Pre-approved loan.

Q: What is a pre-approved loan? How can we apply for it and what are the documents required?

Sunil Kulkarni, Pune

22nd November 2011

Home Loan in Pune

pre-approved loan

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Hi,
I had taken a bank loan for a under construction house in Nov 2008. I've taken the possession in Feb 2014. I had read somewhere that you can declare the curiosity for the pre-possession interval in next 5 years to the tune of 1.50 lacs each yr? Also under which Section this is allowed?

Rithwik D, Pune

14th December 2015

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Hi, I think you are right !! Under Section 24 of the Income Tax Act you can claim the interest paid before possession, as tax deduction in five equal installments for five successive financial years starting from the year the construction got over.

Rohit Marathi, Pune

14th December 2015

This type of loan gives you fast availability of loan amount because all the paper work will be done beforehand. It lets the customer know the amount of loan available for him/her. You can apply for the loan by submitting identity proof, income proof etc to the particular lender. After verifying your credit rating the lender will give you the pre-approved loan.

Priyanka Vats, Pune

22nd November 2011

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