- July 18, 2020
- Posted by: xfx9n
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A sum of money borrowed from a financial institution or bank and NBFCs to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms.
Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank’s and NBFCs the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property.
Features and Benefits of Home Loan:
- Home Loan fulfills all your mortgage financing requirements, from buying your first home to constructing a new house, purchasing a plot/ land, renovating your home, or getting a balance transfer for your existing home loan.
- Heed Securities caters to all salaried, self-employed, and professional individuals.
- Get a home loan up to Rs. 10 Crore, from LoanMoney at attractive interest rates with convenient doorstep services.
- Get flexible repayment options and quick disbursals.
To enjoy more convenient options to suit your financial needs.
Home Loan is offered to
- Salaried Employees
- Salaried Director of Company
- Self Employed Professionals
- Proprietors
- Company
- Partnership firm
- NRIs
Types of Home Loan
- For New homes
- For Resale Homes
- For Construction
- Balance Transfer
- Home Improvement Loans
- Home Extension loans
- Plot Loans
- Top Up Loan/ Loan Enhancement
Characteristics of a Home Loan ?
- Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan?
- Home Loan eligibility is based on Property Value and loan repayment capacity of Individuals(s).
- Home Loan can be availed against Plot of land, Under construction, Re-sale property.
- Property must be located in Municipal Corporation limit
- Title of property must be clear.
- The property could be a personal property or a commercial one.
- Loan repayment is made in monthly equal installment, although options are available for other options of repayment also.
- Interest Paid ineligible for deduction under Income Tax Act U/s 24.
- Principal Repaid is eligible under section 80 Income Tax Act.