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.
|Abhyudaya Cooperative Bank Limited||Ahmedabad Mercantile Cooperative Bank||Akola Urban Coop Bank||Allahabad Bank||Allahabad Up Gramin Bank||Amanath Cooperative Bank Ltd. Bangalore||Andhra Bank||Andhra Pradesh Grameena Vikas Bank||Andhra Pragathi Grameena Bank||Apna Sahakari Bank Limited||Arunachal Pradesh Rural Bank||Assam Gramin Vikash Bank||Au Small Finance Bank Limited||Axis Bank||Bandhan Bank Limited||Bangiya Gramin Vikash Bank||Bank Of Baroda||Bank Of India||Bank Of Maharashtra||Baroda Gujarat Gramin Bank||Baroda Rajasthan Kshetriya Gramin Bank||Baroda Up Gramin Bank||Bassein Catholic Cooperative Bank Limited||Bharat Cooperative Bank (mumbai) Ltd., Mumbai||Bharati Sahakari Bank||Bharatiya Mahila Bank Limited||Bihar Gramin Bank||Bombay Mercantile Co Op Bank Ltd||Canara Bank||Capital Small Finance Bank Limited||Catholic Syrian Bank Limited||Central Bank Of India||Central Madhya Pradesh Gramin Bank||Chaitanya Godavari Grameena Bank||Chhattisgarh Rajya Gramin Bank||Citizen Credit Cooperative Bank Limited||City Union Bank Limited||Corporation Bank||Dcb Bank Limited||Dena Bank||Dena Gujarat Gramin Bank||Dhanalakshmi Bank||Dombivli Nagari Sahakari Bank Limited||Ellaquai Dehati Bank||Equitas Small Finance Bank Limited||Esaf Small Finance Bank Limited||Export Import Bank Of India||Federal Bank||Fincare Small Finance Bank Ltd||G P Parsik Bank||Gramin Bank Of Aryavart||Hdfc Bank||Himachal Pradesh Gramin Bank||Icici Bank Limited||Idbi Bank||Idfc Bank Limited||Indian Bank||Indian Mercantile Cooperative Bank Ltd.||Indian Overseas Bank||Indusind Bank||Jalgaon Janata Sahakari Bank Limited||Jammu And Kashmir Bank Limited||Jammu And Kashmir Grameen Bank||Janakalyan Sahakari Bank Limited||Janalaxmi Coop Bank||Janata Sahakari Bank Ltd||Jharkhand Gramin Bank||Kallappanna Awade Ichalkaranji Janata Sahakari Bank Limited||Kalupur Commercial Cooperative Bank||Kalyan Janata Sahakari Bank||Kapol Cooperative Bank Limited||Karnataka Bank Limited||Karnataka Vikas Grameena Bank||Karur Vysya Bank||Kashi Gomti Samyut Gramin Bank||Kaveri Grameena Bank||Kerala Gramin Bank||Khamgaon Urban Co Op Bank Ltd||Kotak Mahindra Bank Limited||Langpi Dehangi Rural Bank||Laxmi Vilas Bank||Madhya Bihar Gramin Bank||Madhyanchal Gramin Bank||Mahanagar Cooperative Bank||Maharashtra Gramin Bank||Malwa Gramin Bank||Manipur Rural Bank||Meghalaya Rural Bank||Mizoram Rural Bank||Nagaland Rural Bank||Nagar Urban Co Operative Bank||Nagpur Nagarik Sahakari Bank Limited||Narmada Jhabua Gramin Bank||Nasik Merchants Cooperative Bank Ltd.||New India Cooperative Bank Limited||Nkgsb Cooperative Bank Limited||North East Small Finance Bank Limited||Nutan Sahakari Bank Ltd||Odisha Gramya Bank||Oriental Bank Of Commerce||Pallavan Grama Bank||Pandyan Grama Bank||Paschim Banga Gramin Bank||Pragathi Krishna Gramin Bank||Prathama Bank||Pravara Sahakari Bank Ltd||Puduvai Bharathiar Grama Bank||Punjab And Maharshtra Cooperative Bank||Punjab And Sind Bank||Punjab Gramin Bank||Punjab National Bank||Purvanchal Gramin Bank||Rajarambapu Sahakari Bank Ltd||Rajasthan Marudhara Gramin Bank||Rajkot Nagrik Sahakari Bank Limited||Rbl Bank Limited||Rupee Cooperative Bank Ltd.||Sangli Urban Co Op Bank Ltd Sangli||Saptagiri Grameena Bank||Saraswat Cooperative Bank Limited||Sardar Bhiladwala Pardi Pepls Co Bk||Sarva Haryana Gramin Bank||Sarva Up Gramin Bank||Saurashtra Gramin Bank||Shikshak Sahakari Bank Limited||Solapur Janata Sahakari Bank Limited||South Indian Bank||State Bank Of Bikaner And Jaipur||State Bank Of Hyderabad||State Bank Of India||State Bank Of Mysore||State Bank Of Patiala||State Bank Of Travancore||Suryoday Small Finance Bank||Sutlej Kshetriya Gramin Bank||Syndicate Bank||Tamilnad Mercantile Bank Limited||Telangana Grameena Bank||The A.p. Mahesh Cooperative Urban Bank Limited||The Akola Janata Commercial Cooperative Bank Ltd., Akola.||The Cosmos Co Operative Bank Limited||The Goa Urban Co Op Bank Ltd||The Greater Bombay Cooperative Bank Limited||The Jalgaon Peopels Cooperative Bank Limited||The Kapol Cooperative Bank Limited||The Karad Urban Cooperative Bank Limited||The Mapusa Urban Coop Bank Of Goa Ltd||The Mehsana Urban Cooperative Bank||The Nainital Bank Limited||The Shamrao Vithal Cooperative Bank||The Surath Peoples Cooperative Bank Limited||The Thane Bharat Sahakari Bank Limited||The Zoroastrian Cooperative Bank Limited||Tjsb Sahakari Bank Ltd||Tripura Gramin Bank||Uco Bank||Ujjivan Small Finance Bank Limited||Union Bank Of India||United Bank Of India||Utkal Grameen Bank||Utkarsh Small Finance Bank||Uttar Banga Kshetriya Gramin Bank||Uttar Bihar Gramin Bank||Uttarakhand Gramin Bank||Vananchal Gramin Bank||Vidharbha Konkan Gramin Bank||Vijaya Bank||Yes Bank||Zila Sahakari Bank Ltd|