Banks like completed homes. The security is a finished asset with an occupancy certificate, valuation is straightforward and there is no construction-linked disbursement to monitor. That translates into faster sanctions and, often, a lower rate than for an under-construction booking.
Eligibility in brief
Most lenders cap the EMI at 50–60% of take-home income and fund up to 75–90% of the agreement value depending on the ticket size (the loan-to-value ratio drops for loans above ₹75 lakh). Stamp duty and registration are not funded, so keep 7–8% of the price aside in Gurgaon (Haryana stamp duty is 7% for men, 5% for women, 6% for joint ownership within municipal limits — check the current schedule).
Tax benefits that start on day one
- Section 24(b): interest on a self-occupied home loan is deductible up to ₹2 lakh a year under the old regime — and it starts from the year of possession, which for a ready home is immediately. On an under-construction booking, pre-possession interest is only claimable in five instalments after possession.
- Section 80C: principal repayment, stamp duty and registration fees count toward the ₹1.5 lakh limit in the year of purchase.
- Let-out property: the full interest is deductible against rental income, with the overall loss set-off capped at ₹2 lakh a year.
The new tax regime does not offer these deductions on a self-occupied home; run both regimes with your CA before deciding.
Documents to keep ready
- PAN, Aadhaar and address proof.
- Last three months' salary slips and Form 16, or three years' ITR for the self-employed.
- Six months' bank statements.
- The agreement to sell, the seller's title chain and the tower's occupancy certificate.
- For resale: the society's no-dues certificate and the builder's transfer NOC.
Timeline
A clean ready-to-move file typically moves from application to sanction in 7–10 working days and to disbursement within two to three weeks, with the bank paying the seller directly at registration. Pre-approved offers from your salary-account bank can be faster still.
We work with leading banks and housing finance companies and can get an in-principle sanction started while you are still shortlisting — ask on any enquiry form.
