Home loan

Home loans are secure loans provided by banks and financial institutions for purchase of new as well as resale properties, construction of existing house. This loan is available both for salaried and self employed customers. Buying a home fulfills the dream of having a dream home and creates wealth for the customer in future. When someone is going to buy a property, heshe prefer to go for a home loan as home loans offered by different banks can goes upto 80% of the property value at the time of buying, making the customer easy to pay rest 20% of the property from hisher fund. One cannot able to buy a property from his own savings enforcing the customer to take a home loan from banks making him easier to own a house. The rate of interest is very low as compared to all other loans. The home loans are available in the market for a longer tenure ranging from 5 years to 25 years allowing th e customer to repay the emi's more comfortable with growing income over the years. The customer can get tax benefits under 80c of the indian income tax act. The loan amount depends on income, obligations, and retirement age and property value of the customer.
Unique benefits of home loan:-
� home loans are long term loans upto 25 years and loan amount can be 80% of the market value enabling
customer to repay comfortably.
Â�¤ the rate of interest is very low as compared to other loans making low emi for the customer.
Â�¤ property can be purchased jointly and income of applicant and co-applicants can be added for higher loan
eligibility.
Â�¤ customer can avail tax benefits under 80c.
Â�¤ banksnbfc's keep original property papers till completionclosure of the loan.
Age limit and criteria
minimum age for applying loan is 21 years and maximum age limit is 60 years for salaried customer and 70 years for self employed customer.