BANK LISTS
A Home Loan is defined as any amount of money borrowed from a bank or an NBFC for the purchase, extension, or construction of a home at a fixed or fluctuating rate of interest, payable in EMI or Equated Monthly Instalment over an agreed time. For the duration of the loan, the property serves as security for the lender. You can get a home loan for a variety of reasons.
Different Types of Home Loans for your Special Needs
Features of Home Loan
Home Loans are Secured Advances, which can be availed by mortgaging the property you seek to purchase. Existing property can also as collateral.
Lenders offer a Maximum Home Loan up to 100% of the Value of your Property
Interest Rates available on Home Loan are of three kinds. Fixed Rate, Floating Rate, Marginal Combination of Fixed and Floating
Registration charges, processing fees, prepayment penalty, commitment charge, and miscellaneous charges for documentation and consultation, may apply on your home loan.
You are entitled to tax benefits on your home loan according to the Income Tax Act, 1961.
Lenders offer a Minimum Home Loan Value of Rs. 2,00,000 payable in Equated Monthly Instalments (EMIs)
You are offered a Home Loan subject to your income, employment type, credit history, the location of your property, and other factors.
Lenders offer you a Minimum Home Loan Repayment Period or Tenure of 5 years & a Maximum of 30 years.
Depending on the lender you select, you may be offered a home loan pre-payment facility with or without a prepayment charge.
You may avail a home loan with your spouse or parent as a co-applicant or a joint applicant, for which you can avail tax benefits too.
Cost
of Work
A Home Loan stands for the amount of money that you borrow from a Bank or an NBFC for a certain period for home purchase, improvement, construction, or land purchase, which you repay in Equated Monthly Instalment with interest at a pre-decided rate. Your property becomes the collateral against which you avail the home loan. The lender reserves the legal right to the property, which may be personal or commercial, and he may recover the outstanding loan amount in case of default by selling off the property.
Listed below are the types of Home Loan available
- Decide the Exact Amount to Borrow
- Home Purchase Loan
- Home Improvement Loan
- Home Construction Loan
- Land Purchase Loan
- Home Extension Loan
- Joint Home Loan
- Home Loan Balance Transfer
- Top Up Home Loan
Home Loan Balance transfers feature the following benefits.
- Enhanced Interest Rate
- Better Features
- Extended Loan Tenure
- Augmented Loan Amount
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