Professionals like chartered accountants can avail a home loan for CA, which is customised as per their eligibility.
A chartered accountant can avail home loans of up to Rs.2 crore. As per their financial needs and after assessing their capability to repay the loan, CAs must apply for the right home loan.
However, borrowers need to check the terms and conditions of the home loan agreement before entering into any deal.
They must also review the different options before availing one. This can keep them from committing financial mistakes while fulfilling their dreams.
Here are some features CAs should look for while opting for financial aid to buy home –
- Easy and quick approval
On meeting basic eligibility criteria, professional loans like a home loan for CA require only a few documents for quick and easy approval. Financial organisations even provide doorstep facilities such as picking up the documents to provide easy application process.
- Top-up loan facility
Building a home comes with various extra expenses. Thus, professional loans like a home loan for chartered accountants comes with top-up loan facility. A top-up loan is a high-value loan that is provided over and above the current home loan to financially assist other requirements.
From decorating a new home to travelling overseas to purchasing a car, borrowers can use a top-up loan as per their requirements. Furthermore, they don’t need to submit any extra documents for this loan approval. CAs must know all about home top-up loans before availing this facility.
- Convenient repayment tenor
Professional loans like a home loan for CA comes with a long-term repayment tenor of up to 20 years. Thus, professionals can opt for their preferred tenor depending on their earnings and expenditures.
- Assistance in property searching
CAs can also avail assistance while searching for the right home. Along with the loan facility, financial institutions also help professionals to find properties as per their requirements and budget. With this benefit, the entire process becomes easy and less time-consuming.
- Property dossier service
A home loan for CA also comes with additional property dossier services. According to the borrower’s financial stability and both legal and financial requirements, lenders also provide a personalised report to the applicant that familiarises the borrower with all the required legal requirements.
To apply for this loan facility, the applicant must have a Certificate of Practice or CoP, which is active for 4 years. In addition, they must possess a home or CA firm or other commercial property.
There are a few basic documents required for home loan approval –
- OVDs for KYC.
- Mortgage documents of the owned property.
- Balance sheet, income tax return documents, profit and loss statements at least for the last 2 years.
Interested individuals can apply for a home loan in both online and offline modes. CAs can contact their preferred financial institutions by sending SMS or visiting the nearest branch to avail this financial facility. However, it is advisable to apply online for the hassle-free and easy application process.
As a first step, applicants need to visit the official website of the preferred financial organisation. Via the online portal, CAs can apply for a home loan by providing their personal details.
To collect the required documents, a representative from the preferred financial institutions will get in touch with the applicant. Lastly, after validating the credentials of the applicant, CAs can receive loan approval within 24 hours of the application.
NBFCs like Bajaj Finserv offer such financing options for chartered accountants customised according to their specific needs and requirements.
The company also provides pre-approved offers for quick application approval, which saves considerable time. These offers are available on numerous financial products including personal loans, business loans, etc.
In addition to the above, a home loan for CA also provides income tax benefits. Borrowers can avail tax exemptions under Section 80C and 24(b) on the principal repaid and interest paid, respectively.