Home loans
Owning a house just got easier with Aavas. With speedy approvals, competitive rates, easy process and minimum paperwork, we help you bring close to your dreams in an easy and hassle-free manner. Moreover, application processing through our smart phone application ensure faster processing of your home loan.
Features of UD Enterprises Home Purchase Loan
Integrated branch network that facilitates loan servicing at a branch convenient to you.
- We offer purchase loan for flat, house or bungalow from builders or Development Authorities as well as resale properties
- Loan amounts starting Rs 1 Lakh
- Attractive interest rates
- Tenure of up to
o 30 years for salaried customers (from government/ PSU/ Private sector) with more than 35,000/-
o 25 years for other salaried customers
o 20 years for self-employed customers. - We are a perfect partner for your preferred property, which may be:
o Development Authority
o RERA Approved Flats
o Municipal Corporation/Nagar Palika
o Freehold
o Gram Panchayat
Home loans help you with a lump-sum advance of funds towards buying your desired property, this amount will be repayable with interest. However you can re-pay the amount advanced via EMIs (Equated Monthly Installments), thus enabling you to approach realizing your home dream in a convenient and structured way.
Application: You will need to apply for a home loan, this can be done online or at bank branches/loan centres.
Loan Sanction: Post submission of your application and review of necessary KYC and documents of financial stability, the bank shall sanction your loan amount.
Review: Once the loan is sanctioned, you will need to submit the documents pertaining to the property against which your loan is sought, for technical and legal review.
Approval & Disbursal: Upon validation of your loan amount and the property sought, the bank shall approve and disburse your loan.
The repayments (EMIs) towards the principal loan amount availed are eligible for a tax deduction upto Rs 1.5 lakh, under section 80C of the Income tax Act 1961. While Section 24(b) of the Income Tax Act 1961, provides for a deduction on the interest portion of home loan EMIs up to Rs. 2 lakh per annum. However if the house purchased is a “let out property” i.e. is rented out. the deductions can apply for the entire interest payable.
Additionally first time home buyers may be eligible for further deductions under Section 80EE, upto Rs.50,000/- per annum after they’ve exhausted the limit for interest per Section 24(b)