HOME LOAN

Home is a place where you can freely relax. With the rise in price in the real estate market it has become obligatory for common people to borrow from financial institutions or bank to purchase a house. This amount borrowed is technically termed as Home Loan. The borrower assures to repay via monthly instalments (EMIs) over a specified period of time.

HOME LOAN PROCESS
There are various steps involved in getting a Home Loan from selecting your property to filling up the loan application. Following are the various stages in Home Loan.

CHARGES IN HOME LOAN
Availing Home Loan does not mean paying monthly EMI only. There are costs like Administrative fees, MODT charges, Switch Fees, Processing fee, Documentation fee and various other charges and fees at different stage of your loan tenure.

TAX BENEFITS
As a home loan borrower you enjoy a Tax Benefit on both Interest paid and the Principal re-paid under Section 80C, Section 24 and Section 80EE

Loan Against Property
If you are in a in a crisis situation let your property take care of your circumstance. Loan against Property is one of the secured loans offered by banks and financial institutions using one or more properties owned by you as collateral. These mortgage loans may be availed against commercial property or residential property as collaterals. The property is mortgaged and a set percentage of the existing market value of the property (usually between 60-70% of the price of the property) is given to the borrower as a loan.
Loans against property area highly preferred in India, and are easily available as well. These loans are cost-effective, reasonably convenient to avail.

Purposes of mortgage loan:
• Expanding your business
• Child’s marriage
• Medical treatments
• Debt repayment
• Sending your child for higher studies abroad
• Funding your dream vacation