Skip to main content

General Terms And Conditions for Home Loans / Housing Loans

Eligibility:

Between 18 to 70 years. Loan should be repaid when the borrower is 70 years old.

Loan Amount:

  • The amount of loan will be determined considering such factors as 
    • applicant's income and repaying capacity
    • age
    • assets and liabilities
    • cost of the proposed house/flat.

To Enhance Loan Eligibility:

  • One could add income of spouse/son/daughter. They should have a steady income and their income should be routed through an bank account
  • The expected rent accruals if the house/flat being purchased is proposed to be rented out.
  • Self employed could also add depreciation and other regular income and all sources.

Security:

The loan shall be secured by equitable mortgage of the property. In case the property is not mortgagable, then other tangible security of adequate value like NSC, Life Insurance Policies could be furnished.

Repayment Period:

maximum 25 years or up to the age of 70 years of the borrower which is early.

Income Proof:

Original salary certificate and copy of Form 16 from the employer for 3 years for salaried person.
Income Tax Return Acknowledgement for 3 years with copies of challans for professionals, self employed and other non salaried person.


Compiled By
CA.R.JEYARAJAN FCA.,
(Chartered Accountant)
Mail Id: jeyarajan@rareassociates.in
Labels:
Location: Thoothukudi, Tamil Nadu, India

Comments

Post a Comment

Popular posts from this blog

CLARIFICATION ON ISSUE RELATED TO FURNISHING OF BOND / LETTER OF UNDERTAKING FOR EXPORTS

A much needed clarity given by circular 40/14/2018 GST dated 6th April,2018 to trade and administration. The clarity sought by local tax administration as much as local bodies explained below Form for LUT: Earlier the (exporters) were required to download the FORM GST RFD-11 from the website of the Central Board of Excise and Customs (www.cbec.gov.in) and furnish the duly filled form to the jurisdictional Deputy/Assistant Commissioner. Now, the registered person (exporters) shall fill and submit FORM GST RFD-11 on the common portal and the LUT shall be deemed to be accepted as soon as an acknowledgement for the same, bearing the Application Reference Number (ARN), is generated on-line. Document for LUT: Earlier, self deceleration by the exporter to the effect that he has not been prosecuted should suffice for the purposes of Notification No. 37/2017- Central Tax dated 4th October, 2017.  Now, by this circular it has been clarified that no such document needs to b...
Post a Comment
Read more

PRESS RELEASE OF 38TH GST COUNCIL MEETING

In the 38th Meeting of the GST Council held on 18.12.2019, the GST council recommended the following: 1. Grievance Redressal Committees (GRC) will be constituted at Zonal /state level with both CGST and SGST officiers and including representatives of trade and industry and other GST stakeholders ( GST practioners and GSTN etc.). these committees will address grievances of soecific /general nature of taxpayers at Zonal/state level. 2. Due date for annual return in FORM GSTR-9 and reconcillation statement in FORM GSTR-9C for F.Y 2017-18 to be extended to 31.01.2020 3. Following measures would be taken to improve filing of FORM GSTR-1 (i) waiver of late fees to be given to all taxpayers in respect of all pending FORM GSTR-1 from July 2017 to November 2019 if the same are filed by 10.01.2020 (ii) E Way Bill  for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked. 4. Input tax credit to the recipient in respect of invoices or debit notes that ...
Post a Comment
Read more

Refund on Account of Export of Goods - With Payment of Tax

Eligibility: File GSTR-3B of the relevant tax period for which refund is to be sought. File GSTR-1, providing export details in Table 6A of GSTR1 along with shipping bill details and having integrated tax levied. Claiming of Refund: NO separate refund application required, shipping bill itself shall be considered as refund application. Processing of Refund: Export data as filed in GSTR1 (Table 6A) after validated with GSTR 3B will be shared with ICEGATE. Customs validate GSTR 1 data with their shipping bill and EGM data. On sucessful matching of data refund will be processed. Once the refund payment credited to the account of the tax payers -> ICEGATE system shares the payment information with the GST Portal -> GST portal inform the tax payer through SMS and e-mail Further Clarification regading Refund: Contact corresponding ICEGATE jurisdictional officials. Bank Account for Refund: The refund amount will be credited in the bank account ma...
Post a Comment
Read more