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  • Advantages of Home Loan
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  • Low interest rates:
  • Tax benefits on principal repayments:
  • Tax benefits on interest paid:
  • Flexible tenure:
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What is a Home Loan?

Funds provided to an individual / entity for purchase construction extension or renovation of a residential property is called a Home Loan.

Advantages of Home Loan

Let’s admit it. The satisfaction of owning a house in your asset column is no less gratifying than a promotion that you get after years of hard work. Buying your home is likely to be one of the largest financial decisions you will make in your life. And that’s not just because of the emotional value, but also its increasing market value.
Low home loan interest rates make home loans very attractive to potential buyers. Also, it is easy to get these loans as by their nature, they are approved in lieu of a collateral or asset.
Repaying your home loan is easier with flexible tenures offered by various banks.
Up to Rs. 1.5 lakh as principal repayment on your home loan will be allowed as a tax deduction under U/S 80C and 80CCE of the IT Act of 1961 if it’s a first home. In case of second home or under construction properties, tax benefits on principal repayments will not be applicable.
Tax benefits on interest paid vary depending on self-occupied or let out property or if the property is under construction.

What are the types of home loans available?

A home-purchase loan amount is utilized to buy a residential property. Financial institutions usually provide up to 80-85% of the market value of the house as loan amount. The interest rate on these loans is either fixed, floating or hybrid.
Land Loans are funded for purchase of land for construction of residential/non-residential property. You can also avail funds for construction based on the construction cost estimate. The construction has to be completed within a period of two years from the date of availing the loan.
A home extension loan can be availed by someone who wishes to make any structural changes to their existing house to add more living space. These loans can be availed for up to 90% of the construction estimate for a maximum term of up to 20 years.
A construction loan (also known as a “self-build loan”) is a short-term loan used to finance the building of a home or another real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding
What Is a Home Improvement Loan. A home improvement loan is an unsecured personal loan that can be made without providing any collateral. Unlike some home-related financing, you won’t need to provide your home title. It’s not a mortgage or a reverse mortgage and won’t put your home at risk.
When you transfer your existing home loan to another type of home loan within the same the bank, it is known as Home Conversion Loan. By paying a conversion fee, you can move to a different or based on your needs to a more competitive and affordable housing loan. Bank. Interest Rate.
NRI Home Loan allows many NRIs (Non Resident Indians) to get home loans when investing in properties. Financially, it makes sense to purchase a property through home loan rather than through personal financing especially when you can invest your personal funds somewhere else for better returns.

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