How to Apply For a Home Loan



It may not be possible to buy a personal or commercial property with your savings alone. In all probability, you will need a home loan to assist you with your purchase. La Prisma, top property in Zirakpur lists vital information to get a home loan.

How much do I need?

Take a pen and paper and write down your finance options available. Now decide upon the loan you may need. You can use tools and apps available on the internet and google play store to get a rough estimate on the EMI amount.

How much can I get?

This will depend upon a lot of factors. The bank basically wants assurance that you will be able to repay the loan on time. They will look for signs for the highest probably of that happening. They will arrive at that conclusion by considering various conditions, your net income, Source of income, company you work for, credit score (determined by CIBIL score). You might also need to put another property or asset as collateral. Generally, banks tend to calculate EMI pay ability by calculating 50% of your income. 

Other costs involved

You just not have to pay the loan amount but don’t forget to factor in the bank interest. There are several other charges, which tend to be lower in government owned banks than others. Some banks charge separately for them, don’t forget to ask about them.

CO-Applicant

By law, the home loan has to applied by all parties that intend to own the property. If the property is owned by a single person than anyone next of kin can be co-applicant in the home loan. It is generally advisable to have a co-applicant, if not mandatory by the bank.

Tax Benefits

Of the total annual EMIs, the principal component gets tax benefit under Section 80C. Even the partial prepayment amount qualifies, but within the overall limit of Rs 1.5 Lac.


Documents required

The following documents will be required while applying for a loan.

·         Identity proof ( driving licence/ Pan card/ Aadhaar card/ Voter card/ Passport)

·        Address proof (apart from already mentioned Copy of Electricity Bill/Water Bill/Telephone Bill)

·         Income proofs (salary slips, business details etc)

Location: La Prisma - Nagla, Road Chandigarh - Ambala Highway, Zirakpur, India, Punjab 140603, India

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