Are you planning to buy a house and looking for funding options? A home loan can help you. Well, there are varus lenders that can help you, but it is important that you too are aware and updated of all the terms and conditions relating to a home loan.
Let us look at some latest home loan updates:
- Repo linked interest rate: Earlier the interest rate
were base-rate or MCLR driven, so it was difficult for borrowers to take a
loan. Now with the repo linked interest rate, the home loan will be easily
accessible.
- Government Incentive: The government is too
encouraging individuals to take a home loan, through their scheme Pradhan Mantri Awas
Yojana, that allows individuals to avail home loan at subsidized
interest rates has been availed by a total of 93,000 beneficiaries as of
now.
- If a house is bought
jointly, then both the owners can claim a tax deduction of up to Rs 2
lakh.
- The interest paid during the pre-delivery period can also be counted as a deduction, in five equal instalments from the date of possession.
Conclusion
Home loan not only offer funds but also tax benefits to borrowers. You can apply for the loan through the lender’s website and get a loan up to 80% of the actual price of the house you are purchasing.
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