Home Loans

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Benefits of Taking a Home Loan

Tax Benefits:

Tax benefits is provided by the government of India to encourage more and more people to buy their own home, Tax benefits is applied in both principal and interest amount. According to sections 80C an individual can claim deduction of up to 1.5 lakh of income tax act,1961 in a financial year.

Tax benefits or income tax deductions shall apply in case of completed house, if the property is in under development or under constructions. You can not claim income tax deductions in under constructions.

Advice: If you are planning to take a home loan for purchasing a house/home. In this conditions I will suggest you that do not buy a house/home, which is under constructions. In under constructions property you can not get any type of deductions.

If you really want to purchase a own house then I will suggest you to purchase a well complete house and you will safe your more money by availing/taking deduction of RS. 1.5LACK/2LACK according to the conditions of income tax Act.

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Basic knowledge of Home Loan
I shall explain some basic knowledge of about home Loans to first-time borrowers. 1.House as a security: In a home loan your house, on behalf of you are taking loan, your property as mortgage to the lender. Before giving you home loan the lender check your revenue status and then they lent you loan.
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Advantage of Availing a Home Loan

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Faq / Frequently asked questions
What is a Home Loan?

Home loan is a loan given/disbursed by a bank to an individual specifically for purchasing a new or old home. Home loan are disbursed for both types of property as new property or old property. The point is that the title of the property is wholly of the banks or financial institutions (lender) until the full amount of loan along with interest will not paid.

What is the tenure of a home loan?

Home loan is basically a long term borrowing. It will be sanctioned to an individual according to his living status. Its tenure will be minimum of 5 years and a maximum of 30 years. The period/tenure offered to you by considering other factors.

What do banks consider when granting a home loan?

First of all the banks or financial institutions determines your payment capacity. And then they consider the following factors:
1.Income/revenue level of the applicant.
2.Age of the applicant.
3.Qualification (stability and occupation continuity).
4.Resident status (maximum limit for an Indian resident differs from that of a non-resident).
5.Income of spouse (household income is taken into account when there is a co-applicant).
6.No. of dependants (it is a measure of repayment capacity).
7.Credit history and score (past repayment track record).
8.Status of existing loans.