Regarding Getting a Home Loan for Self Employed

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Deal Cadet
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what docs needed to get a home loan from a bank or NFBC ?


If getting a home loan on FD is possible ? lien on FD

11 Comments  |  
5 Dimers
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Perfectionist
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ZitOO wrote:

thanks bro , just wanted to know real first hand experience from other self employed dimers here who have available HOME LOAN from any organisation.

It varies from compnay to companny. There are many providers like HDFC Ltd, indianbulls, SBI.
As per my past working in HDFC, it’s the best in the inndustry…

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Blogger
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Private lenders have high interest rate

go to any psu bank

documents needed are

original property documents
kyc
income proof
account statements
application form
assets and liability statement

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Analyst
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•If u have a fd then it will be best option to avail loan against fd. You will get around 90% of ur fd amount as loan, can apply online, no other paperwork (hassle free)
• Other option is business loan/CC (against stock/debtors), and u will need audited balance sheet for the same
• Or other option will be OD against house property.

All these req diff kind of docs, make up ur mind also considering diff intt rates in these ( loan against fd has less interest rate)

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Deal Cadet
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Actually I want to take home loan only ,not personal loan for tax deduction benefit . Home loan against FD is not usual thing I think . A personal loan against FD is usual thing bank does

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Deal Cadet
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ZitOO wrote:

Actually I want to take home loan only ,not personal loan for tax deduction benefit . Home loan against FD is not usual thing I think . A personal loan against FD is usual thing bank does

For home loan tax benefit there are many provision, you can even take loan from your friend and family,
Home loan from PSU is beneficial interest rate are low

PS: check with chartered accountant

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Deal Cadet
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ykgo wrote:

For home loan tax benefit there are many provision, you can even take loan from your friend and family,
Home loan from PSU is beneficial interest rate are low

PS: check with chartered accountant

taking loan from friends and relative can be shown in our ITR  that loan taken for home ? Did not know that . Father had taken a personal loan from hdfc for buying our home . If I knew this before we could claim tax benefit in that too showing it as a loan for buying home.  confused

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Deal Cadet
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ZitOO wrote:

taking loan from friends and relative can be shown in our ITR  that loan taken for home ? Did not know that . Father had taken a personal loan from hdfc for buying our home . If I knew this before we could claim tax benefit in that too showing it as a loan for buying home.  confused

Interest repayment for a home loan taken from friends, relatives or any money lender can be claimed as a deduction under section 24.

No principal amount deduction allowed other than bank loan

Source:
https://cleartax.in/s/home-loan-taken-from-frie...

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Deal Cadet
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ykgo wrote:

Interest repayment for a home loan taken from friends, relatives or any money lender can be claimed as a deduction under section 24.

No principal amount deduction allowed other than bank loan

Source:
https://cleartax.in/s/home-loan-taken-from-frie...

thank you very much. that is good for me. because the principal part will be covered under section 80c. I am doing investments under this section in 80c . I hope Section 80EE is applicable here in case I don’t a home loan but another cash loan.

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