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Home Purchase Loan
Buying a house is one of the biggest and most important decisions of a lifetime. You need to access your requirement and apply for the most suitable housing loan. We are dealing in all type of housing loan as like buildup house purchase, construction loan and renovation of house.
Features & Benefits of Home Purchase Loan
- The loan is available at very competitive rates of interest, currently available in the industry.
- Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
- Loan to NRIs as well as Persons of Indian Origin.
- Simplified application form/procedures for convenience of customers, and speedy approvals.
- Repayment upto 70 years also allowed to salaried employees having assured post retirement income.
- Prepayment of Loan permitted. No prepayment charges under floating rate option.
- Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
- Life Insurance Cover to borrowers for Loan Protection(optional).
- Highly flexible - maximum 30 yrs. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others.
Availing a Home Loan may grant you to the following tax benefits
- The repayments (EMIs) towards the principal loan amount availed are eligible for a tax deduction upto Rs 1.5 lakh, under section 80C of the Income tax Act 1961. While Section 24(b) of the Income Tax Act 1961, provides for a deduction on the interest portion of home loan EMIs up to Rs. 2 lakh per annum. However if the house purchased is a “let out property” i.e. is rented out. The deductions can apply for the entire interest payable.
- Additionally first time home buyers may be eligible for further deductions under Section 80EE, upto Rs.50,000/- per annum after they’ve exhausted the limit for interest per Section 24(b).
Pradhan Mantri Awas Yojana Scheme
- The Interest Subsidy Scheme under Yojana - Urban 2.0 provides up to ₹1.80 lakh subsidy on home loan interest for first-time homebuyers.Yes, families belonging to EWS/LIG/MIG categories who have no pucca house in India are eligible for the Interest Subsidy Scheme (ISS) for housing loans under the Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0)
Home Loan Calculator
- Monthly Home Loan EMI per lakh is Rs. 741, which is one of the lowest EMI offered by banks. Housing loan EMI is calculated based on loan amount, loan tenure and interest rate.