Barclays India Home Loans

Barclays India home loans are innovative home financing products offered by the consumer banking division of Barclays India. These loans have been tailor-made to satisfy every home buying need of the borrowers.

About Barclays India Home Loans

Barclays India home loans come with extensive repayment terms and simpler EMIs. You can take out a Barclays India home loan for the following purposes:

• Buying a readymade property
• Paying off a loan already received from any other bank or home finance company.

Important features of Barclays India home loans

Given below are the salient features of Barclays India home loans:

• Loan amount available up to Rs. 5 Crore
• Affordable interest rates with floating interest rates
• Easy repayment by means of Electronic Clearing System (ECS) or Standing Instruction

With a Barclay’s home loan, you can borrow an amount of up to 80% of your property value with repayment terms as long as 25 years.

Tax benefits on home loans offered by Barclays India

Given below are the tax benefits available from home loan products offered by Barclays India:

1) Interest paid on the home loan

On a home loan for construction/purchase of a residential dwelling unit, you can claim a deduction of up to Rs. 150,000 on the overall amount of interest payable at the time of calculating the income from residential property as maintained by Sec 24(b) of the Income Tax Act, 1961. Only self-occupied properties are eligible for this deduction.

The interest on home loan availed for construction, purchase, maintenance, renovation or rebuilding of residential property will also qualify for deduction under section 24(b) of the Income Tax Act, 1961.

2) Principal repayment of the home loan

On a home loan for construction/purchase of a residential dwelling unit, the principal repayment up to Rs. 100,000 will qualify for deduction from the gross overall income according to Section 80C of the Income Tax Act, 1961, conditional on accomplishment of particular requirements.

How much will it take to process a loan application?

If you want to avail a home loan from Barclays India, you will have to call up a branch of the bank. Upon receiving your call, a branch representative of Barclay’s will visit your home and explain about the home loan program. After you submit the completed loan application form with the essential documents, the bank will process your loan application within 7 working days.

All home loans/facilities offered by the bank are subject to the sole discretion of Barclays India. The bank has every right to approve or turn down a loan application. The terms and conditions applicable for Barclays India home loans are dependent on the rules laid down by the Reserve Bank of India (RBI) and/or bank guidelines and are liable to change periodically.

A home loan from Barclays India can make buying a property an easy and satisfying feeling for you.