Bank | Loan Amount | Rate Of Interest | Processing Fees | Tenure | Action | |
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5 Lacs - 35 Cr | 8.5 - 11% | Upto 1% | 1 - 20 Years | Apply | |
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Eligibility Criteria
Fees & Charges
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8 Lacs - 75 Lacs | 9.05 - 9.30% | Upto 1% | 1 - 30 Years | Apply | |
What you'll love
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Eligibility Criteria
Fees & Charges
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5 Lacs - 1 Cr | 8.95 - 9.15% | Upto 2% | 1 - 20 Years | Apply | |
What you'll love
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Eligibility Criteria
Fees & Charges
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5 Lacs - 1 Cr | 8.70 - 9.50% | Upto 1% | 1 - 20 Years | Apply | |
What you'll love
Documents
Eligibility Criteria
Fees & Charges
Additional Benefits
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A home loan or housing loan is an amount borrowed by individuals for a fixed tenure from the bank or other financial institutions to construct, buy, renovate or repair a residential property. The lenders i.e bank or other institutions will charge a particular rate of interest on the amount borrowed, which has to be repaid by the borrowers along with the principal amount. Home loan is one of the largest selling banking products and it is considered to be the one which ensures the longest banking relationship with the lender.
Owning a home of your dream is a major decision in a person’s private life. However, as the cost of construction or purchase of property is quite high, the home loans play a major and almost indispensable role for the majority of home buyers. Home or housing loans are advances provided to borrowers who require funds to purchase houses/flats/land. One can also avail home loans for the construction, extension, and renovation of houses. Here the lenders can include either banking or non-banking financial institutions.
In the last few years, real estate has been one of the most profitable investment options for investors. No matter how lucrative it sounds, the rising position of real estate as an investment option has led to the price increase of property in the country. Both land and buildings have become extremely expensive for customers to purchase or opt for. This has led to the growth in the number of home loans that are applied in each day. The rise in the prices of real estate is one reason for borrowers availing home loans; one more major reason behind this is that property transactions are generally heavy as compared to other days to day financial transactions. As such, it is not necessary that the buyer will have to have entire property cost available with him or her at the time of buying their dream property. This is where home loans come into picture and bridge the gap between property seller and buyer.
Banks chip in to pay the amount on behalf of property buyer in return for a particular rate of interest. The general rule of home loan is 80-20 which means that banks will provide only 80% of the value of the home to customers and the rest 20% is to be taken care by the property buyer. This serves good for both banks and property buyers, since, banks are able to make profits by loaning out money while buyers can acquire the entire cost of property and pay it back over a fixed period of time.
The one more major advantage of home loan is that loans are also eligible for certain income tax exemptions which can be used to save some amount of income tax that an individual pays every financial year. Under section 24 of the Income Tax Act, one can claim the tax benefit up to Rs.1.5 lakh out of the interest component of your home loan. In case you are staying in the house bought on loan, then you can claim a maximum exemption of Rs.1 lakh on the principal amount of the home loan too.
Home Loan can be availed for various purposes based on your needs such as to purchase a plot, renovate a home, or to invest in a business. We have got all your home loan needs covered.
What is a Home Loan?
Usually it a loan disbursed to an individual to purchase or construct homes.
What is the tenure of Home Loan?
The tenure widely varies from bank to bank with minimum of 5 years upto 30 years.
Am I eligible for a Home Loan?
The eligibility criteria are quite simple.
You should be at least 21years with a stable and consistent income source.
What are documents required for availing Home Loan?
The documents required are
What are the repayment methods?
Since the tenure is usually long, lenders opt for Electronic Clearing Service (ECS).