's professional stability at work.

Credit History: Credit history of the Applicant decides sanction of a home loan. A clean credit history will help in quick loan approval. Check your eligibility in prior before you apply for a home loan, and overcome the lapses. You can check through stirasthi.com.

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Home Loan Documents

The following documents are required by Banks/ financial institutions for getting Home loan:

• Proof of address
• Proof of age
• Proof of income of the applicant & co-applicant
• Bank statements of the last 6 months
• Passport size photographs of the applicant & co-applicant

Salaried individuals

• Salary slip / Form 16 A
• A Xerox copy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills
• A Xerox copy of Investments (FD/Shares/MF/Bonds etc., or any other Net worth supporting documents of the borrower)
• A Xerox copy of LIC policies with the latest premium payment receipts (if any)
• Passport size Photographs (as applicable)
• A Xerox copy of bank statements of the last six months

Self-Employed/Businessmen

• An overview of Business/Profession
• P&L A/c, Balance Sheet of Business/Profession
• Income Tax returns along with Statement of income for the last 3 years certified by a Chartered Accountant
• A Xerox copy of Advance Tax payments (if applicable).
• A Xerox copy of Registration Certificate of establishment under shops and Establishments Act/Factories Act.
• Bank statements of current and saving accounts for the last 6 months.
• A Xerox copy of Certificate of Practice (if applicable).
• A Xerox copy of bank loans if any (if applicable).
• A Xerox copy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.

If a flat is purchased from the builder

• Agreement of sale with the builder in Original.
• Development agreement between the owner of land and the builder
• Copy of building plans sanctioned by the competent authority
• Land (Under Construction) registration documents in Xerox
• Land conversion Certificate
• Search and title report (with the details of documents) for the last 30 years.
• Building Occupation Certificate if available
• The latest receipts of taxes paid
• Partnership deed or memorandum of association of the builders firm.

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Home loans – Interest Rates offering by different Banks:

Bank Name	Floating Interest Rate*	EMI/Lakh*	Processing Fee*	Prepayment Charges*
Sundaram Finance	9.9%	928/Lakh	Rs 5000/-	Nill
Piramal Housing	9.9%	928/Lakh	Rs 5000/-	Nill
Yes Bank	9.9%	928/Lakh	Rs 5000/-	Nill
Repco Home Finance Ltd.	8.75%	884	1% of loan amount + GST	N A
Orange City Housing Ltd.	14%	1244	Upto 1% of loan amount + GST	N A
National Trust Housing Finance Ltd	13.5% - 15.5%	1207 - 1354	2.50% of the amount Or Rs.5000/	NIL
Sundaram BNP Paribas Home Finance Ltd	9.80% - 11.05%	952 - 1036	.RsUpto 0.75% of loan amount + GST	N A
Karnataka Bank	8.60% - 9.00%	874 - 900	N A	N A
India Infoline Housing Finance Ltd	8.50%	868	Upto 1% of loan amount + GST	N A
Gruh Finance Limited	8.35% - 15.05%	858 - 1320	Upto 1% of loan amount + GST	N A
GIC Housing Finance	10.25%	982	Rs.2500 + GST	N A
DHFL Vyasa Housing Finance	9.75% - 10.25%	945 - 982	1% of the loan amount	N A
Development Credit Bank	8.50% - 16.00%	868 - 1391	1.00 % of loan amount + GST	NIL
Dhanalakshmi Bank	9.70% - 10.00%	880 - 965	1.00% of loan amount + GST	N A
Bank of Maharastra	8.75% - 8.95%	884 - 896	As per applicable	NIL
State Bank of Travancore	8.30% - 8.60%	855 - 874	0.35% of Loan Amount or Rs 10000 plus GST whichever is less, subject to minimum of Rs 2000 plus taxes	NIL
Punjab National Bank	8.65% - 8.70%	877 - 880	0.50% of loan + GST	NIL
Indian Bank	8.60% - 9.70%	874 - 945	0.230% on loan amount + GST or Max Rs.20470/-	NIL
Indian Overseas Bank	8.50% - 8.75%	868 - 884	0.50 % (max. Rs.25,000/-)	N A
Oriental Bank of Commerce	8.65% - 8.75%	877 - 884	0.50% of the loan amount, subject to maximum of Rs.20000/- plus GST	NIL
PNB Housing Finance	9.10%	906	0.50% Or 10,000 + GST , whichever is higher.	NIL
Citibank	8.90% - 9.40%	893 - 926	Rs. 5000 (Application fee)	NIL
Syndicate Bank	9.75%	948	N A	N A
Vijaya Bank	8.50%	868	Upto Rs.4000 + GST	N A
Dena Bank	8.50% - 8.65%	868 - 877	N.A	NIL
Kotak Bank	8.75%	884	Upto 1.25% of Loan amount	NIL
Canara Bank	8.65% - 8.85%	877 - 890	0.50% of loan amount + GST	NIL
UCO Bank	8.55% - 8.80%	871 - 887	Nil till 30.09.2018	NIL
Central Bank of India	8.50%	868	0.50% of the Loan Amount subject to maximum Rs.20,000/-	NIL
Federal Bank	8.95% - 9.20%	897 - 913	Upto Rs.7500 + GST	N A
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*Figures mentioned in the above table are subject to change without prior information. Stirasthi.com will not be responsible for any issues in this regard.

*The interest rates, EMI and Processing fee provided above are of key Banks and Financial Institutions, indicative and liable to change periodically. The final interest rate charged by the bank to the customer would be based on various other factors at the discretion of the lender. The variation in Home Loan Interest rates may occur on the basis of key factors such as applicant’s credit score, prior lender-borrower relationship and the loan amount applied for. The Applicant should check all the factors while availing home loan, which stirasthi.com never responsible in any manner.