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Customer Guide

Customer Guide


TAX BENEFITS

Tax benefits available for Home Loan customers

In the case of self-occupied property acquired or constructed out of borrowed funds, the deduction available for interest on capital borrowed is Rs. 2,00,000/-. In case of a rented property, the whole of the interest amount is allowed as deduction. The interest on borrowed funds in pre-construction period is allowed over a 5-year period commencing from the previous year in which the house is acquired or constructed.

The limit of repayment of housing loan qualifying for deduction u/s 80C is Rs. 1,50,000/- (including Stamp Duty, Registration Fee incurred for the purpose of transfer of such residential house property).

Various Loans available for Customer’s

  • Home Loans
    This is the basic housing loan for the purchase of a new home, which covers the cost of the flat, deposits and charges, stamp duty and registration charges.
  • Home Improvement / Extension Loans
    These are for the purpose of undertaking repair works and renovations in a home that is already owned by you.
  • Bridge Loans
    Bridge loans are for people who wish to sell their existing house and purchase another one and need finance for the new house until a buyer is found for the old one.
  • Balance Transfer
    A balance transfer indicates the paying off of an existing housing loan and availing of a loan with a lower rate of interest.
  • Refinance Loans
    Refinance loans are taken to pay off the debt incurred from private sources such Refinance loans are taken to pay off the debt incurred from private sources such as relatives and friends, for the purchase of your present house.

  • Loans To NRIs
    These loans are designed as per the requirements of NRIs who want to buy a house in India.

DOCUMENTATION  REQUIRED

List of papers / documents applicable to all applicants:

  • Completed loan application
  • 3 passport size photographs (including those affixed in loan application)
  • Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
  • Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
  • Proof business address, in case of non- salaried borrowers.
  • Statement of bank account for the last six months.
  • Signature identification from present bankers.
  • Personal Assets and Liabilities Statements in Bank’s standard format.
  • Brief write up of securities charged in respect of other loans availed from our Bank/other.
  • Banks/ Housing & Auto Finance Companies /other sources.
For NRI/PIO borrowers:

  • Completed loan application.
  • passport size photographs (including those affixed in loan application).
  • Copy of passport including page containing visa stamping.
  • Copy of valid work permit.
  • Copy of employment contract ( and English translation duly attested by employer / consulate / embassy /our foreign office if it is in any other language).
  • Latest salary certificate in original or proof of income in case of self employed / professionals.
  • Copy of identity card issued by the employer.
  • Proof of residence (driving license / utility bills etc.)
  • Copy of continuous Discharge Certificate in respect of applicants employed in merchant navy. Brief write up on employment profile for the last 10 years.
  • Brief write up on the company / institution where employed i.e. its constitution, activity.
  • Employee base sale / net profit (approx) etc. Statement of overseas bank account for the last six months which reflect credit of salary, savings etc.
  • Power of Attorney, if applicable, duly stamped and notarized / attested by Indian Embassy / Consulate.
For guarantor (wherever applicable):

  • Personal Assets and Liability Statement.
  • 2 passport size photographs.
  • Proof of identifications as above.
  • Proof of residence as above.
  • Proof business address as above.
  • Signature identification from his / her present bankers.
Additional documents required for salaried persons:

  • Original salary certificate for last month.
  • TDS certificate- Form 16 or copy of I.T. Returns for the last two financial years, duly.
  • acknowledged by I.T. Deptt.*
For professional /self- employed / businessmen:

  • Three years I.T.Returns duly acknowledged by I.T Deptt./ I.T. Assessment Orders for computation of income*
  • Copies of challans in respect of advance payment of income tax*.