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A home loan is a type of loan that requires collateral and is used to purchase a property, such as a house or apartment. The borrower obtains this home loan at an economical interest rate, which can vary depending on the lender, and for a longer tenure to reduce the burden on the borrower. This type of loan is available to individuals and businesses alike. However, it is important to carefully consider the terms and conditions before obtaining a home loan. Therefore, it is recommended to thoroughly research and compare different lenders to find the best option for your specific needs.
To encourage a larger number of individuals to purchase their dream home, the Government of India provides tax deductions on both the principal and interest paid on a home loan.
I. Deduction on Principal Repayment under Section 80 C:
An individual is eligible to claim a deduction of up to INR 1.5 lakhs on the principal portion of the loan amount under Section 80C of the Income Tax Act of India 1971 in a financial year.
II. Deduction on Interest Repayment under Section 24:
An individual is eligible to claim a deduction of up to INR 2 lakhs on the interest portion of the loan amount under Section 24 in a financial year.
For more information, visit the government website to familiarize yourself with the detailed terms and conditions.
In India, the increasing cost of real estate has made it challenging for individuals to purchase a home without obtaining a housing loan. Fortunately, financial institutions in India provide a variety of housing loans to assist borrowers in achieving their goal of homeownership.
It is a popular type of housing loan offered by major banks and financial institutions. As the name suggests, home loans are used to buy an apartment, a row house, or a bungalow from a real estate developer, a construction company, or a government housing authority. One can use this type of loan to purchase an under-construction or ready-to-move-in property.
Planning to build your dream home? A home construction loan can be a valuable tool in turning your dream home into a reality by providing the necessary funds to build on your own land. Unlike a home loan, where the lender provides a lump sum payment for the entire loan amount, a home construction loan is typically disbursed in installments as the construction progresses.
Looking to transform your home with modern amenities? Home Renovation loan can help you.
A plot loan, also known as a land loan or plot purchase loan, is a type of loan specifically designed to finance the purchase of a plot of land. This loan is typically used with the intention of building a house or property on the land in the future.
Finance the purchase of a plot or land for future construction. Acquire your dream property location now and build your home later when you're ready.
Home loan balance transfer allows you to transfer your existing home loan to a new lender, benefiting from lower interest rates or an increased loan amount.