Home Loan
About Home Loans:
- Home Loan is a financial instrument that helps individuals purchase, construct, or renovate a house by borrowing from banks or financial institutions.
- While it enables Home ownership without substantial upfront capital, tax benefits under sections 80C and 24(b) of the Income Tax Act, 1961 are available to the individuals.
- Home Loans can be availed by both Indian citizens as well as NRIs.
- Home Loans can be availed for acquiring a plot, a new / resale property, or for constructing house on a plot owned by the Borrower.
- It can be utilized for renovating or repairing an existing Home.
- It can also be availed for taking over an existing Home Loan for availing a finer rate of interest.
- Top-ups can also be availed on existing Home Loans for meeting additional personal or business requirement.
- Home Loans come with fixed pricing as well as floating rates of interest that are linked to the Bank’s MCLR / RBI’s Repo rates.
- Tenor of Home Loans extend from 5 to 25 years, depending on the age and eligibility of the Applicant.
- Repayments are based on Equated Monthly Instalments (EMI), which depends on the loan amount, interest rate, and tenure. An EMI calculator may be used to estimate monthly repayments to be made.
- Prepayments and foreclosures are also permissible.
