Frequently Asked Questions

General

As per the basic documents mentioned under KYC, Income proof, Title deeds to the property proposed to be purchased.

Normally, the spouse will be the co-applicant.

The eligible loan amount shall be determined based on the income of the applicant/co- applicant and his/her repaying capacity and the value of the property, which is going to be acquired out of the loan.

The repayment period will range from a minimum of 5 years to a maximum of 30 years

The loan will be disbursed based in stages depending on the progress of work, in case of construction of a house/flat and in the case of outright purchase of an existing house/flat, the payment will be made as one time payment.

This will be as per the norms prescribed by NHB

The Loan sanction order is valid for 60 days from the date of sanction.

Individual, Groups of Individuals who have a definite and regular source of income can approach Sasvitha Home Finance Pvt Ltd (Corporate Office or any branch Office / Centre) for a Home loan. Alternatively they can express their interest through email CO@sasvithahome.com

In case of cheque return due to ‘Insufficient funds’ or any other reason, a cheque return charges of Rs.500/- plus GST will be charged to discourage recurrance in addition to the charges debited by the Bankers on account of the return.

Yes, the loan can be switched over from fixed rate to floating rate in case of housing loans. However, the vice versa is not applicable. There will be a fee collected as switch over charges.

Yes, the policies are subject to change from time to time.

Sasvitha Home Finance Pvt Ltd encourages borrowers to pay EMI / PEMI by electronic mode of payment like NACH or Post Dated Cheques, instead of paying by Cash.

Due to unavoidable circumstances, if the borrower makes cash payment, then he/she can make cash payment upto Rs. 199999/- as per Section 269ST & 271DA of Income Tax Act 1961 and duly obtain receipt for the same.

Any grievance in relation to the above may be reported to 044-24344548 / grievance@sasvithahome.com

General Information

i. Fixed Interest Rate

A fixed interest rate for Home loans is one where the rate charged by the Bank/HFC on the loan amount is constant over the tenure of the loan. A fixed interest rate protects the borrower from a rise in home loan rates. While on the flip side, he may not benefit if the market rates were to fall.

ii. Floating interest rate

A Floating interest rate for home loans is a loan where the interest rate which is payable is linked to base rate of the company. The interest rate payable by the borrower will also rise and fall as per the fluctuation in the benchmark rate. The interest rates on housing loans are generally floating rates and the interest rate on non-housing loans are generally fixed. Each borrower based on the risk profile as determined by the company based on the model it has evolved is indicated the rate of interest, the company would charge on the loan.

While the property against which the loan is given is called the prime security, sometimes we do ask for additional security in the form of another property, guarantor or such other securities as may be acceptable to the company.

Application form can be collected from the branches of the company or the same can be downloaded from the web site. The application form duly filled in along with other documents as specified in the application form can be submitted to the nearest branch of the company along with the onetime processing fee.

Tax Benefits

Resident Indians are eligible for certain tax benefits on the principal and interest components of a housing loan under the Income Tax Act, 1961. Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property. The maximum tax deduction allowed under Section 24 in respect of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs. Besides the above, the amount paid as Repayment of Principal Amount of Home Loan by an Individual/HUF is allowed as tax deduction under Section 80C of the Income Tax Act. The maximum tax deduction allowed under Section 80C has been raised from Rs.1, 00,000 to Rs.1, 50,000.

As per the IT rules, only one certificate can be issued for a home loan and hence one certificate will be issued in the name of both applicant and co-applicant.

IT certificate will be issued at the end of a financial year.