A house loan or home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms.
The interest rate for home loan can be fixed or floating or partly fixed and or partly floating, suiting the need of the borrower
Owing a home provide Tax advantage.
Stability Monthly Payment.
Cheaper than renting overtime.
Executive profiles –
1. Small contribution can be made for buying a home or down payment.
2. Tax saving can be availed if planned properly
3. Flexibility in investment
1.Lower rate of interest
2.can be avail under housing for all scheme outcome by Govt. of India
3.Difference section of saving available for return and principal contribution.
To suit each unique situation there are different kinds of home loans options that are made to
Home Purchase Loan - You can buy any house or home that is within your budget
Construction Home Loan – You can use this loan to cover the costs of building a house
Land Purchase Loan - You can use this loan to buy a piece of land
Home Improvement Loan – You can use this loan to renovate and improve your house
Home Repair Loan – Pay for the cost of repair and restoration of your home
Home Extension Loan – Increase the amount of built-up space at your home using this loan.