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Stop By Here for all in all Solution for your Home Loan Queries

· home loan,Finance

Do you need a Home Loan but are uncertain about the various aspects revolving around it? Don’t worry here are some basic questions answered for all your Home Loan queries.

So, what exactly is a Home Loan?

Home Loan is an amount extended by lenders to you when you intend to buy a Home for yourself. Some financial institutions such as Bajaj Finserv have customized solutions for all your needs towards availing a Home Loan. Bajaj, in particular, provides additional credit for various other expenses such as for furniture, fittings, home improvements, etc. along with the loan amount.

Next, let us find out the best Home Loan in the country.

In this country the Home Loan market is highly competitive. Customers are interested in competitive interest rates and additional services on top of them.NBFCs cater to consumer needs on a continuous basis. They have a high loan amount ceiling, lower interest rates and high quality other services.

Last, let us check out some tax benefits from a Home Loan.

You can claim some tax benefits out of your Home Loan. Yes, and the rules for each section is described below:

In Section 80C:

  • Under this section one can avail tax benefits on the principal amount.

  • This can be up to Rs. 1.5 lakhs. This is regardless of the year of payment of the principal amount.

In Section 24:

  • Tax benefits are available on the interest on accrual basis.

  • Maximum amount of tax deduction is capped up to Rs. 2 lakhs.

  • But if the house construction is not completed within 3 years then you are eligible for a tax deduction of Rs. 30,000/-.

In Section 80EE:

  • This section is for first time buyers.

  • The loan amount must be less than Rs.25 lakhs.

  • The value of the house should not be more than Rs.40 lakhs.

  • Deductions are allowed for only up to Rs.1 lakh.

Now you know quite a lot about Home Loans, but the topic is quite vast and if you are interested in more details and information, read here: One Stop Destination For All Your Home Loan Queries

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