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Home Loan


Home Loan / Housing loans which is sanctioned to buy or purchase or to own a house or residence is a known as a Home Loan / Housing loan. Any qualifying individual can avail housing loan subject to the purpose of owing a residence only. Home loans are not sanctioned to purchase any commercial premises like shop, office, warehouse or factory etc. Home Loan / Housing Loan is a type of secured loan as the house or residence purchased is mortgaged to the lending institution till the full & final Payment of the loan amount. This is a long term loan and the home loan repayment period could be anywhere between 5 years to 30 years. The rate of interest generally varies within the range of 8 % to 13% depending upon institution to institution. Floating interest and Fixed interest are the available interest calculation options to the borrower of Home Loan / Housing Loan in India. The government policies also impact the rate of interest on Home Loan. Generally it is a practice of lending institutions to grant up to 90% of the cost of the premises where the rest 10% of the cost of the premises are involved by the borrower. In certain cases the lending institute may sanction 100% home loan though it is at sole discretion of said institute.

A borrower may buy its prime residence by availing home loan or he or she may buy excess residential property. Borrower repays this loan in form of EMI – Equated Monthly Installments. A Borrower can also avail the facility of premature settlement of the loan or transfer of housing loan to other residential premises.


Eligibility


Everyone wishes to buy a property get a home loan and repay the loan can get Home Loan. Bank / lender has a set certain Eligibility criteria that you need to meet before getting Home loan / Housing Loan. Your age should be minimum 21 yrs and Maximum 58 yrs for salaried applicant and 60 years for self employed. Applicant should have stable soure of Income (The minimum take home pay of the applicant should be Rs. 1,00,000/- in case of salaried applicant & in case of self employed the net income after tax should be Rs. 1,00,000/-). The applicant should be in cumulative service for a minimum period of two years or should be self employed for a minimum period of three years. (Work Experience).


Tax Benefit


Interest of Rs. 2,00,000/- or an actual amount of interest paid for Housing Loan whichever is less is deducted from Income Tax under section 24 and the repayment of principal of Rs.1,50,000/- is also eligible for deduction from Income Tax under section 80C. If Customer has availed home loan.


Charges



There are Charges for home loan processing. These charges are :


Processing Fees
For Handling and processing loan Documents.


Legal fees
Customer has to pay to there Institution or Legal consultants of Institution.


Valuation charges
Customer has to pay to there Institution or his Valuator.


Stamp duty on creation of mortgage of property.


Prepayment Charges
: If money is paid by customer from his account then there are no prepayment charges. If Home loan is taken over by some other bank, lender, institute then customer has to pay prepayment Charges.


CERSAI Fees.

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