Home Loan

  • How to Transfer a Loan from One Lender to Another?

    In 2019, the RBI went on a repo rate reduction spree, reducing the repo rate every two months bringing it to an all-time low at 5.4 percent. RBI further asked the private and public sector banks to reduce their home loan rate that will help in passing the benefit of the reduced repo rate to the home buyers. Since the banks only change their interest rate quarterly, it is expected that this year th...

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  • How to Pay your Home Loan Faster?

    Buying a house while taking a home loan is easy, but it also makes you stay burdened under the debt until the debt has been paid off. It is a big decision to buy a house and a bigger decision to be ready to pay the EMI for the next 15 to 20 years. We discuss ways which can help you in paying your home loan faster but before that let us discuss everything one needs to know about EMIs. An Equa...

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  • Everything you Need to Know About Section 80EEA for Deductions on Home Loan Interest

    First-time buyers in India enjoy an additional tax deduction if the property is bought with the help of a home loan from the bank or any financial institution. Provisions have been made in the Income Tax Act, 1961, to offer exemption for first-time buyers to purchase affordable homes. The benefits are included in Section 80EEA and Section 80EE.   Section 80EEA of ITA Introduced by Finance Mini...

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  • How to Claim Tax Exemptions on Multiple Home Loans

    When it comes to investing in properties and taking home loans, there is no restriction given your pocket and repayment ability supports you to take the loan. Not just the advantages of owning multiple homes have on your profile, one can also enjoy many benefits on tax exemptions.  It is important to note that your earnings and repayment capability defines the amount of loan one can take.  ...

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  • Finance your Second Home with these Tips

    After buying a home and repaying most of the home loan, most homebuyers want to invest in a second home. But often homebuyers are not aware as to how to fund their purchase.  We share the tips that can help you to finance your second home: Another home loan: To fund your second home purchase one can always approach the banks or financial institutes to give out a loan. However, the banks...

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  • What to do if the Bank Loses your Sale Deed?

    When you take a home loan to purchase the dream house, the bank or the loan lending company keeps the sales deed with them. They return you the sales deed once you have paid every last penny of your outstanding loan amount. The banks and financial institutes do this as a guarantee that the homebuyer will repay the amount and not quit halfway.    But what can a homebuyer do if the bank loses th...

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  • Repaid your Home Loan? What Should you do Now?

    Repaying your home loan is a blissful feeling. It feels like one has gotten rid of all the burden they have been carrying for years. However, your work does not end after paying the last instalment of your home loan. There are still certain things one must remember and do after the loan repayment.    Personally, visit the bank: Generally, after you have repaid your home loan, the bank will ge...

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  • Are You Taking a Home Loan? Keep These Pointers In Mind

    Buying a house is a huge financial commitment, and one must make sure they are taking the right steps in the direction so that the deal and the experience do not come back to haunt them in the future. Right now, the home loan interests are at an all-time low with RBI regularly reducing their repo rates making it easier for the homebuyers to get the home loan cheaply.  The government has been m...

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  • All you Need to Know About Home Loan Co-Applicants

    A co-applicant is the person who applies for the home loan along with the main applicant. There can be two types of co-applicants: one whose income is calculated to pay the home loan and one whose income is not included in the home loan. It is important to understand that all the co-owners need to be the co-applicant on the home loan. However, not all co-applicants can be the co-owners of the p...

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  • Good Credit Score can get you Cheaper Home Loan

    The times when the banks were eager to give out home loans to every loan applicant are gone. The assumption that more home loans will, in turn, imply the growth of the economy has backfired and is currently the reason for the crisis the banking sector is going through.  This has triggered the banks to make their laws stricter. The banks are now more diligent when giving out home loans. If your...

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