Home Loan In India
Most of the people, when they hear loan; they think of an unnecessary burden and financial condition that may not be good of the person availing the loan. But times have changed now. For purchasing home, it requires a large amount funds. As funds have been a major issue now days, as property rates are very high in India. Person with good monthly income can't afford to buy house in such recession market. To fulfill everyone dream of home there are banks and financial housing companies which lend you money to purchase a house or property at a good interest rate. A person with good credit score and history can easily avail the loan and that too with very low home loan interest rate. There are hundreds of banks and financial housing companies which lends you money to build your dream home. As we are living in internet world, we can easily search online and compare. There are many good sites which compares different offerS and schemes of different companies and bank. But there are some FAQ in every one mind.
Who is Eligible for Home Loan?
A person with regular source of income is eligible for the loan. This includes self-employed business people, salaried individual and professionals. NRI individual can also apply.The minimum age required to apply for home loan is 21 years in India and when the loan period begins it should be less than 65 years or age near retirement of any individual.
How much down payment?
Most of the financial institution and banks tends to give 85% of the cost of the property. 15% is minimum down payment expected to be paid before applying for the loan.
What others factors, which are relevant for home loan eligibility?
There are many other factors such as purpose of the loan, duration, amount and home loan interest rate etc. The age of the loan applicant is also an important factor. Any existing loan on the applicant, credit history and number of dependents on the applicant also plays important role in deciding the eligibility.
What are factors included in the total cost?
It includes stamp duty, transfer charges and registration charge apart from the actual loan amount. These all charges may vary from location to location
How much loan can I avail?
It depends upon on many factors such as salary details, business of the applicant, growth prospects, other income if any, years of income. There may be many more factors which may vary from lender to lender. So do look at loan eligibility
Can some have a co-applicant?
Yes! It's always good to have a co-applicant. This will definitely help the applicant increase the loan amount they are eligible as the income of the co-applicant is also taken to consideration
Is there any tax exemption benefits?
Yes. Tax rebates on people who have taken home loan. So it is very helpful for the applicant which have availed the loan. So it means there is taxes relaxation on the applicant.
What are Loan Tenure option?
Yes, the applicant have the option of selecting the tenure which they are comfortable with ranging up to 25 years, provided the term does not extends beyond your reaching 65 years or the age of retirement.
Who is Eligible for Home Loan?
A person with regular source of income is eligible for the loan. This includes self-employed business people, salaried individual and professionals. NRI individual can also apply.The minimum age required to apply for home loan is 21 years in India and when the loan period begins it should be less than 65 years or age near retirement of any individual.
How much down payment?
Most of the financial institution and banks tends to give 85% of the cost of the property. 15% is minimum down payment expected to be paid before applying for the loan.
What others factors, which are relevant for home loan eligibility?
There are many other factors such as purpose of the loan, duration, amount and home loan interest rate etc. The age of the loan applicant is also an important factor. Any existing loan on the applicant, credit history and number of dependents on the applicant also plays important role in deciding the eligibility.
What are factors included in the total cost?
It includes stamp duty, transfer charges and registration charge apart from the actual loan amount. These all charges may vary from location to location
How much loan can I avail?
It depends upon on many factors such as salary details, business of the applicant, growth prospects, other income if any, years of income. There may be many more factors which may vary from lender to lender. So do look at loan eligibility
Can some have a co-applicant?
Yes! It's always good to have a co-applicant. This will definitely help the applicant increase the loan amount they are eligible as the income of the co-applicant is also taken to consideration
Is there any tax exemption benefits?
Yes. Tax rebates on people who have taken home loan. So it is very helpful for the applicant which have availed the loan. So it means there is taxes relaxation on the applicant.
What are Loan Tenure option?
Yes, the applicant have the option of selecting the tenure which they are comfortable with ranging up to 25 years, provided the term does not extends beyond your reaching 65 years or the age of retirement.
Source...