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Banks and Housing Finance Companies (HFCs) offer home loans for different purposes. So before applying for any type of home loan, assess your requirements in order to get a suitable home loan scheme. Some of the types of home loans available are as follows:
The increase in the property rate across the nation (both land and building) has made it impossible for people to buy a home by only using their existing savings. There are many hidden charges and processing fees in the process of buying a house. So instead of buying a house by spending every last penny of your savings and living in constant pressure of being financially insecure, you should definitely take a home loan.
Buying a property involves large scale financial transactions. At the time of buying a property, a buyer does not necessarily have the entire amount to his/her disposal. Here the home loan covers the financial gap and helps you with a smooth financial transaction that is hassle free.
Under section 24 of the Income Tax Act, home loans are eligible for tax exemptions. You can claim up to Rs. 1.5 lakh out of the interest component of your home loan. Also, if you are staying in the house you got loan for, then you can claim exemption on the principal amount of home loan of up to Rs. 1,00,000.