InCredible Home Loans
InCred believes that every Indian has the right to own his or her home. In line with this belief, our home loans business focuses on a consumer segment that is not a priority for traditional lenders like most banks and housing finance companies. We focus on affordable housing (loans of Rs 3-30 lakhs) to serve hard working families who might not find the majority of India’s lending institutions receptive to their needs.
- Quick approvals
- Doorstep documentation
- No hidden charges
- Subsidy under PMAY
- Expert guidance for choosing
- Minimum income eligibility : Rs. 10,000
- Convenient instalments
- Online payment options
- Easy access to customer support
Current Floating Reference Rate of Bee Secure Home Finance Pvt Ltd. is 17%
Home Loans for All your Needs
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- Products tailor made for your needs
- Higher loan limits
- Flexible repayment options
- A human approach to lending
- Respectful and caring
- World class customer service
Simple & Easy
- No branch visit required
- Instant loan sanction
- Online loan account management
What Is A Home Loan?
Home Loan is a Secured Loan. Home Finance is offered against the security of a house / property which is funded by the bank's loan, the property could be a personal property or belonging to a firm.
Who Is Eligible For Home Loan?
A person with stable monthly income is eligible for Home loan.
- Salaried person
- Business Person with stable income & business.
- A Partnership or a Pvt. Ltd. company.
- Professionals with stable income & business
What Is Loan Against Property?
Loan taken by hypothecation of property (residential / commercial) is known as Loan against Property. The funds procured by Loan against Property can be used for various purposes. Any one qualifying the parameters of income & property can avail Home Loan or Loan Against Property.
Can The Co-Applicant's Income Get Included When a Lender Calculates My Eligibility?
Yes! Lenders also include the co-applicants income to determine the eligibility. The eligibility is based on the years remaining for retirement & the income. Lenders also include Spouse & parents income. Some financiers also add the income of brothers & other closed relatives. This has to be categorically clarified with the lender as this is not a norm. It would also be advisable to clarify if the daughters [married / unmarried] income is clubbed with their parents as this is also an exception. To know more abut the process at InCred, please get in touch with us at firstname.lastname@example.org
Is Tax Benefit Applicable On The Processing Fee Paid For The Home Loan?
The Income Tax Act, 1961 states that one can avail tax benefit under 3 sections for home loan
- Section 80 (c)
- Section 24(b)
- Section 2(28A)
- Section 80(c) - In this section the EMI component paid towards repayment of principal amount of the loan can be deducted from income. The borrower is eligible for a tax deduction for a maximum amount of Rs. 1L each year under section 80(c) irrespective of the tax bracket. To avail this deduction the property needs to be self occupied.
- Section 24(b) - The interest paid towards home loan is treated as an 'expense' under 'Income from house property' and is deductible under Section 24(b) from the total income. The maximum deduction permitted under this section is Rs.1.5L per annum.
- Section 2(28A) - Processing fee can be treated as interest and a deduction can be claimed according to Section 2(28A) of the I-Tax Act
What Are The Home Loan Charges?
We collect a processing fees during the time of application submission.