Home Loan Guide
Home Loan Guide | Everything You Need to Know About Home Loans in Mumbai
Benefits of Home Loans
- Tax Benefits: Home Loan borrowers can avail of tax benefits under Section 80C and Section 24(b) of the Income Tax Act.
- Long Repayment Tenure: Home Loans come with longer repayment tenure, ranging from 15 to 30 years, which means lower EMIs and less financial burden.
- Low-Interest Rates: Home Loan interest rates are usually lower than other loans, making them a cost-effective financing option.
Home Loan Eligibility Criteria:
To avail of a Home Loan, you need to meet certain eligibility criteria, including:
- Age: You must be at least 21 years old and not more than 65 years old.
- Income: Your income should be stable and consistent to repay the loan.
- Credit Score: A good CIBIL score is essential to get a Home Loan approved.
- Property Valuation: The property you intend to purchase should be eligible for a Home Loan, and its value should meet the lender’s criteria.
Documents Required for a Home Loan:
To apply for a Home Loan, you need to submit the following documents:
- ID proof: Aadhaar Card, PAN Card, Passport, Voter ID, etc.
- Address proof: Aadhaar Card, Passport, Voter ID, Driving License, etc.
- Income proof: Salary slips, Form 16, IT returns, etc.
- Property documents: Sale agreement, a title deed, NOC from the builder/society, etc.
Home Loans are an excellent option for those looking to buy a dream home in Mumbai. With low-interest rates, long repayment tenures, and tax benefits, they are a cost-effective financing option. Advit Realinfo Pvt. Ltd. is here to guide you through the Home Loan process and help you get the best deal.