Be ready with following items before applying for Home Loan. You need to decide Home Loan Interest Type like you wish to go with fixed or floating, Amount that you want to borrow from bank, Home Loan Tenure and Necessary Documents etc.
One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
This home loan can be taken for any purpose like Purchase/ Repair/ Construction/ Renewal/ Reconstruction of a Residential House Property etc.
Loan repayment period options range generally from 5 to 30 years. Long-term loan is more beneficial as it gives you the option and comfort of lower EMIs, The good point associated with the short-term home loans is that you have to pay lesser interest. A home loan borrower can choose any of the options considering his financial status.
The property that is purchased using the home loan generally is considered as the collateral/security. But the bank can ask for providing some additional securities like insurance policies, fixed deposits, etc.
Yes. One can repay his/her home loan amount before its tenure also which is called a pre-payment, however, bank can levy a penalty fee for the same.
It will be determined by one's income and repayment capacity. Some other important factors are age, qualification, number of dependants, spouse's income, assets & liabilities, savings history and the stability & continuity of occupation.
EMI is an abbreviation for "Equated Monthly Instalment" which is the amount you will pay to bank on a specific date each month till the loan is repaid in full.
The EMI comprises of the principal and interest components. These components are designed in a way that the interest component is much larger than the principal component during the initial years of your loan, while the principal component is much larger than the interest component during the later years of the loan.
You can use our EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period.
Market value of the property is the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.
Bank offers multiple ways for repayment of the loan through EMI as follows- Once bank receives the request for disbursement, it can disburse the loan in full or in instalments, which usually do not exceed 3 in number.
For under-construction property, bank disburses the loan in instalments based on the progress of construction, as assessed by the bank.
It is usually beneficial to take a Housing loan as it would enable you to get tax exemptions. However, one can consult his/her income tax advisor to know benefits/disadvantages in his/her specific case.
Co-applicant(s) is/are the co-owner(s) of the property which is being offered as collateral/security to the loan. Co-applicants to the loan are generally husband/wife, father/son, etc. All co-applicants need not be co-owners.
You can transfer your existing home loan to any bank which is offering a lower interest rate with a Balance Transfer home loan. The main reasons why customers switch their loans are relatively higher interest rates and poor service from the existing lender. When the Reserve Bank of India (RBI) reduces rates, lenders should also reduce the same but it doesn't happen in reality and even if they cut rates, this reduction usually is not be in line with what RBI did. Some of the lenders offer conversion of existing higher interest rate to a lower rate to their existing customers but the conversion rate is high. This also leads to home loan transfer from existing lender to new lender.
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