Home loan

If you have any questions about home loans and implications of the HomeCapital Program on it

General

  • What is the maximum amount of home loan that I can get from a bank?
  • What is home loan amortization schedule?
  • Is there any tax benefit available on home loans?
  • Does availing the HomeCapital Home Down Payment Assistance Program affect my overall home loan eligibility?
  • Is having a home loan approved necessary for availing home down payment assistance?

What is the maximum amount of home loan that I can get from a bank?

<div class="ewd-ufaq-faq-list ewd-ufaq-page-type-load_more" id='ewd-ufaq-faq-list'> <input type='hidden' name='include_category' value='' id='ewd-ufaq-include-category' /> <input type='hidden' name='exclude_category' value='' id='ewd-ufaq-exclude-category' /> <input type='hidden' name='orderby' value='date' id='ewd-ufaq-orderby' /> <input type='hidden' name='order' value='desc' id='ewd-ufaq-order' /> <input type='hidden' name='post_count' value='-1' id='ewd-ufaq-post-count' /> <input type='hidden' name='current_url' value='/wp-json/wp/v2/ufaq/?post_type=ufaq&amp;ufaq-category=27' id='ewd-ufaq-current-url' /> <div class='ewd-ufaq-faqs'> <div class="ewd-ufaq-faq-div ewd-ufaq-faq-column-count-one ewd-ufaq-faq-responsive-columns- ewd-ufaq-faq-display-style-default" id='ewd-ufaq-post-74-wnLXv8oq8R' data-post_id='74'> <div class='ewd-ufaq-faq-title '> <a class='ewd-ufaq-post-margin' href='https://cms.homecapital.in/ufaqs/what-is-the-maximum-amount-of-home-loan-that-i-can-get-from-a-bank/'> <div class='ewd-ufaq-post-margin-symbol ewd-ufaq-square'> <span >A</span> </div> <div class='ewd-ufaq-faq-title-text'> <h4> What is the maximum amount of home loan that I can get from a bank? </h4> </div> <div class='ewd-ufaq-clear'></div> </a> </div> <div class='ewd-ufaq-faq-body ' > <div class='ewd-ufaq-post-margin ewd-ufaq-faq-post'> <p>The Reserve Bank of India has directed that homebuyers can avail up to 90% of the property value in case this value is less than or equal to ₹30,00,000 towards home loan. For home loans between ₹30,00,000 &#8211; 75,00,000, the LTV (loan-to-value) ratio stands at 80% while it is 75% for loans above ₹75,00,000.</p> </div> <div class='ewd-ufaq-faq-custom-fields'> </div> </div> </div> </div> </div>

What is home loan amortization schedule?

<div class="ewd-ufaq-faq-list ewd-ufaq-page-type-load_more" id='ewd-ufaq-faq-list'> <input type='hidden' name='include_category' value='' id='ewd-ufaq-include-category' /> <input type='hidden' name='exclude_category' value='' id='ewd-ufaq-exclude-category' /> <input type='hidden' name='orderby' value='date' id='ewd-ufaq-orderby' /> <input type='hidden' name='order' value='desc' id='ewd-ufaq-order' /> <input type='hidden' name='post_count' value='-1' id='ewd-ufaq-post-count' /> <input type='hidden' name='current_url' value='/wp-json/wp/v2/ufaq/?post_type=ufaq&amp;ufaq-category=27' id='ewd-ufaq-current-url' /> <div class='ewd-ufaq-faqs'> <div class="ewd-ufaq-faq-div ewd-ufaq-faq-column-count-one ewd-ufaq-faq-responsive-columns- ewd-ufaq-faq-display-style-default" id='ewd-ufaq-post-73-2mMeoiirR1' data-post_id='73'> <div class='ewd-ufaq-faq-title '> <a class='ewd-ufaq-post-margin' href='https://cms.homecapital.in/ufaqs/what-is-home-loan-amortization-schedule/'> <div class='ewd-ufaq-post-margin-symbol ewd-ufaq-square'> <span >A</span> </div> <div class='ewd-ufaq-faq-title-text'> <h4> What is home loan amortization schedule? </h4> </div> <div class='ewd-ufaq-clear'></div> </a> </div> <div class='ewd-ufaq-faq-body ' > <div class='ewd-ufaq-post-margin ewd-ufaq-faq-post'> <p>Home loan amortization is the process of reducing your home loan debt with regular payments over the loan period. A home loan amortization schedule is a table with details of periodic interest and principal repayments of the home loan along with the amount outstanding after each payment. It shows the gradual decrease of the loan balance until it reaches zero.</p> </div> <div class='ewd-ufaq-faq-custom-fields'> </div> </div> </div> </div> </div>

