Home Loan is considered one of the safest product for Banks and NBFC's. The loan is only advanced once a proper security is mortgaged. We Indians are very attached with our home and it is the emotional connect which keeps the bonding very tight. It is a very lucrative business for the banks and govt also encourages the owning of a home by the citizens. We as a home buyer get subsidized rate on Home Loan and also save on interest payment, by way of tax soaps. Currently following schemes are available in market in this segment:
Home Loan for buying an Under Construction/Ready possession property.
Self construction Loan.
Extension Loan for adding floor to existing structure.
Loan Period 5 years to 30 years.
Nil Prepayment charges after six months , means you can pre-pay the complete amount after six months
with Nil pre-payment charges and save on the interest.
Part payment is also allowed , interest calculated on daily reducing balance.
90% of the Value of the property is allowed uptp 20 Lacs and 80% beyond this value.
Tax rebate on Interest payment.
Loan Available from:
State Bank of India, HDFC, ICICI Bank., Axis Bank, DHFL, Indiabulls, PNB Housing Finance Ltd
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