The Goods and Services Tax (GST) implemented by the government recently has definitely affected the real estate industry. Experts say that GST does not apply to resale properties. However, a seller will have to bear the charges of Stamp Duty…
Is there a GST on a resale home loan?
How existing borrower get Home improvement Loan and how it will be disbursed?
A home improvement loan is offered to facilitate improvement of a self-owned property to existing or new customers. This loan may be used for repairs, renovations, improvement, and extension of the house. The loan works like this: The borrower will…
How can I calculate my eligible amount for a home loan?
The bank has to make sure that you’re able to repay the loan on time. Typically, a bank assumes that about 50% of your monthly disposable/surplus income is available for repayment. The tenure and interest rate will also determine the…
What are the factors to be considered while borrowing?
The following are the factors to be considered before the process of borrowing:- Better Analysis: The debt may be worthwhile after careful assessment of risks. A crop loan taken while sowing looks up to a possible good harvest an educational…
How do I claim subsidy on home loan?
Subsidy I guess u meant Tax exemption. As per Section 80 C of the Income Tax Act, you are allowed separate deductions on the principal and interest amount of the home loan amount, along with other entities like ULIP, EPF,…
Will credit card default in India affect my chances in NRI Home loan?
Yes, it will affect the chance of getting your Home Loan. Even though CIBIL operates only in India it has tie-up with Trans Union which functions world wide Credit Bureau can easily fetch your credit history through Trans Union. TransUnion is…
Is insurance mandatory for Home Loan?
Home Loan insurance is not mandatory by law, RBI or IRDA but it is advisable.Loan protection insurance, or loan payment protection insurance, is a form of payment protection insurance. This type of insurance can help you protect your monthly loan…
What is the average time taken for processing Home Loan?
In case of Home Loans the processing time have been differentiated with some criteria. The following are some of :- If the construction of your Home is done by any reputed builders and the construction area is within the city…
How prepayment of Home Loan is beneficial?
Prepayment is the early repayment of a loan by a borrower partially or fully to reduce the financial burden earlier than expected. It is when you decide to pay an additional amount of principal of your loan back, ahead of…
What are the possibilities of getting a loan by a non-salaried person?
Non-salaried person can get a loan provided with very few options available.These avenues of getting loan are useful if the borrower doesn’t have a regular source of income. The following are few available options for non-salaried:- A loan given or…