Key features of a Home Loan
- Home Loans can be availed by mortgaging the subsisting property as collateral & property you seek to purchase.
- Interest Rates available on Home Loan are of three kinds. Fixed Rate, Floating Rate, Marginal Combination of Fixed and Floating.
- Registration charges, processing fees, prepayment penalty, commitment charge, and miscellaneous charges for documentation and consultation, may apply on your home loan.
- You are offered a Home Loan subject to your income, employment type, credit history, the location of your property, and other factors. Depending on the lender you select, you may be offered a home loan pre-payment facility with or without a prepayment charge.
- You can also avail a home loan with your spouse or parent as a co-applicant or a joint applicant, for which you can avail tax benefits too. You are entitled to tax benefits on your home loan according to the Income Tax Act, 1961.