home loan

1. Customer approach towards home loan in
South Mumbai
Submitted By
Prathamesh S Vernekar
UNDER THE GUIDANCE OF
Mr. Sanket Sharma

2. Eligibility For Home Loan
 Employed Individual
1. Verification Of Employment
2. Latest Salary Slip
3. Form 16 for last 3 year
4. Marriage Certificate
 Self-Employed Individual
1. Balance sheet and P&L statement of business
2. IT returns for past three year

3. Individual Eligibility For Home
Loan
 Age (Minimum): 21 Years
 Age (Maximum): 58(salaried)
60(Public limited)
65 (self employed)
 Qualification: Graduation
 Income: Stable source of income
and saving history
 Dependents: Number of
dependents, assets, liabilities
 Other income sources: Spouse's income

4. While Taking Home Loan
 Repaying other outstanding loans
 Clubbing of incomes
 Step-up loan

5. Interest Rate Charging
 Annual reducing
 Monthly reducing
 Daily Reducing

6. Types Of Home Loan
1. Home Purchase Loan
2. Home Improvement Loan
3. Home Extent Loan
4. Home Construction Loan
5. Land Purchase Loan
6. Balance Transfer Loan
7. Stamp Duty Loan

7. Tax Deduction
 Tax deductions can be claimed on housing loan interest
payments, subject to an upper limit of Rs 150,000 for a
financial year.
 If Individual fails to EMI can not claim for Tax
 The interest on home loans taken for repairs, renewals or
reconstruction, also qualifies for the deduction of Rs
150,000.
 A husband and wife, both of whom are tax-payers with
independent income sources, get tax deduction benefits,