Is there any tax benefit available on home loans?

<div class="ewd-ufaq-faq-list ewd-ufaq-page-type-load_more" id='ewd-ufaq-faq-list'> <input type='hidden' name='include_category' value='' id='ewd-ufaq-include-category' /> <input type='hidden' name='exclude_category' value='' id='ewd-ufaq-exclude-category' /> <input type='hidden' name='orderby' value='date' id='ewd-ufaq-orderby' /> <input type='hidden' name='order' value='desc' id='ewd-ufaq-order' /> <input type='hidden' name='post_count' value='-1' id='ewd-ufaq-post-count' /> <input type='hidden' name='current_url' value='/wp-json/wp/v2/ufaq/?post_type=ufaq&amp;ufaq-category=27' id='ewd-ufaq-current-url' /> <div class='ewd-ufaq-faqs'> <div class="ewd-ufaq-faq-div ewd-ufaq-faq-column-count-one ewd-ufaq-faq-responsive-columns- ewd-ufaq-faq-display-style-default" id='ewd-ufaq-post-72-Ht2tQWiQrf' data-post_id='72'> <div class='ewd-ufaq-faq-title '> <a class='ewd-ufaq-post-margin' href='https://cms.homecapital.in/ufaqs/is-there-any-tax-benefit-available-on-home-loans/'> <div class='ewd-ufaq-post-margin-symbol ewd-ufaq-square'> <span >A</span> </div> <div class='ewd-ufaq-faq-title-text'> <h4> Is there any tax benefit available on home loans? </h4> </div> <div class='ewd-ufaq-clear'></div> </a> </div> <div class='ewd-ufaq-faq-body ' > <div class='ewd-ufaq-post-margin ewd-ufaq-faq-post'> <p>The tax benefit on home loan can be availed as under:</p> <ul><li>Under Section 80C a maximum annual deduction of ₹1,50,000 is allowed as tax exemption on repayment of the home loan principal.</li><li>Under Section 24 of the Income Tax Act, you can avail a tax benefit on the amount of interest paid on a home loan to the maximum limit of ₹2,00,000 for a self-occupied property.</li><li>Under Section 80EE of the Income Tax Act, first time home buyers can claim income tax deductions on their home loan interest towards the home purchase. Section 80EE allows deductions for the interest paid on a home loan for up to a maximum of ₹50,000 in every financial year. The borrower can continue to claim the deduction until they have repaid the entire loan.</li><li>In case of joint home loans, each of the co-borrowers is eligible to receive a total of ₹3,50,000 (₹1,50,000 under Section 80C + ₹2,00,000 under Section 24) as tax exemption. Thus, you and your spouse can claim a total tax exemption of ₹7,00,000 on your home loan.</li></ul> </div> <div class='ewd-ufaq-faq-custom-fields'> </div> </div> </div> </div> </div>

Does availing the HomeCapital Home Down Payment Assistance Program affect my overall home loan eligibility?

