Home Loans

TYPE'S

• HOME LOAN FOR BUYING FLAT/ROW HOUSE/BUNGLOW/TENAMENT

• BALANCE TRANSFER LOAN

• PLOT PURCHASE

• CONSTRUCTION OF HOUSE

• PLOT + PURCHASE LOAN

• EXTENSION LOAN FOR YOUR HOUSE

• RENOVATION LOAN

• NRI HOME LOANS

Benefits of Taking a Home Loan

• TAX BENEFIT: The ability to deduct interest and principal payments from your income tax is the main advantage of having a mortgage. You are permitted to deduct up to Rs. 1.5 lakh for principle repayments under Section 80C, Rs. 2 lakh for interest repayments under Section 24B, Rs. 2 lakh for interest repayment under Special Circumstances under Sections 80EE and 80EEA, and Rs. 1.5 lakh for stamp duty expenditures under Section 80C.

• LOW INTEREST RATE: In comparison to other loan options, the interest rate on a house loan is significantly cheaper. If you run into financial trouble, you might be able to extend your current house loan at a cheaper interest rate than a personal loan to get by.

• LONG REPAYMENT TENURE: Home loans have a longer payback period than any other type of loan, up to 25 to 30 years. This is because borrowing a sizable loan amount is required to buy a property. The monthly EMIs will be lower if the loan amount and related interest are spread out over a longer term, easing the strain on the borrower.

ELIGIBILITY-

Banks maintain a list of requirements for home loan qualifying. A person's credit history is the first thing a bank looks at to determine their repayment tendencies. A credit score of 750 or above is often preferable. The following are some more crucial considerations:

• Age

• Type of Employment

• Requirements for the Minimum Annual Salary

• Collateral Security Margin

• Assets, liabilities, Occupational Stability and Continuity

• (Resident Indian/Non-Resident Indian) Status of residency