Documents Required at the time of Application

  1. Latest salary slip (proof of income for salaried individuals)

  2. Photographs

  3. Proof of age

  4. Identity papers

  5. Proof of residence

  6. Bank statements for the previous six months

  7. For self employed, certified copies of balance sheet, profit and loss statement and tax challans for the previous 3 years

  8. For partnership/private limited companies, the Articles of Association, partnership deed and details about the firm

Before actual disbursement

Before disbursement all documents pertaining to the property, including the agreement for sale is required to be handed over to the lending institution.

Tax benefit information

Both principal as well as interest attract tax benefits. Section 88 of the Income Tax Act allows a 20% rebate on the principal repaid, subject to a principal ceiling of Rs. 10,000 per annum. For loans availed after April 1, 1999 a deduction on interest paid with a ceiling of Rs. 75,000 is allowed. For loans availed before April 1999, a deduction on interest paid with a ceiling of Rs. 30,000 is allowed.

Home loans taken to repay existing home loans are not eligible for tax benefit.