The First Step For Your Dream Home

Check Your Home Loan Eligibility @ Free Cost

Featuresand Benefits of Home Loan

 1.    Lower Interest Rate

 The home loan interest rate ismuch lower than any other loan type available. If you come across acash crunch, you may get a top-up on the existing home loan at a lower interestrate than a personal loan to solve the issue.

 

2.    Deduction for interest paid onHousing Loan

 You can avail of deduction on theinterest paid on your home loan under section 24(b) of the Income Tax Act. Fora self-occupied house, the maximum tax deduction of Rs. 2 lakh can be claimedfrom your gross income annually, provided the construction/ acquisition of thehouse is completed within 5 years. Also, in the case of a self-occupied house,the loan must be borrowed for acquisition or construction only (i.e. not forrepair, renewal, or reconstruction).

 

3.    Deduction on Principal Repayment

 As per the newly introducedSections 80C read with section 80CCE of the Income Tax Act, 1961 the principalrepayment up to Rs. 1 lakh on your home loan will be allowed as a deductionfrom the gross total income subject to fulfillment of prescribed conditions.

 

4.    Capital Appreciation

 Capital appreciation is a rise inan investment's market price. Capital appreciation is the difference betweenthe purchase price and the selling price of an investment. For example, if an investor buys a stock for $10 per share, and the stock price rises to $12, theinvestor has earned $2 in capital appreciation. When the investor sells thestock, the $2 earned becomes a capital gain.

 

5.    High loan Value

 Banks typically offer to finance70% to 90% of the market value of the property as a Housing Loan, depending onthe city or state of your residence. The rest, you must pay as a down payment.You can use the Home Loan EMI Calculator to compute the loan amount you canobtain and the down payment you need to pay.

 

6.    Multiple End-uses

 You can apply for Home Loans topurchase any property you like. For instance, you can utilize the loan amountto buy a piece of land, construct a new house on land you own, purchase a brandnew, pre-used, or under-construction property, etc. You can even renovate orremodel your home with funds obtained through a Home Loan.

 

7.    Choice of Interest Type

 With Home Loans, you can choosebetween fixed and floating interest rates. If you opt for a fixed-interestloan, your EMI remains the same throughout the loan tenure. Conversely, if youopt for a floating-interest Home Loan, your EMI depends on the applicableinterest rates in the real estate market. During a Market where the demand forHome Loans is low, your floating interest Home Loan EMI may reducesignificantly.

 

8.     FlexibleRepayment TenureYou can repay your Home Loan intenures lasting up to 30 years. Longer Tenures translate to lower andpocket-friendly Equated Monthly Instalments (EMIs). This flexibility makes HomeLoans an indeed attractive option.