Your income and repayment capacity are major deciding factors for determining home loan eligibility. Other important factors are the age, qualification, spouse income and continuity and stability of the profession.
An application form could be collected from the bank you wish to take loan from or you can simply download from the respective website and submit it along with the required documents and processing fees cheque to the agent or the respective bank you are dealing with. The EASIEST WAY â€“ Just click here
EMI is referred to â€œEquated Monthly Instalmentâ€� which is the amount to be paid monthly on specific date until the loan is fully paid. The two major components of Home Loan EMI are the principal and interest which is designed in a way that during the initial years the interest component is higher than the principal component but down the line in later years the principal component becomes higher than the interest component
The estimated amount that is expected to be quoted for the property according to the prevailing market conditions is how the market value is ascertained. It is ascertained by a third party valuer empanelled with the respective bank.
Yessss, you do stand a chance to get tax benefits on the principal and interest components of your home loan under the norms of Income Tax Act 1961. For keeping yourself updated on the various benefits to be availed on your home loan you must consult your Loan Counsellor Section 24 (b) of the income Tax Act allows deduction for interest payable on the loan acquired to construct or buy a house property. It is also applicable on loans that are taken for repair or reconstruction.
Various banks offer numerous modes of repayment of loans you can opt from. You can ask for ECS (Electronic Clearing System) or opt for direct deduction of monthly instalment from your salary account as per your convenience. However, it must be noted that the delayed payments would lead to penalty and also you may be subject to paying cheque bounce charges.
A property that is in the process of getting constructed and supposed to be handed over to the buyer at a subsequent date is referred to the under construction property.
After the technical appraisal of the property and verification of the documents you can submit the request for the disbursement of the home loan through Loan street /bank Representatives.
Yes, the loan can be paid ahead of the schedule by making lump sum payment partly or fully. However it will be subject to the prepayment charges that vary from bank to bank. Generally, they are zero or minimal.
Yes, itâ€™s very important to insure the property for fire and other hazards during the pendency of the loan. The bank may ask for evidence of such insurance on any day. The bank from where the loan is disbursed is the beneficiary of insurance policy.
A fixed interest rate doesnâ€™t change during the tenure of a loan. The customer knows how much to pay exact amount in monthly instalments.
It refers to any type of debt instrument such as loan, bond or credit, that doesnâ€™t have a fixed rate of interest over the life of instrument.