<div class="ewd-ufaq-faq-list ewd-ufaq-page-type-load_more" id='ewd-ufaq-faq-list'> <input type='hidden' name='include_category' value='' id='ewd-ufaq-include-category' /> <input type='hidden' name='exclude_category' value='' id='ewd-ufaq-exclude-category' /> <input type='hidden' name='orderby' value='date' id='ewd-ufaq-orderby' /> <input type='hidden' name='order' value='desc' id='ewd-ufaq-order' /> <input type='hidden' name='post_count' value='-1' id='ewd-ufaq-post-count' /> <input type='hidden' name='current_url' value='/wp-json/wp/v2/ufaq/?post_type=ufaq&amp;ufaq-category=27' id='ewd-ufaq-current-url' /> <div class='ewd-ufaq-faqs'> <div class="ewd-ufaq-faq-div ewd-ufaq-faq-column-count-one ewd-ufaq-faq-responsive-columns- ewd-ufaq-faq-display-style-default" id='ewd-ufaq-post-71-l1xxAtQCJS' data-post_id='71'> <div class='ewd-ufaq-faq-title '> <a class='ewd-ufaq-post-margin' href='https://cms.homecapital.in/ufaqs/does-availing-the-homecapital-home-down-payment-assistance-program-affect-my-overall-home-loan-eligibility-2/'> <div class='ewd-ufaq-post-margin-symbol ewd-ufaq-square'> <span >A</span> </div> <div class='ewd-ufaq-faq-title-text'> <h4> Does availing the HomeCapital Home Down Payment Assistance Program affect my overall home loan eligibility? </h4> </div> <div class='ewd-ufaq-clear'></div> </a> </div> <div class='ewd-ufaq-faq-body ' > <div class='ewd-ufaq-post-margin ewd-ufaq-faq-post'> <p>The HomeCapital Home Down Payment Assistance Program computes your eligibility keeping in mind the home loan requirement and stage of construction of the project. Our algorithms ensure that your home loan requirement eligibility is not affected for under-construction properties.</p> </div> <div class='ewd-ufaq-faq-custom-fields'> </div> </div> </div> </div> </div>

Is having a home loan approved necessary for availing home down payment assistance?

<div class="ewd-ufaq-faq-list ewd-ufaq-page-type-load_more" id='ewd-ufaq-faq-list'> <input type='hidden' name='include_category' value='' id='ewd-ufaq-include-category' /> <input type='hidden' name='exclude_category' value='' id='ewd-ufaq-exclude-category' /> <input type='hidden' name='orderby' value='date' id='ewd-ufaq-orderby' /> <input type='hidden' name='order' value='desc' id='ewd-ufaq-order' /> <input type='hidden' name='post_count' value='-1' id='ewd-ufaq-post-count' /> <input type='hidden' name='current_url' value='/wp-json/wp/v2/ufaq/?post_type=ufaq&amp;ufaq-category=27' id='ewd-ufaq-current-url' /> <div class='ewd-ufaq-faqs'> <div class="ewd-ufaq-faq-div ewd-ufaq-faq-column-count-one ewd-ufaq-faq-responsive-columns- ewd-ufaq-faq-display-style-default" id='ewd-ufaq-post-23-lprZ9FVjk4' data-post_id='23'> <div class='ewd-ufaq-faq-title '> <a class='ewd-ufaq-post-margin' href='https://cms.homecapital.in/ufaqs/is-having-a-home-loan-approved-necessary-for-availing-home-down-payment-assistance/'> <div class='ewd-ufaq-post-margin-symbol ewd-ufaq-square'> <span >A</span> </div> <div class='ewd-ufaq-faq-title-text'> <h4> Is having a home loan approved necessary for availing home down payment assistance? </h4> </div> <div class='ewd-ufaq-clear'></div> </a> </div> <div class='ewd-ufaq-faq-body ' > <div class='ewd-ufaq-post-margin ewd-ufaq-faq-post'> <p>No. You can avail HomeCapital down payment assistance even without a home loan sanction, provided you undertake to make your balance payments from your own sources or arrange a home loan at a later date.</p> </div> <div class='ewd-ufaq-faq-custom-fields'> </div> </div> </div> </div> </div>