Home Loan Guide

Home loans

Home Loan Guide | Everything You Need to Know About Home Loans in Mumbai

This home loan guide will explain everything you need to know about Home Loans, including their benefits, eligibility criteria, and documents required.

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.