Land Purchase Loan
When you’re building a home from scratch, you will need to buy a plot of land. However, building a home that is uniquely yours is easier said than done. You can take a land purchase loan for the purchase of a plot through direct allotment or a resale plot. Although the maximum loan amount will depend on the lending bank, most banks will provide up to 80% to 85% of the property cost. Please note, that there are no tax benefits that will be applicable for a loan for land purchase. You can get tax benefits once the construction starts
Home Purchase Loan :
If you are buying an existing property, either in an apartment building or a stand-alone home, a home purchase loan is your best bet. A home purchase loan can get you tax benefits under Section 80C and Section 24 (d) of the Income Tax regulations as per the applicable tax rules for FY ‘10-‘11.
If yours is a joint loan, then the other person, say your spouse or parent can also avail of the tax benefit. The loan amount in this case is usually 80% of the total amount whereas the monthly EMI would depend on a number of factors, such as your monthly income, the tenure of the loan etc. However, there are some hidden costs that you should be aware of.
Home Construction Loan :
If you already own a plot where you would like to construct a home to your liking, then you can consider taking a home. The cost of the land will be included in the cost of the house only if the land has been purchased within the previous year. You will need to give an estimate of the entire construction which will then be evaluated by the bank before granting you a loan.
Home Conversion Loan :
If you already have a Home Loan but wish to purchase and move into a new house, this loan would work best for you. With this loan, you can transfer your current loan to the new house and you don’t have to repay the current loan. These loans can be a little expensive in terms of the interest rate.
Home Improvement Loan :
If you already own a home but lack the funds to renovate your home, a home improvement loan can help. With this loan, you can fund all kinds of renovations, such as internal and external painting, waterproofing and construction, tiling, plumbing and all sorts of electrical work.
Another advantage to taking a Home Loan is that you can continue to take a mortgage loan against your property in India. As you can see, there are a number of housing loan options available in India.
It is advisable, however, do read the fine print before signing on any agreement. It is also advisable that once you have decided on the type of Home Loan, you should negotiate the interest rate with the bank.
Home Conversion Loan :
If you already have a Home Loan but wish to purchase and move into a new house, this loan would work best for you. With this loan, you can transfer your current loan to the new house and you don’t have to repay the current loan. These loans can be a little expensive in terms of the interest rate.
Eligibility
The beneficiary family will comprise husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
Coverage:
All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.
Scheme Details
* woman ownership is not mandatory for construction / extension
**for MIG – 1 & 2 loan should be approved on/or after 1-1-2017
Note: Assessment of your eligibility to avail the benefits of CLSS is at the sole discretion of the Government of India. Contents herein are parameters outlined under the scheme for assessment of entitlement.
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When you’re building a home from scratch, you will need to buy a plot of land. However, building a home that is uniquely yours is easier said than done. You can take a land purchase loan for the purchase of a plot through direct allotment or a resale plot. Although the maximum loan amount will depend on the lending bank, most banks will provide up to 80% to 85% of the property cost. Please note, that there are no tax benefits that will be applicable for a loan for land purchase. You can get tax benefits once the construction starts
Eligibility Criteria for Home Loan
| Salaried | Self employed | |
|---|---|---|
| Age | 21 years to 70years | 21 years to 70years |
| Income | Rs.1,20,000 (p.a.) | Rs.2,00,000 (p.a.) |
| Loan Amount Offered | 1,00,000 – 50,00,00000 | 1,00,000 – 50,00,00,000 |
| Tenure | 1years-30years | 1years-30years |
Required Documents
List of papers/ documents applicable to all applicants:- Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Last 3 months Salary Slip.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
- Business Registration Proof.
- Balance Sheet & Profit & loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- IT returns for last 3 years
Home Purchase Loan :
If you are buying an existing property, either in an apartment building or a stand-alone home, a home purchase loan is your best bet. A home purchase loan can get you tax benefits under Section 80C and Section 24 (d) of the Income Tax regulations as per the applicable tax rules for FY ‘10-‘11.
If yours is a joint loan, then the other person, say your spouse or parent can also avail of the tax benefit. The loan amount in this case is usually 80% of the total amount whereas the monthly EMI would depend on a number of factors, such as your monthly income, the tenure of the loan etc. However, there are some hidden costs that you should be aware of.
Eligibility Criteria for Home Loan
| Salaried | Self employed | |
|---|---|---|
| Age | 21 years to 70years | 21 years to 70years |
| Income | Rs.1,20,000 (p.a.) | Rs.2,00,000 (p.a.) |
| Loan Amount Offered | 1,00,000 – 50,00,00000 | 1,00,000 – 50,00,00,000 |
| Tenure | 1years-30years | 1years-30years |
Required Documents
List of papers/ documents applicable to all applicants:- Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Last 3 months Salary Slip.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
- Business Registration Proof.
- Balance Sheet & Profit & loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- IT returns for last 3 years
Home Construction Loan :
If you already own a plot where you would like to construct a home to your liking, then you can consider taking a home. The cost of the land will be included in the cost of the house only if the land has been purchased within the previous year. You will need to give an estimate of the entire construction which will then be evaluated by the bank before granting you a loan.
