Home Loan is a loan provided by a bank or a financial institution to fulfill the dream of owing a house . The loan is used to purchase a new/ resale house, construct a house or to buy an under construction house from a builder. The demand for home loans is very high in India and it is a much sought-after product today. Apart from fulfilling the dream of having owned house, it will also help in wealth creation in the long term. Now with the disposable income of Indians going up drastically when compared to the late 90s , there are many people who avail home loan to add more property to their asset list. Property is proven to be an appreciating asset.This is because the price of the house is expected to rise over a period of time. This makes financing of such a purchase by borrowing a good way to own and create an asset without having all the funds for the purpose.
The property prices in India have shot up quite significantly. Owing a house from one’s savings is a a very difficult task . With rising levels of income and loan offers from virtually every banks makes it easy for fulfilling this basic need . The loan is secured in nature and hence the tenure offered for such loans are very high when compared to other loans. The rate of interest is also very low vis a vis other loan products. The uniqueness of home loan is the borrower get benefited from tax savings because interest outflow up to Rs. 150000 during a financial year can bet set off against salary/business income . Similarly principal amount to the extend of Rs 100000 can also be availed as a deduction under Section 80 ( C) of the Indian Income Tax Act , 1961. The ability to repay the loan over a long time period also makes the entire borrowing affordable for the individual because it fits the monthly outgo within his/her income. It is the easiest way to create an asset thereby giving tax benefits as well.
Home loans are secured loan
The property financed is mortgaged with the financier
Home loans are typically long term loans
Repayment option of up to 20 years
The interest rates are low
Borrower can avail tax benefits
Property can be jointly owned
Income of family members can be clubbed for higher loan
Can be used for investment purpose
HomeFollowing are eligible to apply for an Home Loan:
HomeSalaried individuals
NRIs
You can include your spouse/parents/children as co-applicant if you require higher eligibility The amount of Loan sanctioned depends on various factors. Basically it depends on the Income and Loan obligations of the applicant and coapplicant. It will be normally 48 to 60 times of net salary and for selfemployed 4 to 5 times of annual income. Besides this the cost of the Property being purchased is also a deciding factor. Normally banks fund upto 85% of the property valuefor new properties and upto 75% of repurchase properties. Funding will not go beyond the above limits. Customer eligible loan amount will be least of the both.
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