Whether you are looking to purchase your first home, upgrade to your next home or invest in property, buying property can be exciting and daunting at the same time. It can be time-consuming too given the many lenders and home loan products available in today’s market place.
With many different types of loans out there, hundreds of home loans available and the fast pace of regulatory change, we’re here to help ensure that you are given the right information to help you make the right decisions.
A home loan is a secured loan provided by a bank or financial institution to help individuals purchase, construct, or renovate a residential property. The property is used as collateral until the loan is repaid.
Eligibility criteria typically include:
Commonly required documents include:
A home loan balance transfer allows you to transfer your existing loan to another lender offering a lower interest rate. This can help reduce your EMI burden and save on interest.
The process typically involves:
Home loan tenures in India can extend up to 30 years, depending on the lender and the borrower’s eligibility.
Interest rates are determined based on factors like the borrower’s Income Profile, credit score, loan amount, tenure, and the lender’s policies.
Under Section 80C, you can claim a deduction of up to ₹1.5 lakh on the principal repayment. Under Section 24(b), you can claim a deduction of up to ₹2 lakh on the interest paid on a self-occupied property.
Yes, most lenders allow prepayment or foreclosure of home loans. there are no penalty for Part Payment or Full Payment of the loan
Yes, you can apply for a joint home loan with a co-applicant, usually a close family member like a spouse or parent. This can enhance loan eligibility and offer additional tax benefits.
The loan amount depends on factors like the borrower’s income, repayment capacity, property value, and the lender’s policies. Typically, it ranges from a few lakhs to several crores.