Home Loan
Introduction
Real Value FinLoan Services Pvt. Ltd. is one of the leading companies across India to offer Home Loans to prospective Home buyers. We at Real Value FinLoan understand that buying a home and building it, is more or less a once a lifetime event and we pledge to make the process towards this event, a hassle free one. The rates at which we offer Home Loans will be one of the lowest you will find in the market, as we are associated with top notch leading banks and NBFCs.
However, the interest rate for home loan depends on a lot of factors like your total loan amount, your profession, maximum period of repayment etc.
Home loan is given to entities who are interested to purchase or to construct a house. It works as a medium for those who are not able to provide the full cost of that property. When a home loan is provided to the consumer there is an interest charge that has to be paid to the bank monthly. For the eligibility of the home loan, consumer has to provide a property which is equivalent to the value of the home loan. To specify, the property is mortgaged to the bank as a security till the repayment of the Home Loan is done. When the repayment of the home loan is done to that bank or the financial institution, then once again the deed will be transferred back to that respective client.
A home loan can have fixed or a variable interest rate
Home Loan with Real Value FinLoan is available for
Purchase of Flat or House
This is the most common type of home loan. Real value provides loans to those clients who want to buy a new residential property or old residential property.
Home Improvement
These loans are taken that individual who wishes to renovate their existing home
Home Expansion/Extension Loans
These are the loans taken by that individual who is interested in the expansion of their particular property. Expansion can include construction of the new room, a floor, balcony, etc. Real Value will sure help you out here.
Home Loan Transfer
A loan is taken from one bank by the client and wishes to transfer that whole loan to another bank. Generally, costumers who are not satisfied with the ongoing bank services opt for this kind of loan. If you paying EMI for your Home Loan which is significantly more than Rs. __________ per lakh of the loan amount, then it is time to transfer your loan to another bank. We, at Real Value, can assist you with this
Why Real Value?
Doorstep service
Sanctions for Loan in record time
Skilled and Trained team
Transparent process
No hidden costs and administrative charges
Home Loan Experts to guide you through the entire process right from choosing the best offer, to applying as well as to disbursement as well
Very large network of tieups with banks and NBFCs so as to get you the lowest interest rate possible
- Applicant should be a citizen of India
- Should be occupying his current place of residence for a minimum of 3 years in the city
- Applicants should atleast be 24 years of age
- Form-16 issued by present employer.
- If the applicant is self employed, he should be in the business for atleast 3 years, if he/she is salaried, he should have minimum 3 years of Work Experience
Home Loan for Salaried individuals
- Photo Applicant & Co-Applicant.
- Proof of identity (PAN Card) or residence Applicant & Co-Applicant.
- Latest salary slips.
- Form-16 issued by present employer.
- Bank statements of six months.
Home Loan for Self-employed Professionals
- Photo Applicant & Co-Applicant.
- Proof of identity (PAN Card) or residence Applicant & Co-Applicant.
- Business and Office Proof.
- Educational qualification certificates, degrees, diplomas, and other academic credentials.
- IT Returns of the three years preceding the one in which loan is applied for.
- Bank statements of last one year.
Home Loan for Self-employed Businesspersons
- Photo Applicant & Co-Applicant.
- Proof of identity (PAN Card) or residence Applicant & Co-Applicant.
- Business and Office Proof
- Proof of existence of business.
- Detailed business profile.
- Profit and loss sheet and balance sheets of the company for the three years.
| Tax Benefits | On Principal Repaid | On Interest Paid |
|---|---|---|
| First Home – Self Occupied | 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. | 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. |
| First Home – Rented/ Vacant (deemed to be let out property) | 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. | 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. |
| Second Home or Additional Property | None | 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 |
| Under Constrn. | None | 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. |