Loan Advisor 360
Loan Advisor 360
Turn your dream of owning a home into reality with our competitive home loan options. Get instant approval, flexible repayment terms, and the best interest rates in the market.
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Get up to 90%* of the property's market value with flexible loan amounts
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A home loan is a type of secured loan that requires collateral and is used to purchase a property, such as a house or apartment. The borrower obtains this home loan at an economical interest rate, which can vary depending on the lender, and for a longer tenure to reduce the burden on the borrower. This type of loan is available to individuals and businesses alike. However, it is important to carefully consider the terms and conditions before obtaining a home loan. Therefore, it is recommended to thoroughly research and compare different lenders to find the best option for your specific needs.
To encourage more individuals to purchase their dream home, the Government of India provides tax deductions on both the principal and interest paid on a home loan.
I. Deduction on Principal Repayment under Section 80C:
An individual is eligible to claim a deduction of up to INR 1.5 lakhs on the principal portion of the loan
amount under Section 80C of the Income Tax Act of India 1961 in a financial year.
II. Deduction on Interest Repayment under Section 24:
An individual is eligible to claim a deduction of up to INR 2 lakhs on the interest portion of the loan
amount under Section 24 in a financial year.
For more information, visit the government website to familiarize yourself with the detailed terms and conditions.
The typical documents required include:
Salaried individuals need to provide salary slips and Form 16, while self-employed people need ITR and business proof documents.
The loan amount depends on various factors including your income, age, credit score, property value, and existing financial obligations. Typically, lenders offer up to 90% of the property value. However, the exact amount is determined after evaluating your repayment capacity and eligibility criteria. Use our loan calculator or speak with our experts to get an accurate estimate based on your profile.
In India, the increasing cost of real estate has made it challenging for individuals to purchase a home without obtaining a housing loan. Fortunately, financial institutions in India provide a variety of housing loans to assist borrowers in achieving their goal of homeownership.
This is the most popular type of housing loan offered by major banks and financial institutions. As the name suggests, home purchase loans are used to buy an apartment, a row house, or a bungalow from a real estate developer, a construction company, or a government housing authority. You can use this type of loan to purchase an under-construction or ready-to-move-in property. The loan amount typically covers up to 90% of the property value, with competitive interest rates and flexible repayment options.
Planning to build your dream home? A home construction loan can be a valuable tool in turning your dream home into a reality by providing the necessary funds to build on your own land. Unlike a home purchase loan, where the lender provides a lump sum payment for the entire loan amount, a home construction loan is typically disbursed in installments as the construction progresses. The disbursement is done in stages based on the completion of various construction milestones, ensuring that funds are used appropriately.
Looking to transform your home with modern amenities? A home renovation or extension loan can help you. This type of loan is designed for homeowners who want to upgrade, repair, or extend their existing property. Whether you're adding a new room, renovating the kitchen, upgrading bathroom fixtures, or making structural improvements, this loan provides the necessary funds. The loan amount depends on the estimated cost of renovation and your repayment capacity.
A plot loan, also known as a land loan or plot purchase loan, is a type of loan specifically designed to finance the purchase of a plot of land. This loan is typically used with the intention of building a house or property on the land in the future. Plot loans usually have slightly higher interest rates compared to home purchase loans, and the loan-to-value ratio may be lower (typically 70-80% of the plot value). It's important to ensure the plot has clear title deeds and necessary approvals.
A loan against property (LAP) is a secured loan where you mortgage your residential or commercial property to get funds for any purpose - business expansion, education, medical emergencies, or debt consolidation. This type of loan offers higher loan amounts (up to 70% of property value) and lower interest rates compared to personal loans. The property remains in your possession, and you can continue to use it while repaying the loan.
Home loan balance transfer allows you to transfer your existing home loan from one lender to another, helping you benefit from lower interest rates, better terms, or additional loan amounts (top-up). This option is ideal if interest rates have dropped since you took your original loan, or if you find a lender offering better terms. The process involves paying off your existing loan with funds from the new lender. Consider processing fees and other charges before making the transfer decision.