At the pre-launch price of Rs 7,979 per sq ft with no GST on the current offer, most 3 and 4 BHK homes at AU Aspire Leisure Valley, Sector 1, Greater Noida West, fall between about Rs 1.6 crore and Rs 3.2 crore. The project is approved by government banks for home loans, and most buyers finance 75% to 80% of the cost.
EMI table: 80% loan at 8.5% interest
| Home cost | Loan (80%) | 15 years | 20 years | 25 years |
|---|---|---|---|---|
| Rs 1.60 Cr | Rs 1.28 Cr | Rs 1,26,047 | Rs 1,11,081 | Rs 1,03,069 |
| Rs 1.75 Cr | Rs 1.40 Cr | Rs 1,37,864 | Rs 1,21,495 | Rs 1,12,732 |
| Rs 2.00 Cr | Rs 1.60 Cr | Rs 1,57,558 | Rs 1,38,852 | Rs 1,28,836 |
| Rs 2.40 Cr | Rs 1.92 Cr | Rs 1,89,070 | Rs 1,66,622 | Rs 1,54,604 |
| Rs 2.80 Cr | Rs 2.24 Cr | Rs 2,20,582 | Rs 1,94,392 | Rs 1,80,371 |
| Rs 3.20 Cr | Rs 2.56 Cr | Rs 2,52,093 | Rs 2,22,163 | Rs 2,06,138 |
EMIs are illustrative, calculated at 8.5% per annum on a reducing balance. Your actual rate depends on the bank, your credit score and income. For your exact unit cost, see the price list.
How much to keep ready upfront
- 10% EOI to reserve your unit, starting at Rs 17.5 lakh.
- Your own contribution of 20% to 25% in total. Banks lend up to 80% for homes above Rs 75 lakh.
- Stamp duty and registration at Uttar Pradesh rates, paid at registry. Banks do not fund these.
How a home loan works in a construction-linked plan
For an under-construction home, the bank releases the loan in stages as construction progresses. Until full disbursement you usually pay pre-EMI, which is interest only on the amount released so far. That keeps your monthly outgo lower in the early years. You can also choose to start full EMI early to finish the loan sooner.
Income needed for the loan
Banks generally keep all your EMIs within about 50% to 60% of your net monthly income. As a rough guide, a Rs 1.21 lakh EMI (Rs 1.75 crore home, 20 years) needs a net household income of about Rs 2 lakh to Rs 2.4 lakh per month. Adding a co-applicant such as your spouse raises the eligible amount.
Documents checklist
- PAN and Aadhaar of all applicants
- Salary slips for 3 months and Form 16 for 2 years (salaried), or ITRs and financials for 3 years (self-employed)
- Bank statements for the last 6 months
- Allotment letter and builder-buyer agreement from the developer
Tax benefits (old tax regime)
- Section 24(b): up to Rs 2 lakh a year on home loan interest for a self-occupied home. Interest paid before possession can be claimed in five equal parts from the year of possession, within the same limit.
- Section 80C: up to Rs 1.5 lakh a year on principal repayment, stamp duty and registration, within the overall 80C limit.
- Joint borrowers who are also co-owners can each claim these limits.
These deductions are not available under the new tax regime for a self-occupied home. Check with your tax adviser.
EMI figures, interest rates and tax rules are indicative and for information only, not financial or tax advice. UP RERA registration no. UPRERAPRJ14106; verify on up-rera.in.