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LOAN ENQUIRIES

1.Can I get my House financed?

Sure. Sunidhi Builders & Developers offered for sale have clear titles. All Sunidhi projects are approved with most leading banks and financial institution for availing home loans.

2.How Much Loan Can I Avail?

You can avail a maximum loan of 80% of the Agreement value. However your loan amount may differ as per your income catagery as appraised by the bank. All loans are at the sole discretion of the bank.

3.What is the term of the loan that banks offer?

Loan tenures to a maximum of 25 years, depending on AGE.

4.What are the documents required for availing a home loan?

  • Completed application form
  • Photograph
  • Photo Identity Proof
  • Residence Address Proof
  • Signature Verification Proof
  • Age Proof
  • Fee Cheque
  • 5.For Salaried applicants

  • Last 3 months' Salary Slip
  • Form 16
  • Repayment Track record of existing loans/Loan closure letter
  • Bank Statement for the last 6 months from Salary Account
  • 6.For Self Employed Applicants

  • A brief introduction of Business/Profession
  • Photo Identity Proof, Residence Address Proof, Signature Verification Statement
  • for all the main partners/directors
  • Repayment Track record of existing loans/Loan closure letter
  • Board Resolution in case of a company
  • Proof of existence of the company
  • Office Address Proof
  • Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)
  • TAX BENEFITS

    01


    DO I GET DEDUCTION ON PRINCIPAL REPAYMENT?


    The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1.5 lakh. You can also claim deduction under Section 80C towards payment made for stamp duty, registration fee and other expenses for the purpose of transferring the property in the name of the assessed. All these deductions however should not exceed the overall limit of Rs. 1.5 lakh.

    However, deduction under Section 80C is not available in respect of payment made towards the cost of any addition, alteration, renovation or repair carried out after the issue of the completion certificate.

    02


    DO I GET DEDUCTION ON INTEREST?


    The repayment of the interest portion of the EMI is allowed as a deduction under section 24 if the purchase or construction is completed within a period of three years from the end of the year in which the loan is take under the head "income from house property" up to Rs. 2,00,000/- for self-occupied property and full amount of Interest in case of let-out property provided that loss from such let out house property does not exceed Rs 2lakhs.

    03


    DO I GET A TAX BENEFIT ON THE LOAN?


    Yes

    04


    INCOME FROM HOUSE PROPERTY


    According to the Indian Income Tax Act, if a person (resident or NRI) owns more than one house property, only one of them will be deemed as self-occupied. There will be no income tax on a self-occupied property. The other one, whether rented or not, will be deemed to be given on rent and deemed rental income (based on certain valuations prescribed by the income tax rules) will be added to income. Further, TDS will be deducted on actual rental incomes earned by NRI.

    However, deduction under Section 80C is not available in respect of payment made towards the cost of any addition, alteration, renovation or repair carried out after the issue of the completion certificate.

    05


    WEALTH TAX


    Wealth tax is levied on the value of specified assets in excess of the Rs. 30,00,000. Specified assets include house property. However, the Wealth Tax Act provides an exemption in respect of one house property. There is a specific exemption available for returning Indians in respect of investment made in house property out of money brought from outside India or from balances held in NRE accounts as on date of return to India.

    03


    CAPITAL GAINS


    If a residential property is held by the seller for more than 36 months, it is considered a long-term investment or else short term. Long Term Capital Gain shall be computed by considering Indexed cost of acquisition. NRIs are entitled to claim exemption from capital gains tax if they reinvest in specified assets as per Income Tax Act.

    EMI CALCULATOR

    Real Estate FAQ’s