Everything you needed to know about home loans
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Home Loan plays vital role in fulfilling your dream for buying a property or investing in real estate sector. Banks and Housing Finance Companies (HFCs) offer various home loans with tailor made options to suit different payment capabilities. A simple understanding of home loans can help loan seekers in applying for suitable options.
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Everything you needed to know about home loans
- 1. Everything YOU Needed to know about Home loans
- 2. 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?
- 6. 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
- 7. Because YOU can take loans with tenure ranging from 1 – 20 years Because taking a home loan offers tax benefits
- 8. There are different Types OF Home Loans DID YOU KNOW ? ?
- 9. These are basic loans used to purchase new property Home Purchase Loans
- 10. These loans are used to renovate and modify existing properties Home Improvement Loans
- 11. These are given out to construct a new home Home Construction Loans
- 12. These loans are used to expand or extend parts of an existing home Home Extension Loans
- 13. These are usually new loans with lower interest rates, which are used to repay an old loan Balance Transfer Home Loans
- 14. These are opted to buy fresh land for construction of new homes Land Purchase Loans
- 15. 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
- 16. These helps the NRIs in buying residential properties in India NRI Home Loans
- 18. 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
- 19. 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
- 20. What Factors are considered to get a Loan ?
- 23. 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
- 24. Under Section 24, interest repayments of up to Rs. 1.5 Lakhs per year are exempted from tax
- 25. Did we get the answers to our questions?
- 26. CommonFloor.com is India's leading property search portal. On a mission to make property search hassle-free, transparent and fruitful; CF has best of breed property search on maps, property search mobile apps and an extensive section for knowledge resources and advice in real estate.