Complete Guide to House Purchase in India

1. Complete Guide to House Purchase in India: Eligibility, Benefits, and How Singalsons Simplifies Your Home Buying Journey Buying a house is one of the most important milestones in life. It represents security, stability, and a lifelong investment. However, given the rising property prices in India, most buyers rely on house purchase loans to make their dream home affordable. This guide will walk you through everything you need to know about house purchase loans in India, along with how Singalsons helps customers simplify the entire journey. 1. Understanding House Purchase Loans A house purchase loan is a financial product offered by banks and financial institutions to help individuals buy a new or resale residential property. These loans generally cover 75% to 90% of the property’s value, depending on eligibility, income, and the lender’s policies. Key features of house purchase loans include:

2. ● Flexible repayment tenure (up to 30 years) ● Affordable interest rates ● EMI-based repayment structure ● Tax benefits under Section 80C and 24(b) of the Income Tax Act 2. Eligibility Criteria for Buyers While the eligibility may vary slightly between lenders, most institutions follow these criteria: ● Age: Professionals who work for themselves may be as old as 65; salaried individuals may be as young as 21 or as old as 60. ● Income: A stable income source is mandatory. Higher income improves loan eligibility. ● Credit Score: A minimum CIBIL score of 700+ is preferred for faster approval. ● Employment Stability: At least 2–3 years of work experience for salaried professionals or 3 years of business stability for self-employed individuals. ● Property Documents: The property must have clear legal ownership and approvals. 3. Benefits of Taking a Loan for House Purchase ● Financial Flexibility: Allows you to buy a home without liquidating savings. ● Tax Benefits: Deduction on both principal repayment and interest payment. ● Long Tenure: Spread out EMIs over several years for easy repayment. ● Improves Credit Profile: Regular EMI payments enhance your credit score. ● Wealth Creation: Invest in a tangible asset that appreciates over time. 4. Step-by-Step Process of Applying Here’s how the process usually works: 1. Check Eligibility – Use loan eligibility calculators to know how much you can borrow.

3. 2. Choose the Right Lender – Compare interest rates, tenure, and processing fees. 3. Submit Application – Provide your financial and personal information on the loan application form. 4. Document Verification – Provide identity, income, and property-related documents. 5. Credit Appraisal – The lender evaluates your credit history and ability to repay. 6. Sanction Letter – If approved, you receive a loan sanction letter with terms. 7. Property Verification – The lender checks the property’s legal and technical details. 8. Loan Disbursement – Funds are released directly to the property seller/developer. 5. Documents Required Typical documents required for a house purchase loan include: ● KYC Proofs: Aadhaar card, PAN card, passport, voter ID. ● Income Proofs: Salary slips, ITR, Form 16, or business financials for self-employed. ● Bank Statements: Last 6–12 months. ● Employment Proof: Offer letter, employment certificate, or business registration. ● Property Papers: Sale agreement, title deed, approved building plan, NOC from builder. 6. Tips to Get Quick Approval ● Maintain a good credit score (700+). ● Keep all documents updated and organized. ● Choose a loan amount that is in line with your ability to repay it. ● Pay off existing debts to improve eligibility. ● To enhance loan acceptance, apply with a co-applicant, such as a spouse. 7. How Singalsons Helps Customers with Smooth Financing

4. At Singalsons, we understand that buying a house is more than just a transaction—it’s a life goal. Our tailored solutions make house purchase financing easy, transparent, and stress-free. Here’s how we help: ● Expert Guidance: Personalized consultation to select the right loan plan. ● Quick Approvals: Fast-track processing to ensure you don’t miss property deals. ● Flexible EMIs: Options designed to suit your income and lifestyle. ● Strong Network: Partnerships with leading banks and NBFCs for better loan offers. ● Hassle-Free Process: End-to-end support, from documentation to disbursement. With Singalsons, your dream home is just a step away!