Eligibility Criteria for Home Loan
| Salaried | Self employed | |
|---|---|---|
| Age | 21 years to 70years | 21 years to 70years |
| Income | Rs.1,20,000 (p.a.) | Rs.2,00,000 (p.a.) |
| Loan Amount Offered | 1,00,000 – 50,00,00000 | 1,00,000 – 50,00,00,000 |
| Tenure | 1years-30years | 1years-30years |
Required Documents
List of papers/ documents applicable to all applicants:- Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Last 3 months Salary Slip.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
- Business Registration Proof.
- Balance Sheet & Profit & loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- IT returns for last 3 years
Home Conversion Loan :
If you already have a Home Loan but wish to purchase and move into a new house, this loan would work best for you. With this loan, you can transfer your current loan to the new house and you don’t have to repay the current loan. These loans can be a little expensive in terms of the interest rate.
Eligibility Criteria for Home Loan
| Salaried | Self employed | |
|---|---|---|
| Age | 21 years to 70years | 21 years to 70years |
| Income | Rs.1,20,000 (p.a.) | Rs.2,00,000 (p.a.) |
| Loan Amount Offered | 1,00,000 – 50,00,00000 | 1,00,000 – 50,00,00,000 |
| Tenure | 1years-30years | 1years-30years |
Required Documents
List of papers/ documents applicable to all applicants:- Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Last 3 months Salary Slip.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
- Business Registration Proof.
- Balance Sheet & Profit & loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- IT returns for last 3 years
Home Improvement Loan :
If you already own a home but lack the funds to renovate your home, a home improvement loan can help. With this loan, you can fund all kinds of renovations, such as internal and external painting, waterproofing and construction, tiling, plumbing and all sorts of electrical work.
Another advantage to taking a Home Loan is that you can continue to take a mortgage loan against your property in India. As you can see, there are a number of housing loan options available in India.
It is advisable, however, do read the fine print before signing on any agreement. It is also advisable that once you have decided on the type of Home Loan, you should negotiate the interest rate with the bank.
Eligibility Criteria for Home Loan
| Salaried | Self employed | |
|---|---|---|
| Age | 21 years to 70years | 21 years to 70years |
| Income | Rs.1,20,000 (p.a.) | Rs.2,00,000 (p.a.) |
| Loan Amount Offered | 1,00,000 – 50,00,00000 | 1,00,000 – 50,00,00,000 |
| Tenure | 1years-30years | 1years-30years |
Required Documents
List of papers/ documents applicable to all applicants:- Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Last 3 months Salary Slip.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
- Business Registration Proof.
- Balance Sheet & Profit & loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- IT returns for last 3 years
Home Conversion Loan :
If you already have a Home Loan but wish to purchase and move into a new house, this loan would work best for you. With this loan, you can transfer your current loan to the new house and you don’t have to repay the current loan. These loans can be a little expensive in terms of the interest rate.
Eligibility Criteria for Home Loan
| Salaried | Self employed | |
|---|---|---|
| Age | 21 years to 70years | 21 years to 70years |
| Income | Rs.1,20,000 (p.a.) | Rs.2,00,000 (p.a.) |
| Loan Amount Offered | 1,00,000 – 50,00,00000 | 1,00,000 – 50,00,00,000 |
| Tenure | 1years-30years | 1years-30years |
Required Documents
List of papers/ documents applicable to all applicants:- Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
- Bank A/c. Statement (Individual) for last six months
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Last 3 months Salary Slip.
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
- Business Registration Proof.
- Balance Sheet & Profit & loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- IT returns for last 3 years
Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme ( CLSS)
Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Group (MIG), given the projected growth of urbanization & the consequent housing demands in India.Eligibility
- The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
- In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
- The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
The beneficiary family will comprise husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
Coverage:
All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.
Scheme Details
| CLSS Scheme Type | Eligibility Household Income ( Rs.) | Carpet Area-Max (sqm) | Interest Subsidy (%) | Subsidy calculated on a max loan of | Loan Purpose | Validity of scheme | Max Subsidy (Rs.) | Woman Ownership |
|---|---|---|---|---|---|---|---|---|
| EWS and LIG | Upto Rs. 6,00,000 | 60 sqm | 6.50 % | Rs. 6,00,000 | Purchase/Self Construction/Extension | 31/03/2022 | 2.67 Lacs | Yes * |
| MIG 1 ** | Rs. 6,00,001 to Rs. 12,00,000 | 90 sqm | 4.00 % | Rs. 9,00,000 | Purchase/Self Construction | 31/12/2017 | 2.35 Lacs | Not Mandatory |
| MIG 2 ** | Rs. 12,00,001 to Rs. 18,00,000 | 110 sqm | 3.00 % | Rs. 12,00,000 | Purchase/Self Construction | 31/12/2017 | 2.30 Lacs | Not Mandatory |
**for MIG – 1 & 2 loan should be approved on/or after 1-1-2017
- Aadhar number(s) of the beneficiary family are mandatory for MIG category.
- The interest subsidy will be available for a maximum loan tenure of 20 yrs or the loan tenure whichever is lower.
- The interest subsidy will be credited upfront to the loan account of beneficiaries through LENDER BANK/NBFC resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
- The additional loan beyond the specified limits, if any to be at non-subsidized rate.
- There is no cap on the loan amount or the cost of the property.
Note: Assessment of your eligibility to avail the benefits of CLSS is at the sole discretion of the Government of India. Contents herein are parameters outlined under the scheme for assessment of entitlement.
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