Housing loans are tailored financial products designed to help individuals purchase, construct, or renovate residential properties. At BYC Advisors, we recognize that owning a home is a significant milestone for many individuals and families, and we are committed to making this process as smooth as possible.

Types of Housing Loans

1. Home Purchase Loans: These loans facilitate the purchase of new or existing homes.

2. Home Construction Loans: Specifically for funding the construction of a new house, where the borrower is the builder.

3. Home Renovation Loans: Designed to finance repairs or enhancements to an existing home, ensuring that the property remains in good condition.

Benefits of Housing Loans

• Tax Benefits: Home loan borrowers can avail of tax deductions on interest and principal repayments under Section 80C and Section 24(b) of the Income Tax Act.
• Longer Repayment Tenure: Housing loans often come with longer repayment terms (up to 30 years), making EMIs more affordable.
• Fixed or Floating Interest Rates: Borrowers can choose between fixed and floating interest rates based on their financial goals.

Eligibility Criteria

Eligibility for housing loans typically includes:

• A minimum age of 21 years and a maximum of 65 years.
• A stable source of income and credit history.
• An existing property for renovation loans.

Documentation Required

Common documentation for housing loans includes:

• Proof of identity and residence
• Salary slips or income proof
• Bank statements
• Property documents (sale deed, approved building plan)