Home loan

It is important to choose a good housing finance company which can handhold the customer right through his home buying process. Since a home loan is a long term commitment of 15-20 years, several factors like expertise, quality of service, in-depth domain knowledge and the company’s level of commitment and transparency right through, the loan procedures, the fine print, Quality of services offered and safe retrieval of the title deed are critical.

The Home Loan Advantage

• Widest range of home loan products & services like Home Loans, Home Improvement Loans, Home Extension Loans, Loans to professionals for office or clinic, Home Equity Loans (Loan against Property), Short Term Bridging Loan etc.
• Flexible loan repayment options like Step Up Repayment Facility, Flexible Loan installments Plan, Tranche Based EMI, Accelerated Repayment Scheme Vast network of over 287 offices in India, offices in Singapore, London & Dubai and franchises in the Gulf Cooperation Council (GCC) region.
• Most experienced and empowered personnel to ensure smooth & easy processing.
• Loan from any office for purchase of home anywhere in India.
• Counseling and advisory services for acquiring a property.
• Loan approval even before a property is selected.
• Free & safe document storage
• Instant Home Loan Approval.

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MORTGAGE LOAN

Most of the banks, financial institutions and housing finance corporations do provide loan against property which is also known as a mortgage loan. This kind of a loan is a secured loan as the loan will be granted against a residential or a commercial property owned by the borrower. After sanction of the loan, the borrower can use the loan amount to serve the purpose for which the loan was applied for. Usually, as per the norms, the maximum loan amount provided under the mortgage loan in India is up to 70% of the total property value. This kind of loan is cost-effective and are reasonably convenient to avail from banks or financial institutions. Repayment on the part of the borrower is easy owing to low mortgage interest rates.

Loan against property or mortgage is a kind of debt obtained on the collateral of specified property, that the borrower is obliged to pay back within a predetermined period at specified interest rates. The borrower can avail loan of up to Rs 25 crore based on the value of the property of up to a tenure of 20 years in case of loan against property.

This loan is granted against the properties which can either be an independent house, apartment or flat. The loan is also granted against mortgage of commercial properties like shops, malls, shopping complex, office building and so on. This loan can also be availed against rented residential properties. The loan can be applied for by both salaried as well as self-employed individuals. The loan against property is even granted against a plot of land owned by the borrower. Interest paid for a loan against property is eligible for tax benefits under Section 37(1) of the Income Tax Act 1961. Interest paid on loan provides tax benefits under Section 24 of the Income Tax Act and can be availed up to Rs 2,00,000. The loan against property comes with flexible repayment period. The interest rates on this loan are low as against the personal loan, hence most of the house buyers opt for this loan over the personal loan. Interest rates on this loan are available under two types - fixed and floating. In case of fixed interest rates, the rates will remain firm throughout the tenure of the loan. In the case of floating interest rates, the rates are subject to change during the loan period.