Buying your own house still remains one of the most coveted dreams and most important decision of life for every individual and with real estate prices touching a new high everyday; it looks very difficult to fulfil this dream. We at Fincent provide financial guidance in selecting right choice of home loan and assisting you to turn your dream into reality.

We are committed to stand by your side during the entire home loan process, right from the time you choose a property till the complete disbursal of the loan amount.

Fincentteam brings to you simplified home loans with a strong backing of expertise from experienced professionals with thorough industry knowledge. We assure a transparent loan procedure and hassle-free documentation process to help you sail through a smooth home buying process. Home loans through Fincent are easy to avail, affordable and completely flexible based on your budget and requirements.

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Documents required

For salaried

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof (FORM 16)
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 3 Post Dated Cheques/ECS Mandate
  • Last 12 months' bank statement
  • Last 3 Years Financial statements and ITR
  • Property Related documents

For self employed

  • Filled Application form
  • Identity Proof
  • Address Proof
  • Professional/Self employed existence proof for more than 3 years (Trade licence)
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • Last 12 months' bank statement
  • Last 3 Years Financial statements and ITR
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

WHY HOME LAONS

Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.

Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.

In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.

OTHER BENEFITS

Tax Benefits:

As per Income Tax Act 1961, under section 80C, Principal repayment up to Rs. 150000 on your home loan taken for purchase or construction of a residential home property is eligible for deduction from gross salary on a annual basis.

As per Income Tax Act 1961, under section 24, Interest on home loan to an extent of Rs. 200000 P.A is allowed as expenditure under the head “Income from House Property”.

In case home loan is take by two or more jointly then under sec 80C deduction is allowed on proportionate basis.

Tips for Home Loan:

To increase the loan eligibility go for a joint loan. Combine your income with that your spouse or your parents.

Loans must not be taken for holidays, investing in stocks, weddings, buying expensive gadgets etc.

In case of Bad credit score take a short term loan (6 months) and repay it promptly and improve your score then.

Have the property insurance and buy loan protector life insurance for unexpected future risks.

Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.

FINCENT is a one stop Finance Advisory platform for all your financial requirements from setting up of a new business entity, arranging loans at your door step, assisting you with subsidies.



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