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?

<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>

What is home loan amortization schedule?

<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>

Is there any tax benefit available on home loans?

<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>

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

<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>

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

<p>No.&nbsp;You&nbsp;can&nbsp;avail&nbsp;HomeCapital&nbsp;down&nbsp;payment&nbsp;assistance&nbsp;even&nbsp;without&nbsp;a&nbsp;home&nbsp;loan&nbsp;sanction,&nbsp;provided&nbsp;you&nbsp;undertake&nbsp;to&nbsp;make&nbsp;your&nbsp;balance&nbsp;payments&nbsp;from&nbsp;your&nbsp;own&nbsp;sources&nbsp;or&nbsp;arrange&nbsp;a&nbsp;home&nbsp;loan&nbsp;at&nbsp;a&nbsp;later&nbsp;date.</p>

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Disclaimer

The HomeCapital "Portal" and all its contents are only for the purpose of providing information regarding the HomeCapital Down Payment Assistance Program and should not be construed as binding. By using this website, you accept our Terms of Use and Privacy Policy. We are not a lending institution. All loans are made by our financial institution partners. The real estate properties listed on the Portal are not an advertisement or a solicitation and the customer shall independently review and verify the credentials of the project and/or the developer.

HCPL and it's partners reserve the right to reject any application at any time in accordance to its policies. To qualify, a borrower must be a Indian citizen and meet our financial partners underwriting requirements. To check for an applicant’s eligibility, our lending partner will request your full credit report from one or more credit bureaus. Not all applicants receive the down payment assistance. To qualify for the program, you must have a responsible financial history and meet other conditions. Assistance limits displayed are indicative, actual limits will depend on number of factors. If approved, your program assistance tenure will depend on a variety of factors, including down payment assistance amount, repayment capacity, a responsible financial history, years of experience, income, home-loan to value ratio and other factors.

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