Home Loan for Salaried Individuals

• Passport-size photographs.
• Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
• Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
• Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
• Salary slips of last 3 months from application date.
• Form-16 issued by 3 years to 6 years.
• Copy of details of all existing loans.
• A cheque covering the administrative costs/processing fees incurred by the bank in processing the application

Home Loan For Self-Employed Professionals

• Passport-size photographs.
• Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
• Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
• Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
• IT Returns of the three years preceding the one in which loan is applied for.
• Copy of details of all existing loans.
• A cheque covering the administrative costs/processing fees incurred by the bank in processing the application
• GST returns (Latest + 12 months).

Home Loan For Self-Employed Businesspersons

• Passport-size photographs.
• Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
• Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
• Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
• IT Returns of the three years preceding the one in which loan is applied for.
• Copy of details of all existing loans.
• A cheque covering the administrative costs/processing fees incurred by the bank in processing the application
• Property papers with OC and CC.
• GST returns (Latest + 12 months).

Property Documents for housing loan:

1. Draft agreement for sell
2. Previous chain agreement (In resale case)
3. OC/CC/Approved Plan Copy
4. Society share certificate (If society formed)

Tax Benifits: First Home – Self Occupied.

On Principal Repaid: Actual principal repaid subject to a maximum of Rs. 1,50,000 (Rs. 2 lakh for senior citizens) can be claimed as investment eligible for tax deduction under section 80C.

On Interest paid: Actual home loan interest paid subject to a maximum of Rs. 2 lakh (Rs. 3 lakh for senior citizens) if house construction completed within 5 years from the end of the financial year in which loan is taken If construction of house not completed within five years then Rs. 30,000 is tax exempt Additional exemption of upto Rs. 50,000 on interest paid for loans upto Rs. 35 lakh with cost of home upto Rs. 50 lakh.

Tax Benifits: First Home – Rented/ Vacant (deemed to be let out property)

On Principal Repaid: Upto Rs. 1,50,000 (Rs. 2 lakh for senior citizens) eligible for tax deduction under Section 80 C. The deduction is available only if the property owner is staying in a different city for work.

On Interest paid: For current assessment year 2018-19: Exemption on interest has been capped at lower of two, a) Rs. 2,00,000 or b) actual interest paid for all properties owned by a tax payer.

Tax Benifits: Second Home or Additional Property.

On Principal Repaid: None

On Interest paid: For current assessment year 2018-19: Exemption on interest has been capped at lower of two, a) Rs. 2,00,000 or b) actual interest paid for all properties owned by a tax payer.

Tax Benifits: Under Constrn.

On Principal Repaid: None

On Interest paid: The interest paid can be claimed in equal parts in five financial years post completion or handing over of property within the overall annual limit of Rs. 2 lakh.