Published on March 10, 2014
Everything YOU Needed to know about Home loans
How to get a home loan? Tax benefit? Loans to improve my house? What do banks check ? Land Loans ? Home Loan? What is the rate of interest? EMI ? Tenure?
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FIND THEM ALL IN HERE
Why Home Loans ???
Because rarely do people have the money to buy their dream home Because you can avail a loan of up to 85 - 90% of the total property cost
Because YOU can take loans with tenure ranging from 1 – 20 years Because taking a home loan offers tax benefits
There are different Types OF Home Loans DID YOU KNOW ? ?
These are basic loans used to purchase new property Home Purchase Loans
These loans are used to renovate and modify existing properties Home Improvement Loans
These are given out to construct a new home Home Construction Loans
These loans are used to expand or extend parts of an existing home Home Extension Loans
These are usually new loans with lower interest rates, which are used to repay an old loan Balance Transfer Home Loans
These are opted to buy fresh land for construction of new homes Land Purchase Loans
Bridge home loans can help to finance the new home when people wish to sell their existing home until a buyer is found Bridge Home Loans
These helps the NRIs in buying residential properties in India NRI Home Loans
What about Interest rates ? %%
Fixed Interest rate % When the interest rates charged remain constant throughout the tenure of the loan, it is known as Fixed Interest Rate Opting for fixed rate protects the loan seeker in case of fluctuating interest rates in the market
Floating Interest rate % Floating Interest Rates is dependent on the market rate The interest rates will rise and fall accordingly as it is linked with the bank lending rate
What Factors are considered to get a Loan ?
What about tax benefits ???
The Section 80 C of the Income Tax act provides for a maximum deduction of Rs 1 Lakh for repayment of the principal amount of the loan
Under Section 24, interest repayments of up to Rs. 1.5 Lakhs per year are exempted from tax
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