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Financial food for thought
Every salaried taxpayer often wonders if the Income Tax Act allows him or her to claim a deduction for HRA and also for interest on home loan. The answer is that he or she can claim tax benefits on both home loan and HRA in the same financial year.
Own house is an aspiration for lower and middle-income earning groups in the country. A home loan is the most convenient option for this population to buy a house and pay over lifetime. The maximum tenure on a home loan is 30 years which is a major part of one’s life.
A home is one of the costliest assets that an individual owns during his/ her lifetime. Given the rate at which real estate prices have increased in the recent past, it is no more possible for commoners to purchase a home out of their own funds. Hence the need for a home loan.
While buying a home, many people need some extra help, as not everyone has the financial wherewithal to buy a home. That’s where a home loan can help you. The fierce competition amongst lenders has led the market getting flooded with a multitude of home loan offers. It could be very easy to get confused.
The interest rate on a home loan is a major determinant in choosing the best home loan. As the maximum repayment period on a home loan is 30 years, the outgo on the interest amount alone could be double the principal amount, and it can be a huge burden to the borrower.
Owning a home is among the top aspirations of individuals. Investment in real estate is often for life and costs a lot, making it difficult to own them just out of your personal funds/ savings. Availability of a home loan comes as a big savior here.
Owning a home is a dream for many of us. A home is a big-ticket investment, which is difficult to own without a loan. As a home loan involves large amount and extends across a long tenure of 20-30 years, lenders do a thorough due diligence before approving loan applications. Lots of factors go into determining the approval of your home loan application. They can range from your income to your existing credit score to other loan commitments, documentation and other issues involved with the property being chosen.
Owning a home often involves a home loan and these are big ticket, long-term commitments. As the loan involves lakhs of rupees and runs up to long terms like 20-30 years, interest paid on these loans matters a lot. Often, individuals pay an amount equal to or more than the principal of the loan as interest. Let’s look at an example to demonstrate the same.
Buying a home is one of the most important financial decisions that an individual takes in their lifetime. A lot of importance is given to searching the right home and getting the home loan on favorable terms. However, not much thought is given to the home loan repayment, other than availing income tax benefits.
Owning a home is one of the aspirations for many of us. The same holds good for Non Resident Indians who reside outside their home country due to work or business. Just like Resident Indians, NRIs could also avail home loans for buying homes/land in India.
To be able to own a home is a matter of great pride, hence owning a home ranks high among the aspirations for a majority of Indians. When you come to think of a home, it is the most expensive asset you own. Therefore, fulfilling the decision to buy might not be possible without the aid of a home loan.
Home loans are big ticket long term commitments often extending to as many as 20 years. Did you know on a Rs 50 lakh availed for a tenure of 20 years, you end up paying as much as the principal amount as interest? Home loans make the burden of owning a home easier, but due to the longer tenures of these loans, a lot is spent just in interest cost.
Real estate as an avenue of investment always holds its own charm. Many individuals look beyond owning a home for varied reasons such as owning a second home in home towns or in places of work, as a vacation home or for renting it out
Abha and Rajesh are a working couple based out of Mumbai and were on the lookout for a house to buy. Their workplaces were close to the Central Business District, hence they preferred an apartment close by. After a lot of searching and research around the area, they found an apartment costing Rs 95lakhs with great amenities. The next step, Rajesh approached his bank for a home loan.
Housing for all Indians by 2022 is one of the commitments of the given by the government. To this effect, the Pradhan Mantri Awas Yojana (Urban) was launched in 2015 with the aim of making housing affordable for the Urban Poor.
Home loan balance transfer is the process of transferring your existing home loan to another lender for better services and low interest rates. The details of Mahesh’s outstanding home loan with the existing lender are as follows
Owning a home is a dream come true for many of us. Socially and culturally too, we consider owning a home as a symbol of being successful. Whatever be the reason, owning a home brings in lots of joy and also with it, comes the hassles of a getting a home loan. When going in for a home loan, there are a lot of factors to be considered like your eligibility, the down payment amount required, tenure of the loan, interest rate, the EMIs and of course your credit score.
From the POV of a buyer, both buying a piece of land and buying house could be the same. But to a bank or an NBFC they are 2 different entities. Though the process, documentation and loan criteria are same there are some intrinsic difference that you need to be aware of.
If this is your first home loan, there could be many questions on your mind and there are umpteen chances that you could miss out these factors. We did the heavy lifting and listed down all the important points that you need to watch out for before taking up a home loan.
Neeta and Harish were buying a new home and like any diligent buyers, they took a lot of efforts to ensure they were doing everything right. After getting all checks for above list, they thought they were all set for their home. But they had not figured in about the charges every home loan applicant needed to pay and be aware of.
With the emergence of internet and all banks and NBFCs going digital the customers are now in a position to compare different lenders and choose the lender they want. The lenders have also provided their eligibility criteria online to make sure customers do not waste time. This way borrowers can concentrate only on the banks they are eligible for. One important factor that borrowers look for when comparing banks is the loan amount they are eligible and the interest rate.
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