Home Loan: Buying a house is everyone’s dream and people save a lot for it, but due to inflation, the prices of houses are increasing rapidly and home loan has become a necessity. Are. In such a situation, it can help you if you know how you can take home loan at affordable rates.
How to get a home loan
Any person can take a home loan, but for this you have to fulfill certain conditions. For home loan, you need some documents such as PAN card, salary slip, ITR, bank statement, residence certificate, property papers, business address proof, employer ID card etc.
< p style="text-align: justify;">What things to keep in mind
You should never take more loan than necessary. Always take loan only after comparing the interest rate of the bank. Try to keep the home loan tenure short. Take your next step only after reading the terms and conditions of the loan carefully. Although home loan is a secured loan and the interest on it is much lower than personal loan. Home loan is also exempted under Section 80C and 24(b) of Income Tax. Try to apply for only one loan at a time. While taking a loan, you should do proper research as to which is charging less interest and which is charging more.
Know some such ways which can help in reducing your home loan interest
Women charge less interest on home loan
Most banks give 5 bps or 0.05 percent discount on home loan interest to women. You can consider this.
Home Loan Overdraft Scheme
Home loan overdraft scheme works on current accounts with overdraft limit. One advantage of home loan overdraft scheme is the savings on interest. If you keep making regular payments, your principal amount and the interest you pay on it keeps reducing. However, it is important to remember that home loan overdraft plans are generally good only for those with the ability to repay the interest regularly. Home loan overdrafts are usually 0.25 percent more expensive.
Plans of banks regarding loans
Recently, Axis Bank has tied up with real estate developer Mahindra Lifespace to give 0.25 percent discount on the interest on green homes. In June this year, SBI had also announced that it was planning to encourage green home buyers by offering a discount of 10-25 basis points on the existing home loan rates. Green homes are such houses which, along with saving electricity and water expenses, also cause less harm to the environment. The government is also promoting the sale of such houses.
What is Home Loan
Home loan is the amount given by the bank to you on interest to buy a house which you have to repay within a time limit. In return the bank gives mortgage to your house. Home loan is given by a bank or non-banking finance company.
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