Home Loan F.A.Q.
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Home Loan eligibility is mainly dependent on your income, tenure of the loan and existing obligations if any. The banks/ NBFC’s will also look into your credit history to ascertain that you are capable of paying the EMI’s and servicing the loan. Usually home loan eligibility is calculated at 85% of your monthly income. You can check your eligibility here
We are constantly trying to bring you the best rates possible from the various banks and NBFC’s. Every detail is checked and verified internally to arrive at the best fit lender for your needs, so that rejections are almost nil. Since we are neutral platform, we do not push nor promote any lender. Only the best deals basis your eligibility is presented to you for further processing. Moreover, all the services are completely free of cost to you.
There are two components to tax benefits on home loans- on the principal and on the interest Interest payment You can claim benefits under Section 24 on the interest paid for the home loan. The maximum tax deduction allowed for a self occupied property is 2 lakhs. Principal payment You can claim benefits under Section 80C. The maximum tax deduction allowed is 1.5 lakhs.
A pre-approved loan is an in-principle sanction from your lender after assessing your borrowing power and credentials. It is a confirmation from the bank that you are in fact eligible for borrowing a certain sum of money. The advantages are that you can now carry on with your house hunting in peace knowing exactly what you can afford and what falls within your budget. It also can lead to a quicker disbursal since you already have an in-principle approval.
On an average, loans can take upto 3-10 days after all the necessary documentation has been completed.
A long tenure equals lower EMI outflow. But longer tenure makes the loan more expensive owing to payment of larger net interest towards the loan. Shorter tenures mean you can repay the loan faster, but the EMI is comparatively higher.
The property being purchased become the collateral and is mortgaged to the lender for the entire tenure of the loan or till the loan is repaid.
- Income/ Other Income.
- Property value
- No of dependents.
- Bank Balance.
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