Hansa Gemspark project is approved by leading financial institutions as detailed below.
Our team will coordinate with you and the financial institutions for getting sanction of the loan and documentations. Disbursal of the loans subject to buyer’s eligibility.
Loan for our Project Hansa 101 is approved by
APF can be downloaded on clicking the respective bank names.
Rate of interest, that is the first factor that comes to mind when locking in on the financial institution, as that directly points to the monthly repayment. This is important, of course. But there are lot of other factors that needs to be considered before taking the final leap.
Understand all the additional & hidden charges - Processing fee, Technical assessment fee, Documentation fee, Prepayment charges, Late Payment charges, Conversion charges, Transfer charges etc..This may increase the overall amount of the loan.
The Loan Tenure options. How long & How much you will have to pay.
FIs may give offers based on your credit score, ask around!
Check out if the FI always modified its rates as per RBI rates.
Read the T&C of the loan thoroughly & understand.
Do the FIs help & guide you after you sign the loan documents?
Negotiate, Try & see if you can get any waiver on fee etc.
Property fairs may help you get better offers than available in the market
Once you shortlist , get pre approvals from the FIs
Corporates usually have tie ups with FIs. If your employer is one among them, you may get better rates.
FIs also have a list of pre approved properties, if the property in your mind is in the list, this will ease your loan process.
Don’t forget to collect NOC & All original documents from the FI once you close your loan.
Ask all the questions from your mind & more, till you are satisfied & then go for it !
You need to know that Housing Financial Institutions give loan only 80 to 90% of the property value. So you will need to keep the remaining value ready beforehand, so can you put away your worries.
FIs have their procedures of determining your eligiblility & EMI based on many factors such as monthly disposable income, spouse’s income, assets etc. Typically a FI assumes that about 55-60 % of your monthly disposable / surangle-down income is available for repayment of loan. However, some calculate the income available for EMI payments based on an individual’s gross income and not on disposable income.
Down Payments is the amount you have to pay upfront to the builder. The FI gives only 80 - 90% of the property value , remember? So this is the remaining 10 - 20%.
Some ideas on how to arrange this amount.
Personal Loan (RI may be high but this can be an easy & fast way)
Savings (FDs, Savings, Gold etc. Have you been saving throughout your life for something. Now you know why :))
Borrow (Family & Friends only! Never borrow from unreliable sources for higher RIs. Remember you have to look for something sustainable & manageable)
Loan on Collaterals (Set aside for emergencies.Think through & then go ahead).
Government of India offers various tax deductions to motivate its citizens to buy homes.
These home loan benefits help borrowers save a substantial amount every year.
Tax deduction upto Rs.2 lakh can be claimed on the interest payment of home loan for a self-occupied property.
For a rented property, deduction of whole amount paid can be availed.
The property must have been constructed or purchased within 5 years from the end of the financial year of the loan.
Another 50,000 deduction can be availed
if the property value is less than 50 Lakhs.
If the loan value is less than 35 Lakhs.
If the borrower doesn't own any other property upto loan sanction.
Tax deduction upto Rs. 1.5 lakh can be claimed on the home loan principal amount.
*Allowed only after the completion of construction with completion certificate.
*Deduction claimed would be reversed if property is sold within 5 years.
An additional deduction of Rs. 50,000 shall be allowed to people who make payment of interest on home loan. This incentive shall be separate and in excess of the deduction of Rs. 2 lakh allowed under Section 24 and the deduction of Rs. 1.5 lakh allowed under Section 80C.
The taxpayer should not own any other property at the time of loan application. The property against which the loan is taken should be the first
The value of property should be Rs. 50 lakh or less
The home loan taken should be of Rs. 35 lakh or less
The amount of such loan should have been sanctioned to an individual between April 1, 2016 and March 31, 2017
Deduction is allowed for payment made towards stamp duty and registration charges apart from other benefits. But, this can only be claimed in the year in which these were paid and restricted to 1.5 lakh including principal repayment
If two individuals have applied for joint home loan, each can claim tax benefit of up to Rs. 1.5 lakh and Rs. 2 lakh on their home loan principal and interest, respectively. So the combined tax benefit that they enjoy is of total Rs. 7 lakh, provided they meet the related prerequisites. The same goes if the borrowers want to claim additional tax benefit under Section 80EE of the Income Tax Act.
Pradhan Mantri Awas Yojana was launched by Government of India in 2015 to ensure a pucca house to all eligible households by 2022. Beneficiaries of Economically Weaker Section (EWS)/Low Income Group (LIG), Middle Income Group (MIG)-I and Middle Income Group (MIG)-II seeking housing loans from Banks, Housing Finance Companies and other such institutions for acquiring, new construction or enhancement* of houses are eligible for an interest subsidy of 6.5%, 4% and 3% on loan amount upto Rs. 6 Lakh, Rs. 9 Lakh and Rs. 12 Lakh respectively.
For more detailed information, check https://pmay-urban.gov.in/
The Income tax benefits are subject to change based on Income Tax Department of India’s rules and regulations and will vary depending on an individual's eligibility.