preloder
 

Home Loan

What is Home / House Loan?

Home Loan is a Secured loan offered against the security of a house which is funded by the bank’s loan, the property could be a personal property. The Home Loan is a loan taken by a borrower from the bank issued against the property intended to be bought on the part by the borrower giving the banker a conditional ownership over the Home. i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.

Merits/Pros

Deduction on principal repayment

Capital Appreciation

Sense of accomplishment

Tax Benefit: Principal Repayment

Deduction on interest

Easy to get education loans

Documents Required

2 Passport Size Photographs

1 Cancelled Cheque

Aadhar card

PAN Card

1 Year Banking Statement (Saving or Current)

Last 3 Year IT Return

Sata khat

Master File with Plan