Home Loans

Availing for a home loan comes along with tax benefits. Home loan tax benefits can get you claims for interest deductions and principal amount deductions. Tax benefits on home loans are governed by different sections of the Income Tax Act. These tax benefits are claimed as tax deductions under different sections while filing the Income Tax Return.

Getting a home loan might not be a problem as long as you fit the eligibility criteria set by the bank or the NBFC. But it’s always smart to see how to save money while trying to pay off your EMIs on a regular basis.

Paying off home loans can be a burden and it might take years to pay them off. But there are people who are lucky to make a pre-closure of their loan. A pre-closure is made when the borrower is able to make a part or full payment of the home loan they availed for. So getting a sudden bonus might be helpful for you to pay off your home loan.

As long as you have a good credit score and meet the eligibility criteria for either of the loans, you can avail them. The lender has to be convinced enough to know that you would be able to handle both the loans and make payments regularly.

A credit score has a direct impact on your financial health. Not all financial products are offered to everyone, banks or any other lending institutes will look at your credit score before making any lending decisions. Your credit score describes the risk associated with your credit profile. If you have a low credit score, banks will be hesitant to sanction your credit application as they would feel you are too risky to take a loan.

A loan consists of two factors – Principal amount and Interest amount. The Principal amount remains the same for all the applicant irrespective of what their credit score is, but depends on their income. But what matter is or makes a difference is the interest rate, which majorly depends on your credit score. If you have a good credit score, the banks can trust your credit worthiness and your repayment capacity.

Applying for a home loan is not an easy task. Banks or lenders will look at certain important factors of the applicant, (like income, credit history, loan amount, eligibility, etc) before approving the loan. In some cases, the applicant may not be able to take a loan single-handedly. In such cases, the borrower can choose the option of having a co-applicant to get the loan without rejection.

No, you cannot convert your existing home loan to Pradhan Mantri Awas Yojana (PMAY). This scheme was launched by the Government of India in June 2015 with an intention of providing homes for the homeless by getting home loan from banks at subsidised interest rate. Following are the eligibility criteria to avail a home loan under PMAY.

As a home loan is a secured loan, the chances are high to get easily approved for one. However, it is essential you fulfil certain general eligibility criteria. Following are the criteria that all lenders generally look for in a borrower.

Your first Home Loan EMI will be deducted on the subsequent due date in the month following your home loan disbursal.  For example, if your monthly EMI debit date is the 10th; and your home loan was disbursed on the 18th of June; Your first EMI will be deducted on the 10th of July.  Now, there are different factors involved in calculating your first EMI debit date.

A home loan balance transfer is very beneficial if the interest rate provided by your new lender is much lower and if you have a long tenure for your current home loan left. If the interest rates vary mildly or if your loan tenure is going to end soon, then it might not be very advantageous as you will need to pay a processing fee and other small charges, thereby increasing the cost of the home loan balance transfer.

No, you cannot transfer your home loan from one property to another in India. If you have taken a loan for one particular property, it is not possible to shift it to another property that you wish to buy.

You can only transfer your home loan to another bank any time after the lock in period ends for the same. The lock in period for a home loan usually ranges from 6 months to 1 year. You can check with the lender you have borrowed from regarding the lock in period for the same. This process of transferring your home loan to another bank is known as a home loan balance transfer and can help you save on EMIs in the long run.

Yes, a person can have both a car loan and a home loan simultaneously as long as he/she meets the eligibility criteria for both and has enough evidence to prove that he/she is capable of repaying both the loans without defaulting on payments.

All public and private banks are reliable to take a home loan. Probably, the customer service might vary from bank to bank. If you plan to apply for a home loan with LIC Housing Finance, it is important you know the features, benefits and eligibility criteria of the loan.

Yes, you can get a personal loan if you have a home loan as long as you meet the eligibility criteria for the same.

Paying off a home loan early will help you accomplish a lot of other financial obligations. Month-on-month payment towards the home loan from your hard- earned money could curtail your financial growth or other saving plans. We cannot deny the fact that the home is the basic need and an own house is a huge advantage.

ICICI home loans can be availed by both resident and non-resident Indians. Before applying for a home loan, it is important you check your credit profile by accessing it from credit bureaus or financial portals like CreditMantri for free.

Both loans have their own advantages and disadvantages. Your intention is buy a car at cheapest price possible. Hence, we tend to look for low interest rates. The interest rate on a car loan generally ranges between 8.60% to 16% depending on the credit profile of the customers.

‘Home Loan’, in a true sense, as the name indicates can only be one loan that is to purchase a house with the help of the funding provided by the banks and NBFCs. However, there are several variants related to home loans.

When you have no money, it is indeed helpful if you could get a 100% financing for purchasing a house. However, the law does not allow that. As per the RBI rules, the following range is mandated across all banks in India.