Whether you are planning to take a home loan or…

Whether you are planning to take a home loan or borrow for your child’s education, this ready reckoner will give you everything you need to know.

HOME LOAN

Cheapest loans up to Rs 75 lakh for 20 yrs

SBI-10.15%

HDFC-10.15%

Bank of India-10.20%

Canara Bank-10.20%

Corporation Bank-10.25

EMI for Rs 30 lakh loan at 10.15%

10 years- Rs 39,895

15 years-Rs 32,514
20 years-Rs 29,249

Processing fee-0-0.5%

Tax Benefits

Up to Rs 2 lakh interest paid on home loan is tax deductible if the house is self-occupied.

No limit on deduction of interest if the house is rented out.

Deduction on principal repaid under Sec. 80C up to Rs 1.5 lakh.

Documents Needed

Sale deed of property.

Age proof

Address proof

Income proof
Passport size photograph

Salaried person: Employment certificate, payslips for last few months, TDS certificate, latest Form 16 issued by employer, bank statements.

Self-employed: Copy of audited financial statements for last two years, copy of partnership deed or copy of memorandum; profit and loss account of last few years; income tax assessment order.

CAR LOAN
Cheapest loan up to Rs 5 lakh

SBI-0.40-10.45%%

Bank of India-10.50-11.75%

Bank of Baroda-10.50%

PNB-10.60%

IDBI Bank-10.40
EMI for Rs 4 lakh loan at 10.40%
3 years-Rs 12,871

4 years-Rs 10,134

5 years- Rs 8,504

Processing fee-0-0.5%

Tax Benefits

Salaried individuals get no tax benefit.

If you are self-employed or a businessman, declare profits or capital gains, and have bought the car for business use, you can get exemption on interest as well as depreciation on the vehicle.

Documents Needed

Age proof

Address proof

Income proof

Passport size photograph

Salaried person: Employment certificate, payslips for last few months , TDS certificate, latest Form 16 issued by employer, bank statements.

Self-employed: Copy of audited financial statements for last two years, copy of partnership deed or copy of memorandum; profit and loss account of last few years; income tax assessment order.

PERSONAL LOAN

Cheapest loans up to Rs 2 lakh

Dena Suvidha-13-14.00%

Central Bank of India-13-14.75%

Bank of India-13.20-15.20%

IDBI Bank-13.25-14.25%

PNB-13.25-16.25%

EMI for Rs 2 lakh loan at 13%

12 months-Rs 17,863

18 months-Rs 12,290

24 months-Rs 9,508

Processing fee- 0.25-2.25%

Tax Benefits
The interest paid is eligible for deduction if the personal loan amount is used to buy a house.

Documents Needed

Age proof

Address proof

Income proof

Passport size photograph

Salaried person: Employment certificate, payslips for last few months, TDS certificate, latest Form 16 issued by employer, bank statements.

Self-employed: Copy of audited financial statements for last two years, copy of partnership deed or copy or copy of memorandum; profit and loss account of last few years; income tax assessment order.

EDUCATION LOAN

Cheapest loans up to Rs 2 lakh

Central Bank of India-0.25-12.25%

IDBI Bank-10.25-13.75%

Bank of Maharashtra-11.15-12.90%

PNB-11.25-14.25%

Allahabad Bank-11.75-13.25%

EMI for Rs 2 lakh loan at 10.25%

3 years-Rs 6,476

5 years-Rs 4,274

8 years-Rs 3,061

Processing fee-0-2%

Tax Benefits

Tax deduction on interest repayment on education loan is allowed with no upper limit.

Benefit is allowed for courses above senior secondary pursued in india or abroad.

Deduction allowed for a maximum of 8 years

Documents Needed

Proof of admission, proof of academic performance, schedule of fees, income statement (of parents), statement of assets and liabilities, passport and visa if you are going abroad.< .. CONSUMER LOAN Cheapest loans up to Rs 75 lakh Punjab National Bank-12.75% Dena Bank-13-14% State Bank of Patiala-13.75-17% HDFC Bank-16-22% EMI for Rs1.5 lakh loan at 12.75% 12 months-Rs 13,380 18 months-Rs 9,200 24 months-Rs 7,114 Tax Benefits None for salaried class. businessmen and professionals can show repayment of of loan (on items like a computer) as an expense in their annual accounts. Documents Needed Age proof Address proof Income proof Passport size photograph Salaried person: Employment certificate, payslips for last few months, TDS certificate, latest Form 16 issued by employer, bank statements. Self-employed: Copy of audited financial statements for last two years, copy of partnership deed or copy of memorandum; profit and loss account of last few years; income tax assessment order. Source Economic Times

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