It can take from a week’s time to 10 days for sanction of a Home Loan case depending on the profile of the customer.
It can take up to 5 working days which includes the verification process as well. In certain cases, sanction can come in 2 working days.
Minimum is 5 years and maximum can go up to 30 years. The tenure defers from institution to institution.
.EMI refers to Equated Monthly Instalments which you pay on a specific date each month
towards the repayment of your Housing Loan. EMI includes the interest component plus the principal component. The interest component of the EMI is higher in the initial years, and is lower in the later years.
Yes, if you get a high amount and you want to make a partial payment towards your Home loan, then you can do so. Either you can opt for a decrease in the EMI amount or decrease
in the tenure after making part payment.
In case of Floating rate of Interest, there are no fore-closure charges. RBI has set a rule on
foreclosure charges only on the outstanding loan amount.
A] Under Section 24 of the Income Tax Act, following are the interest deductions:
1) If your property is self-occupied, then you can claim a maximum deduction of Rs. 2 lakh.
2) If you have let out your property on rent, you can claim any amount that you paid as interest.
B] Under Section 80 C of the Income Tax Act, one can avail tax benefits on principal amount of the home loan, maximum deduction allowed is Rs. 150,000/-.
A mortgage loan is a secured loan in which a residential property or a commercial property is taken as collateral. The purpose of mortgage loan can be to buy a new property or to raise funds for any business purpose, etc.
Home conversion loans.