Personal Loan is an unsecured credit provided by financial institutions based on criteria like employment history, repayment capacity, income level, profession and credit history. 

Documents Required From Salaried Employees:

• A duly filled loan application form, downloadable from the website of the lender.

• A copy of your ID proof document, e.g., PAN card, Aadhaar, passport, voter's ID, driver's license, or employee ID card.

• A copy of your address proof document, e.g., Aadhaar, passport, voter's ID, driver's license, or latest utility bills.

• A copy of your income proof documents such as bank statements of the last three months, last three salary slips and latest Form 16.

The business loan meaning is a loan product offered to business owners who have a running company but require external funds for operations. The investment cover expenses such as employee salaries, rent, buying equipment, or expanding the business in other cities. 

The following documents are required along with your Business Loan application:

• • PAN Card – For Company/Firm/Individual

  • A copy of any of the following documents as identity proof:

    • Aadhaar Card

    • Passport

    • Voter's ID Card

    • PAN Card

    • Driving License

  • A copy of any of the following documents as address proof:

    • Aadhaar Card

    • Passport

    • Voter's ID Card

    • Driving License

  • Bank statement of the previous 6 months

  • Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited

  • Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)

  • Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]

Buying a house is one of the biggest dreams come true for most people and an extravagant affair altogether. Imparting life to such a dream requires a lot of effort from the buyers’ end and the best one can do to accommodate the home in their budget is through a home loan.

A home loan can be opted to buy a new house/flat or a plot of land where you construct the house, and even for renovation, extension, and repairs to an existing house.

Home Construction Loan

This is the right home loan type if you already have a plot of land and you need financing to construct a house in that land.  

Home Extension Loan

Say you already own a house and you would like to extend the house with another room or another floor to accommodate the growing family. Home extension loan provides financing for this purpose.
 

Home Improvement Loan

A home improvement loan provides financing for renovating or repairing the house if there’s any fault in the existing system, such as painting the house’s interior or exterior, plumbing, upgrading the electrical system, waterproofing the ceiling, and more.

Home Loan Balance Transfer

The current home loan interest rate may be overwhelming, or you may not be happy with your current lender’s service; you can transfer the home loan’s outstanding balance to a different lender who offers a lower interest rate and better service. Upon transfer, you can even check out the possibilities of a top-up loan on your existing one. 

Composite Home Loan

This type of home loan provides financing for purchasing the plot of land where you would like to construct a house and for the construction, both within a single loan. 

Benefits of Taking a Home Loan

Tax benefits

The foremost benefit of a home loan is the income tax deduction you can claim on the interest and principal repayments. You can claim up to Rs.1.5 lakh on principal repayments u/s 80C, up to Rs.2 lakh on interest repayments u/s 24B, up to Rs.2 lakh on interest repayment in special circumstances u/s 80EE and 80EEA, and up to Rs.1.5 lakh on stamp duty expenses u/s 80C.