Being one of the oldest banks, PNB offers types of housing loan schemes for every income group.
Dena bank is one of the nationalized banks in India, known for offering a host of financial products and services.
Indian bank was initially incorporated to boost banking habits among individuals through services.
Having your own home is a dream for most of us. But it requires lots of planning, from designing its architecture, constructing from ground up and designing its interiors. Apart from the planning and other things, the most important thing which is required for the construction or for purchasing a house is the money. Due to the skyrocketing prices of the property day-by- day and the demands and needs of housing, the number of financial helping hands also increases, a large number banks and non-banking financial institutions are available in the market with better and more attractive home loans. Home loan comes as a financial hand in an effort to build a dream home.
Home loan is a comparatively a broad category, as it’s not only about a loan availing from a bank or any financial institution for purchasing a new or existing house. But also about the purpose of availing the loan the loan providers are offering Home loans for different purposes according to the changing needs of the customer.Different types of Home Loan:
Home Loan is one of the biggest liabilities, considering the amount borrowed and long tenure involved. However, a home loan comes loaded with some benefits as well, which are given below-
Low Interest Rate: Buying a dream home is a long-term financial decision, which makes it important to look for the interest component as the longer the home loan tenure will be, the expensive your home loan will become. In the market, most of the banks and financial institutions are present which offer home loan to the individuals at reasonable interest rates, to make home loan and make affordable for you.
Deduction For Interest Paid On Loan: The most important benefit of availing home loan is that its repayment options, one can easily repay the loan in terms of EMIs (Equated Monthly Installments. EMI has two components namely interest on the loan and principal amount. Under Section 24 of the Income Tax Act, 1961 the interest of the EMI paid for the year can be claimed as a deduction up to a maximum of Rs. 2 Lakhs.
Deduction On Principal Repayment: Under section 80C of the Income Tax Act, 1961 the Principal portion of the EMI paid for the year is allowed as deduction and the maximum amount that can be claimed is up to Rs 1.5 Lakhs. But to claim this deduction, the property should not be sold within 5 years of possession. If the property is sold within 5 years of possession, the deduction claimed earlier will be added back to your income in the year of sale.
Capital Appreciation: As we all know that the price of the properties are skyrocketing, leads to capital appreciation and becomes one of the major reasons to invest in a property. Not only cost of construction, rents over a period of time seem to keep up with inflation as well; making a dream home is one of the best investments for the long term.
Lenders cannot just provide you vehicle loan and let you fly off without repaying the loan amount. Banks and financial institutions might not approve your vehicle loan application if your residential address belongs to the city or town other than the city you are getting the loan from. Two-wheeler is a type of secured loan and the lenders need to get assured that the loan amount will be repaid on time without any default. Hence, having the same city residential address can work in your favour.