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From where can one
get loan?
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One can get loan from
any housing loan agency:
(a)
Housing
Building Advance ( Govt. HBA) Through AG’s Branch
for serving personnel only provided the cost of flat
is not more than Rs. 22.5 Lacs.
(b)
House Building
Advance from Army Group Insurance Fund ( AGIF
)
(c)
Housing
Finance Companies like HDFC, HUDCO, LIC HF, GIC HF,
Dewan HF Ltd etc.
(d)
Nationalised
and other banks like SBI, PNB, OBC, IOB, Canara, Syndicate,
ICICI, UBI, Indian bank, Citibank, Bank of Baroda, Vijaya
Bank, etc.
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| Can
one take two loans at a time for the same property? |
| Yes,
two loans can be availed provided first loan is taken
from Govt (In case of AWHO allottee - AG's Branch). Some
loaning agencies like Syndicate Bank and HDFC Ltd. are
agreeable to give second loan to AGIF loanees also. |
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| How
much loan can one get? |
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The Loan amount is as
under:
(a)
Maximum
loan from Govt (HBA) for AWHO property is Rs 2.1
lac (provided the cost of flat is not more than
Rs. 22.5 Lacs.
(b)
Maximum
loan which can be availed from AGIF is Rs 25.0 lac
but the actual amount of loan is determined by the net
salary one receives and the number of years of residual
service.
(c)
Repayment
capacity is one of the main criteria for determining
the loan amount. The loan amount cannot exceed 85%
of the cost of the dwelling unit (DU). Most agencies
give only upto 75% of the cost of DU.
(d)
Most of
the agencies grant loan upto 35 - 40% of one’s gross
income for four yrs if the allottee is below
45 yrs of age and 35– 40 % of gross income for three
yrs in the allottee is more than 45 yrs of age.
(e)
AGIF takes
only the salary into consideration but Housing Finance
Companies and Banks can take the co-owner’s / spouse’s
income and also income from other sources into consideration
for calculation of Loan amount eligibility.
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| How
much time does one get to repay the loan? |
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(a)
Govt and
AGIF(HBA) loans are to be repaid six months prior
to the age of retirement.
(b)
Most of
the agencies allow upto 15 years repayment period
but some extend the period upto 25 years. Provided
the age at the time of maturity of loan is 65/70 yrs.
(c)
Actual
repayment period is based on the age of the borrower,
as most of the agencies grant loan so
that the loan is repaid before the time
till an allottee turns 60. In some cases loans
maybe granted to be repaid till the age of 65
depending upon the merit of each case.
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| What
security is to be given to avail the loan? |
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(a)
One has
to mortgage the allotted property to the loaning agency
which means that the DU cannot be sold or transferred
to any other person till the time loan is liquidated.
(b)
In addition
to mortgaging the property, some agencies require:
·
Surety
·
Guarantor
·
Tripartite
Agreement between the construction agency ( AWHO
in this case), loanee and the loaning agency
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| What is the procedure of loan repayment ? |
| Loan
is repayable in Equated Monthly Instalments (EMI’s)
which comprise principal and interest. In
case of AGIF, EMIs are deducted by CDA(O) whereas
other agencies take postdated cheques. In the case
of Govt Loan ( HBA) principal amount is recovered first
in instalments and the accumulated interest is recovered
thereafter also in instalments provided individual's service
so permits. |
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| When
does a loanee allottee apply for Income Tax rebate ? |
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Rebate
on interest paid on principal amount of housing loan
taken is given under Section 24(i) of IT Act. This rebate
can be claimed only after possession of allotted DU
is taken over by him.
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| Who
can claim tax rebate on Home Loans ? |
-
You have to be owner of the allotted house to claim
tax benefit for a house loan.
- A
son/daughter can take home loan for property that
is owned by his/her father. But he/she can not claim
tax benefit if he/she does not have ownership right.
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