Home Loan

People generally take a home loan for either buying a house/flat or a plot of land for construction of a house, or renovation, extension and repairs to the existing house. The interest rates for home loans can be fixed or floating, or partly fixed and or partly floating, suiting the needs of the borrower. There are also certain tax benefits available on your home loan under the Section 80C of Income Tax Act. However, the Income tax deduction can be claimed on home loan interest.

home loan

Unique Features of house loan:

  1. Purpose: For purchase of house from builder / resale and construction / extension of existing house.
  2. Loan amount: You can avail for Home loans depending on your eligibility, income and repayment capacity.
  3. Loan tenor: The maximum loan tenure is 30 years.
    Customers can avail Exemption under 80 C
  4. Salaried can avail Exemption under 80 EE

Characteristic of Home Loan

Home loans are provided based on the market value, mainly estimation given by banks or the registration value of the property. Availing various types of house loans to suit your individual needs at the lowest rates & easy financing can now fulfill the need for a house of your own. Home loan is not a one-time decision; do review the market periodically before availing them. Today there are unlimited numbers of home loan banks in the country wanting to give out Home loans. Given this scenario, it may seem easy getting yourself a loan. But is it really?? Buyers tend to make mistakes while entering into deals, which may not be beneficial for them, so better compare all the variables before signing a housing loan agreement by different banks. However the loan agreement should be finalized only after reading the terms and conditions carefully. You can Apply Home Loan even before you select your property. The loan amount would be sanctioned or approved for you, based on your repayment capability. You can get more details about home loans at Articles about Home Loan

Types of Home Loan

There is a home loan for every requirement, take a look:

  1. Home Purchase Loans
  2. Land Purchase Loans
  3. Home Construction Loans
  4. Home Improvement Loans

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