Price on Request
Updated on
Most buyers of a Sobha Parqcity home will pay part of the price with a home loan. Banks lend on a project once they have approved it, and that usually follows the RERA registration, so the list of approved banks for this project will be known after launch.
Under RBI rules, banks lend up to 75% of the property value when the loan is above Rs 75 lakh; the rest is the buyer's own contribution. For a home under construction, the loan is paid out in stages as building progresses. Until it is fully paid out you can pay interest only on the amount released (pre-EMI), or start full EMIs early if the bank allows.
As an example only: a loan of Rs 1 crore at 8.5% a year for 20 years gives an EMI of about Rs 86,800. Rates differ by bank and borrower, so work out your own EMI with your bank's figures.
Banks usually ask for PAN and Aadhaar, address proof, salary slips and Form 16 (or income tax returns if self-employed), six months of bank statements, and the allotment letter and agreement for sale. NRIs also need their passport, visa or work permit and proof of overseas income.
On tax: under the old regime, interest of up to Rs 2 lakh a year on a self-occupied home can be deducted once construction is complete, and principal repaid counts under Section 80C within its Rs 1.5 lakh limit. Check how this applies under the tax regime you choose.
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Earlier marketed as SOBHA HENNUR, SOBHA HENNUR TOWNSHIP and SOBHA PARK CITY.
Location: Hennur