Prepayment penalty, a nightmare suffered often by individual borrowers of home loans, is set to end. Prepayment of a loan means payment of all debts before the due date. Prepayment penalty is an amount charged by banks if a borrower wants to prepay their loan. Prepayment penalty in some banks can range between one and [...]
Home loan
Articles and Resources about Home loan
Fixed Rate Home Loans Are Not Really ‘Fixed’
Tuesday, May 24th, 2011When the RBI increases the key rates, banks hike the rate at which they lend to borrowers. Hence, borrowers are burdened with increased EMI or increased tenure. Choosing fixed rate home loan is excellent for those who suspect high fluctuation in near future. As the name implies, a fixed rate loan should typically mean the [...]
Tax Planning with Home Loan
Wednesday, May 18th, 2011A house is one of the biggest investments and most of us might already know that our home loans are eligible for tax benefits under the Income Tax Act. Today, Housing loans have become an attractive proposition to save taxes. For salaried individuals Public Provident Fund, Life Insurance Premium, Equity Linked Savings Schemes (ELSS) etc [...]
How To Lower Your Home Loan EMI
Wednesday, May 11th, 2011The rise in property prices has impacted the fixed and floating rate of interest to a certain degree. As home loan interest rates rise, the housing loan eligibility rules also become tough. Today, when home loan interest rates are high everywhere, banks have the ability to increase tenure up to a certain point. Every EMI [...]
Choosing A Right Home Loan Lender
Wednesday, April 27th, 2011Home Loan plays vital role in fulfilling your dream for buying a property or investing in real estate sector. Various banks offer home loan with their own terms and conditions. The first factor most people consider is the interest rate and EMI, but that’s only the beginning. Many banks may be having some fine print [...]
Joint Home Loan A Wise Decision
Wednesday, April 6th, 2011Since buying a house is one of the biggest and most important financial responsibilities, Joint Home Loan is wise decision for a double income couple or parent and child. There are various types of home loans and different financial institutions competing to offer you Home loan at attractive rates. The interest on home loans in [...]
Tax Benefits On Home Improvement Loans
Wednesday, March 23rd, 2011The tax deduction is available not only for the purchase or construction of a house, but also for loans taken for the purpose of repairs and renovation of the house. Such loans are typically called “home improvement loans”. The interest paid on the home improvement loan is tax deductible up to Rs 30,000 per annum. [...]
