Hi Srinivas,
Since persons with vision impairment are legally competent to
contract, they can avail any kind of loan (including home loan)
subject to EMI : 'net monthly income criteria. They can also purchase
any asset (both physical and financial) as permitted under the law.
However, I am not aware of any government scheme for providing
interest-free home loan to persons with disability.
Furthermore, in para 10.3 of 'Master Circular on Customer Service in
Banks' issued by RBI on 1st July, 2015 it has been clarified that
banks should offer all banking services including retail loans (home
loan being a type of retail loan) to persons with vision impairment
without any discrimination. This implies that any bank, before
offering you home loan, will verify your credit worthiness by
evaluating your income, credit history, etc. However, bank should not
insist upon co-borrower/third party guarantee.
If any bank denies you home loan just on the ground of disability,
then you should submit a formal complaint to the concerned bank via
email to branch or physical letter to branch manager (receipt of
submitting complaint should be obtained) or via speed post/registered
post or or on the website of the concerned bank. If your complaint to
the bank remains unresolved even after 30 days of submitting the
complaint, then as per Para 8 of 'Statement on Developmental and
Regulatory Policies' issued by RBI on October 4, 2017 you can approach
banking ombudsman of RBI for redressal of your grievance.
Also, you can lower the burden of home loan EMI by taking benefit of
the undernoted two sections of Income Tax Act, 1961:
1) Principal component of home loan EMI can be claimed as rebate under
section 80C. The maximum amount under this section is ₹ 1.5 lakhs per
financial year.
2) The interest component of home loan EMI can be claimed as rebate
under section 24B. The maximum amount under this section is ₹ 2 lakhs
per financial year.
You should also enquire if there is any concession in stamp duty or
related expenses incurred during registration of property. Stamp duty
is applicable as per the regulations of the state in which you intend
to buy the house.
Hope this helps.
Regards
Harshit Lohia
On 3/5/22, srinivas bangalore_11 wrote:
> Hi all
> Please let me know if we can avail intrest free home loan or if we have
> option to aply house
>
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Thanks & Regards
Harshit Lohia
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Disclaimer:
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