Home Loan repayment options are as follows I. Home loan with increasing EMIs In such loans, you can avail a higher loan amount and pay lower EMIs in the initial years. Subsequently, the repayment is accelerated proportionately with the assumed…
Home Loan repayment options
Tax benefit on HRA
Tax Benefit on HRA Many taxpayers shell out house rent but can’t claim deductions due to the absence of the house rent allowance (HRA) component in their salary. Under Section 80GG, you can avail of the benefit for the rent…
Home Loan Tax Benefit
The Indian government has always shown a great inclination to encourage citizens to invest in house. This is why a home loan is eligible for tax deduction under section 80C. And when you buy a house on a home loan,…
Debt Trap – Home Refinance
Why Home Refinance can be a Debt Trap? When rates are low, it’s tempting to refinance your home, because your monthly payments will go down, and you’ll get some extra cash. Only people with the best credit qualify for the…
How home loan balance transfer works?
The interest rate of an existing home loan and the flexibility the financing institution offers determines whether one continues with the same loan or thinks of a switch. For a lower interest rate and/or other advantages, customers can transfer the…
Types of properties on which loans are provided
Different types of properties, on the basis of planning, on which loans are provided, are: (1) Registered properties with Map – A registered property with proper maps and clear sanction plan by town planning authority is one of the best mortgages considered…
Loan Against Property
A loan against property is a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent. Loan against property…
What are the documents required for Loan Against Property?
The following are the documents required to apply for Loan Against Property:- For Salaried Person Photo Identity Proof: Any One from the following Passport Pan Card Voters ID Card Driving License Residence Address Proof: Any One from…
What is Loan Against Property?
A loan against property is a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent. Loan against property…
What is Reverse Mortgage?
Reverse mortgage is a finance option for senior citizens. It acts as an additional source of income if the existing pension corpus is inadequate to fund their retirement. This option allows the senior citizens to mortgage a self-owned property with…