Home Loan For Advocates

Advocates are among the most respected professionals in India, and Urban Money understands the significance of their legal profession and their vital role in upholding justice in the country. This perception is why we are here to guide you in making your dreams of homeownership come true. As an advocate, the home loans you require differ fairly from self-employed individuals or entrepreneurs. Lawyers require home loans with flexible repayment terms and are not susceptible to market fluctuations. Home loans for advocates don’t require much documentation and don't ask for many proofs of income. You can use these loans to construct or renovate a property with high monetary limits, ensuring a comfortable lifestyle. Here are the features and benefits of home loans for lawyers, along with the estimated interest rates and charges.

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Written By
Bhavya Kamra
Bhavya Kamra
With a background in commerce and a strong affinity for numbers, Bhavya is dedicated to delivering accurate financial insights in her blog. She avidly reads finance magazines and articles to stay updated on the latest market trends. Currently crafting content for Urban Money, Bhavya aims to offer practical financial tips and simplify complex subjects into easy-to-understand steps.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Interest Rates of Home Loans for Advocates

Some of the home loan interest rates meant for self-employed individuals like lawyers include:

Banks Rate of Interest 
Bank of Baroda 10.90% 
IDFC Bank  10.49%
State Bank of India  11%
Axis Bank 10.49% 
Kotak Bank 10.99
Punjab National Bank  8.8%
Kotak Mahindra Bank 8.75%

Eligibility Criteria of Home Loan for Advocates

Each bank/ financial institution will have different criteria for home loans meant for advocates, but some of the common criterias include the following:

  • Professional Stability: As a self-employed lawyer, you must run your legal practice for at least 3 to 5 years. This proves that you have stable employment and will repay the loan within the time frame. 
  • Credit Score: Any lawyer with a robust credit score will surely pay off their loan, seeing their payment history. This will also increase the chances of you getting approved for a loan with low interest rates.
  • Age: Many banks have set age criteria for loan seekers to ensure they have financial resources until the loan is repaid. Often, the age range is between 18 and 65 and is allotted only after you have proved your identity, date of birth, and address. 
  • Financial Documents: Banks care about your financial health, so you must have multiple documents showcasing your bank statements and ITR. Business practices can prove this by showcasing a balance sheet and P and L statements.
  • Educational Qualification: A law degree from an accredited academic institution ensures the bank of your repayment ability. This will help reduce your overall interest rates and any excessive charges for obtaining your loan.

Home Loan for Advocates – Documents Required

Some of the mandatory documents that you will have to submit for obtaining a home loan as an advocate:

3 Passport Sized Photograph Challans for Advance Income Tax Payment
Loan Application Form Business Address
Identity and Residence Proof Signature Identification
Age Proof Deed of Sale for a Cooperative Society
Bank Account Statement over a couple of months Allotment Letter
Assets and Liabilities statement Advance Payment for a flat purchase receipt
Documents detailing the property purchase NOC
Construction Cost IT Returns/ Form 16
Power of Attorney for loan Permission Letter
Letter showcasing the legal heir of the property

Best Home Loan Schemes for Advocates

Some of the best home loan schemes for advocates are meant exclusively for them at much lower interest rates and processing fees:

HDFC’s Loan for Professionals OBC’s Scheme for Loans to Professionals
Karur Vasya Bank’s Loan for Working Professionals State Bank of India (SBI) Privilege Home Loan for Advocates
Andhra Bank Professional Loan State Bank of India (SBI) Shaurya Home Loan

Features and Benefits of Home Loans for Advocates

Here are some of the advantages of home loans designed specifically for advocates to address their various financial needs that benefit them regardless of market fluctuations: 

Lower Interest Rates

Low interest rates are for advocates who help maintain financial and professional stability, with or without many cases. This policy can reduce the bank loan applicant’s sudden financial obligations and lower the overall interest payment dues on the principal amount.

Flexible Repayment Tenures

An advocate’s income can be irregular sometimes, and thus, the monthly payment plan might not be apt for them. Low-interest payments for some duration of time can significantly help lawyers protect themselves from huge financial losses, and no-penalty pre-payments can help reduce the burden on the applicant’s bank account.

Quick Loan Approval Processes

Special bank loans don’t require ITR or other financial proof for advocates with minimal documentation proving their loan repayment capabilities. They will be processed quickly and most likely without any hurdles. This fits in well with advocates’ hectic schedules and helps them instantly acquire even more funds for their dreams. 

Specially Tailored Loans

Many banks offer specially tailored loans with no pressure to pay for the first couple of months and low charges on non-payment of EMI. This allows advocates with home loans to settle in well within their houses and start their careers in new cities without worrying about deferred payments.

Home Loan For Advocates – Charges

Some of the approximate fees for advocates are as follows:

Processing Fee: 1% of the total loan amount
Copy of Documents: Fixed amount set by each bank
Switch Fee: 0.5% of the loan amount or INR 10,000
Rescheduling of Loan Tenure: INR 500
Stamping Charge: Percentage of the loan amount
Income Tax Certificate Charge: INR 500
NOC: Fixed amount set by the bank
Agreement Copy Fee: Fixed amount set by the bank
CIBIL Report Fee: Fixed amount set by the bank

Frequently Asked Questions (FAQs)

How is the income of an advocate assessed for home loan eligibility?

The bank statements for the previous three months and ITR/ Form 16 prove any advocate's income.

What is the maximum loan amount an advocate can avail of?

Each Bank has a different maximum loan amount, which the advocate can opt for according to their requirements. For instance, Punjab National Bank’s maximum loan amount is INR 1 Crore, and for State Bank of India, it can go as high as INR 50,000.

Can an advocate get a home loan with irregular income?

Yes, banks have different types of loan plans for advocates with irregular incomes.

Is there a difference in the processing fee for advocates?

Advocates enjoy certain benefits from banking institutions, such as lower processing fees.

Are there tax benefits for advocates of home loan repayment?

The tax benefits on loans meant exclusively for advocates depend on a bank-to-bank.

Can advocates avail of balance transfer options on their home loans?

Any advocate can opt for a balance transfer option on the existing loan at much-reduced interest rates.

Bank Wise Home Loan Interest Rate

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