HOME LOAN


 

Last 6 months What are the features of   Home Loans for farmers and rural areas?

  offers specially designed home loans for:

  - Agriculturists
  - Planters
  - Horticulturists
  - Dairy Farmers

Loans available for:

  • Construction of houses on residential plots
  • Purchase of a new house
  • Renovation & Extension of existing house

Rural Housing Finance Features

  • Special Home Loan Scheme for Agriculturists:
    • Loans for farmers to buy or construct houses/apartments in several of cities and towns of their choice.
    • Home loans in residential areas of Villages
    • Loan eligibility on the basis of agricultural land owned and the kind of corps being cultivated by farmers.
    • No mortgage of agricultural land required for the purpose of home loans.
    • No mandatory requirement of Income Tax Returns from farmers applying for home loans.
  • Rural Housing Finance for Salaried & Self Employed: :
    • Home Loans for Government & Private Sector Employees for rural properties in residential areas.
    • Home Loans for Businessmen, Traders etc. who are filing Income Tax Returns for the last three years for properties in rural residential areas.
    • Home Loans for NRIs also in rural residential areas.

Documents

Agriculturists

Salaried Customers

Businessmen - Professionals

Application form with photograph

Application form with photograph

Application form with photograph

Identity and Residence Proof

Identity and Residence Proof

Identity and Residence Proof

bank statements

Last 6 months bank statements

Last 6 months bank statements

Processing fee cheque

Processing fee cheque

Processing fee cheque

Income Documents

Copies of Title Documents of Agricultural Land depicting Land holding

Latest Salary Slip

Education Qualifications Certificate and Proof of business

Copies of Title Documents of Agricultural Land depicting crops being cultivated

Form 16

Business Profile and Last 3 years Income Tax returns (self and business)

Statement of last 2 years of loans availed

 

Last 3 years Profit /Loss and Balance Sheet

 

 

If you have an outstanding home loan, and happen to have just received an annual bonus or any other lump sum payment, should you use it to prepay your loan? Or, should you invest it to meet some other goals? Assess the following conditions to arrive at the right decision.

 

The first variable to be considered is psyche: some people may not be comfortable with a large housing loan and to reduce their stress they may want to get rid of the loan burden at the earliest. For them, settling the question of how to use their bonus is simple: just pay off the loan.

The Budget has given some relief on capital gains taxation on immovable property by lowering the holding period requirement for long-term capital gains to two years from the earlier three. This means homeowners can enjoy a slightly lower tax rate—20% after indexation benefit—on capital gains at the time of sale of the house after two years. Earlier, they would have incurred tax at the marginal rate if property was sold within three years.

“Home owners can now liquidate the property earlier at lower tax rates,” says Rahul Manjrekar, Partner, Tax & Regulatory Services, KPMG. The reduction in holding period is expected to bring more inventory into the resale housing market as existing homeowners who have been holding on to their property to qualify for indexation benefits on sale will be in a position to do so immediately.

In another development, the base year for indexation of capital gains is proposed to be shifted from 1 April 1981 to 1 April 2001 for all classes of assets including immovable property. Experts say this shift in base year will allow more realistic computation of acquisition cost of the house when claiming indexation benefits at the time of sale, and possibly reduce the capital gains tax burden.

HOME LOAN

Last 6 months What are the features of   Home Loans for farmers and rural areas?

  offers specially designed home loans for:

  - Agriculturists
  - Planters
  - Horticulturists
  - Dairy Farmers

Loans available for:

  • Construction of houses on residential plots
  • Purchase of a new house
  • Renovation & Extension of existing house

Rural Housing Finance Features

  • Special Home Loan Scheme for Agriculturists:
    • Loans for farmers to buy or construct houses/apartments in several of cities and towns of their choice.
    • Home loans in residential areas of Villages
    • Loan eligibility on the basis of agricultural land owned and the kind of corps being cultivated by farmers.
    • No mortgage of agricultural land required for the purpose of home loans.
    • No mandatory requirement of Income Tax Returns from farmers applying for home loans.
  • Rural Housing Finance for Salaried & Self Employed: :
    • Home Loans for Government & Private Sector Employees for rural properties in residential areas.
    • Home Loans for Businessmen, Traders etc. who are filing Income Tax Returns for the last three years for properties in rural residential areas.
    • Home Loans for NRIs also in rural residential areas.

Documents

Agriculturists

Salaried Customers

Businessmen - Professionals

Application form with photograph

Application form with photograph

Application form with photograph

Identity and Residence Proof

Identity and Residence Proof

Identity and Residence Proof

bank statements

Last 6 months bank statements

Last 6 months bank statements

Processing fee cheque

Processing fee cheque

Processing fee cheque

Income Documents

Copies of Title Documents of Agricultural Land depicting Land holding

Latest Salary Slip

Education Qualifications Certificate and Proof of business

Copies of Title Documents of Agricultural Land depicting crops being cultivated

Form 16

Business Profile and Last 3 years Income Tax returns (self and business)

Statement of last 2 years of loans availed

 

Last 3 years Profit /Loss and Balance Sheet

 

 

If you have an outstanding home loan, and happen to have just received an annual bonus or any other lump sum payment, should you use it to prepay your loan? Or, should you invest it to meet some other goals? Assess the following conditions to arrive at the right decision.

 

The first variable to be considered is psyche: some people may not be comfortable with a large housing loan and to reduce their stress they may want to get rid of the loan burden at the earliest. For them, settling the question of how to use their bonus is simple: just pay off the loan.

The Budget has given some relief on capital gains taxation on immovable property by lowering the holding period requirement for long-term capital gains to two years from the earlier three. This means homeowners can enjoy a slightly lower tax rate—20% after indexation benefit—on capital gains at the time of sale of the house after two years. Earlier, they would have incurred tax at the marginal rate if property was sold within three years.

“Home owners can now liquidate the property earlier at lower tax rates,” says Rahul Manjrekar, Partner, Tax & Regulatory Services, KPMG. The reduction in holding period is expected to bring more inventory into the resale housing market as existing homeowners who have been holding on to their property to qualify for indexation benefits on sale will be in a position to do so immediately.

In another development, the base year for indexation of capital gains is proposed to be shifted from 1 April 1981 to 1 April 2001 for all classes of assets including immovable property. Experts say this shift in base year will allow more realistic computation of acquisition cost of the house when claiming indexation benefits at the time of sale, and possibly reduce the capital gains tax burden.