Home loan in Kannada -Home Loan Details 2020 | ಹೋಂ ಲೋನ್ ಬಗ್ಗೆ ನಿಮಗೆ ಗೊತ್ತಿಲ್ಲದ Exclusive Information




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Home loan – Everything You Need to Know

Home Loan is Given by Banks, Housing Finance Companies, NBFCs

Home Loan Can be used to:
Buy a Plot Land
Construct a house
Repair/Renovate house
Home loan is secured loan.
House is collateral or security till the home loan is repaid.
Types of Home Loans
New Home Loans
Pre-approved Home Loan
Home Purchase Loans
Home Loan for Construction
Plot Loans
Home Loan Top Up
Home Extension/Renovation Loans
Balance Transfer Home Loan
Home Loans for NRIs

Terminologies:
Principal
Down Payment
Eligible Loan Amount
Co-applicant
Fixed rate of interest
Floating interest rate
Equated Monthly Installment (EMI)
Processing fees
NOC
Occupancy Certificate
Reset Clause
Basis Point
Tripartite agreement

Eligibility:
Age: 21 to 60 years and self-employed should be between 21 to 65 years.
Job Stability
Income Level
Credit Rating
Other Loans
Resident Type

Types of Interest rates on Home Loans:
Fixed rate
Floating rate of interest.

Home Loan Fees & Charges:

Processing fees
Prepayment charges
Conversion fees:
Cheque dishonour charges
Fees on account of external opinion
Home insurance
Default charges
Incidental charges
Statutory/regulatory charges
Photocopy of documents
Change in loan term
Application Fee
Technical Valuation Charges
Administrative Fee
Balance Transfer Charges
Legal Fee
Franking Fee
Notary Fee
Indemnity Cost
Recovery Charges

Home Loan Tax Benefits:
Deduction for Interest Paid on Housing Loan
Deduction in respect of interest paid towards home loan during pre-construction period
Deduction on Principal repayment
Deduction For Stamp Duty and Registration Charges(limit 1.5 lakhs and should be claimed same year)
Additional deduction under section 80EE
Additional deduction under section 80EEA
Deduction for Joint Home Loan

Remember below points while choosing a home loan:

Due diligence
Interest rate negotiation
Check for hidden charges
Compare different lenders
Tenure
Read Terms & Conditions
Credit score

Reasons for Home Loan Rejection:

Bad or low credit score
Incorrect personal details in credit report
Rejection of loan by other banks
Unstable income
Age factor
Location of the property
Poor repayment capabilities
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