Brief:
Home loans in India are one of the most sought-after financial products offered by banks and housing finance companies to help individuals realize their dream of owning a home. These loans are provided for various purposes including purchasing a new house, constructing a home, renovating or extending an existing property, or buying a plot for construction. Major Indian banks both from public sector and private sector offer home loans at competitive interest rates with flexible repayment options. The loan approval process involves checking the applicant’s creditworthiness, income profile, employment status, and property details.
Home loan products also come with government incentives under schemes like Pradhan Mantri Awas Yojana (PMAY) for first-time buyers. Borrowers can choose between fixed and floating interest rates Additionally, the Indian Income Tax Act allows borrowers to claim deductions on both principal and interest components of their home loan repayment under sections 80C and 24(b) respectively.
This series of 30 articles will delve into every aspect of home loans—from HOW TO EXAMINE TITLE DEEDS WHILE BUYING HOUSE PROPERTY, eligibility, documentation, switch over charges, fixed and floating interest rates, teasing interest rates to comparisons across banks, loan transfer procedures, and smart tips for choosing the right loan product. In addition to the above benefits of RERA and CERSAI data are also explained.
| DO YOU KNOW HOW YOUR LOAN EMI IS CALCULATED? | WHAT IS PRE-EMI INTEREST? | HOW TO TRANSFER MONEY ABROAD FROM NRO A/C AND THE SALE OF PROPERTY IN INDIA |
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