Home loan

       Build new dreams in your home with JÓrim Financial Services

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Home Loan
  • With the JÓrim Financial Services Home Loan, you can realise your dream of owning a home, with loans beginning at ₹500,000.

  • The JÓrim Financial Services Home Loan comes with a slew of advantages, including lower EMIs that allow you to spread your payments over a longer period of time, competitive interest rates, a simple application process, doorstep support, and so on.

  • A home loan offers you the chance of owning a residential property and building an asset while at the same time enjoying tax benefits

  • You have to pay a certain percentage of the property cost, usually up to 20%, out of your funds.

  • Find out more about the JÓrim Financial Services Home Loan below.

Dos and Donts while applying for a home loan

Do s

  • Do your research about the home-property price, builder’s background, clearances for the project, etc. Also do your research about the home loan - interest rate, processing charges, repayment schedule, etc

  • Know the amount you have to pay such as down payment amount, processing charges, stamp duty, registration fees and make provision for the same

  • Ensure all documents are in place salary slips, Income Tax Returns, property agreement, and registration, etc

  • Take time to improve your credit history, if required before you apply for a home loan as there are chances that the bank may offer you better terms and conditions

Don ts

  • Do not apply for loans on multiple aggregator websites as it indicates you are loan hungry and may reduce the chances of your application being approved

  • Do not take too many loans before you apply for a home loan-such as a personal loan or auto loan. As home loan amounts are big-ticket loans this will impact your eligibility.

  • Do not go overboard with your credit card spends and do not delay your loan repayments as this will impact your credit score negatively

  • Do not take a huge loan as you may find it difficult to repay. Affordability is key when it comes to home loan

Tips to keep in mind while applying for a home loan
Home Loan Eligibility

Eligibility Criteria

Identity Proof(any one)

  • Driving License

  • PAN

  • Voter ID

  • Valid Passport

  • Aadhar Card

Residence Proof(any one)

  • Copy of Electricity Bill/Water Bill

  • Copy of valid Passport

  • Driving License

  • Aadhaar Card

  • Telephone Bill

Other Documents

  • Employer Identity Card

  • Duly filled loan application form affixed with 3 passport size photographs

  • Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions

  • Bank account statements for all the bank accounts owned by the applicant for the last six months
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Property Papers
    Agreement of Sale (any one):
  • Registered Agreement of Sale

  • Stamped Agreement of Sale

  • Allotment Letter

  • Occupancy Certificate in case the property is a ready-to-move-in property

  • Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder

  • Conveyance Deed in case of a new property

  • Bank account statements indicating all payments made to the seller or builder

Home Loan Fees and Charges
Income Proof Documents

FAQ's

Home loans provide you with a lump-sum advance of funds for the purchase of your preferred property, which is repayable with interest. You should, however, re-pay the advance sum by EMIs (Equated Monthly Instalments), allowing you to approach realising your home dream in a comfortable and organised manner.
  • Application: You must qualify for a home loan, which you can do online or at bank branches/loan centres.
  • Loan Sanction: After the submission of your application and the review of necessary KYC and financial stability papers, the bank will sanction your loan number.
  • Review: After the loan is approved, you must apply the documentation relating to the property against which the loan is being applied for technical and legal review.
  • Loan Approval and Disbursement: The bank will authorise and disburse the loan after validating the loan amount and the property requested.
  • With the right paperwork and timely follow-up, your Jorim Financial Services Home Loan will be approved in 15 days!
  • Under Section 80C of the Income Tax Act of 1961, repayments (EMIs) against the principal loan balance are available for a tax deduction of up to ₹1.5 lakh. Though Section 24(b) of the Income Tax Act of 1961 allows a deduction for the interest portion of home loan EMIs up to Rs. 2 lakh per year. However, if the house bought is a "leased out home," that is, if it is rented out. The deductions will extend to the full amount of interest owed.
  • However, first-time home buyers may be liable for additional deductions under Section 80EE, up to ₹50,000/- per year, after they have exhausted the Section 24 interest cap (b).
  • The sum available for tax deductible for loans obtained for redevelopment, rebuilding, or rehabilitation of land is fixed at Rs.30000, regardless of whether it is used to remain or lease out.
JFS offers a variety of home loans to suit each client's investing preferences. Our variants include incentives for redemption and subsidy advantages, in addition to advancing loans for land construction, purchase of built homes, and loan for top-ups for current loans and redevelopment, among others.
JÓrim Financial Services considers multiple factors to determine home loan eligibility, including but not restricted to:
  • The Income of all applicants
  • Age of the primary applicant
  • Number of dependents that the applicants support
  • Assets and liabilities of the applicants
  • Stability and continuity of the primary applicant’s occupation