All you need to know about Home Loans in India
Category: Home Loan
There’s no place like home and these days, home loans are a great option to own your dream house. But if you are taking home loan, for the first time in your life, there are few things which you must know, before applying for the home loan.
What’s Home Loan?
Home Loan is a secured loan and it is quite easy to get this loan faster because your home will work as collateral. Since, it is not possible for most of the masses to have enough cash for buying their dream house; home loans have gained popularity to get the fund for buying house as one can pay back these home loans, over a period of time, through expedient equated monthly instalments. Usually, banks provide you maximum 80% of the value of your house, as a home loan, if the value is over 20 lakhs otherwise they can also provide you up to 90% as home loan.
Behooveful features of home loan
1. Fixed and Floating Interest Rate: Fixed interest rates remain same throughout the loan tenure while floating interest rates change with the market rates. Mostly, people prefer to opt floating interest rate because fixed interest rates are little higher than floating rates. Presently, the starting HOME LOAN INTEREST RATE IN INDIA
is 9.5%, which you get from banks and NBFCs.
2. Tenure: Repaying Home loan is not a stress because of the longer tenure period of up to 20 years.
3. Repayment charges: To make your repayment even easier, most of the banks don’t charge you repayment charges, if you wish to repay the loan before the tenure of the loan is over.
4. Credit Score: Credit score of 740 and above are considered to be an excellent score, on other hand credit score of 500 and below are considered to be bad, which means you won’t be eligible for loan.
Why should you take a Home Loan?
1. If you are staying in a rented house, then home loans are great options for you as you can utilize the amount of rent to pay the EMIs, while enjoying the comfort of staying at your own house.
2. Many people are not able to accumulate funds, which are required to buy a house; home loans are the only beneficial and helping solution they have to own their dream house.
3. Repaying home loans allows you to enjoy tax exemption benefits, provided by Income tax Department.
So, don’t wait to own your dream home and enjoy the comfort of being at your own house. Just take a step forward to buy your dream house with HOME LOAN IN INDIA
and enjoy numerous amazing benefits.