A home loan is a financial product that allows you to borrow money to purchase a house, construct a new home, or renovate an existing one. The loan is secured against the property you are buying.
Jessicafincorp offers various types of home loans, including:
- Home Purchase Loan: For buying a new or resale property.
- Home Construction Loan: For building a house on a plot of land.
- Home Renovation/Improvement Loan: For repairing, upgrading, or renovating an existing home.
- Home Loan Balance Transfer: For transferring an existing home loan from another lender to Jessicafincorp at better rates.
- Top-Up Loan: For additional funding over and above the existing home loan.
Eligibility depends on the following factors:
- Salaried employees: Individuals with a stable income from employment.
- Self-employed professionals: Business owners or freelancers with a steady income.
- Age: Generally between 21 and 65 years.
- Income: Minimum income criteria as per Jessicafincorp’s requirements.
- Credit Score: A good credit score is preferred to ensure approval and better interest rates.
The loan amount depends on factors like:
- Property’s market value (usually 75% to 90% of the property value).
- Your income, credit score, and repayment capacity.
- Jessicafincorp’s lending policy and risk assessment.
Interest rates typically range between 7% to 9% per annum, depending on the applicant’s profile, the loan amount, and tenure. Jessicafincorp offers both fixed and floating interest rate options.
The maximum loan tenure offered is typically up to 30 years, depending on the borrower’s age and eligibility. Longer tenures result in lower EMIs but higher interest payments over the life of the loan.
The following documents are usually required:
- Identity Proof: Aadhaar, PAN card, Passport, etc.
- Address Proof: Utility bills, ration card, voter ID, etc.
- Income Proof:
- Salaried: Salary slips, bank statements, and Form 16.
- Self-employed: ITR, business financials, bank statements.
- Property Documents: Agreement to Sale, property title, approved building plan, etc.
- Employment Proof: Appointment letter, employer certificate (for salaried applicants).
The loan approval process typically takes 10 to 15 working days after all documents are submitted and verified. However, it can take longer depending on property valuation and legal checks.
Yes, you can avail tax benefits on both the principal and interest components under sections 80C and 24(b) of the Income Tax Act, subject to government norms. Principal repayment is eligible for a deduction up to ₹1.5 lakhs, and interest repayment up to ₹2 lakhs annually.
A home loan balance transfer allows you to transfer your existing home loan from another lender to Jessicafincorp at better interest rates, reduced EMI, or better loan terms.
