SOME THINGS YOU DIDN’T KNOW ABOUT HOME LOAN

         

Nowadays it’s being trend to take a Home Loan to fulfill your dream of owning a home. Having your own home is something that aspire lots of people around you. Everyone do so much of research while securing a home loan such as EMIs to be paid, loan tenure, interest rates, processing fees etc. But still you are not practically expert on the topic. ShubhBank proposing some things you didn’t know about home loan.

·       SOMETIMES YOU CAN’T APPLY JOINTLY FOR LOAN

To be eligible for a high loan quantum, some people often opt for joint home loan. The most people allowed to take a joint home loan are married couples, parents, children and brothers but bank do not extend this option to everyone. You didn’t know that lenders generally do not offer loans to friends, sisters and unmarried couples.

·       ADVANTAGE OF WOMEN POWER

If you are a woman and you are applying for a home loan, you are entitled to a slightly lower rate of interest and that’s for very sure. If you are not a woman and still want to take the benefit of lower rate of interest, you can apply the home loan along with your mother or wife. So in order to take the benefit you have to put that woman to be the primary loan applicant.

·       TAX BENEFITS FROM HOME LOAN

A home loan gives you the benefits under two sections of Income Tax Act and that’s right. When you "Apply a Home Loan" from ShubhBank, you can get a tax deduction on principal amount and for the interest amount on your loan. If you are applying for a joint home loan, both the applicants can claim the deductions.

·       GIVE AND TAKE POLICY

You must be aware of the fact that bank only gives you a loan up to 80-90% of the value of your purchase and the remaining part needs to be paid by you. So if you are planning to buy your own home, start saving up from now. Try some safest investment avenues like fixed deposits or try working on your credit score.

·       RATE OF INTEREST

You can opt to either have a fixed or floating rate of interest while applying for a "Best Home Loan". But you surely not aware of the fact that when you choose for a fixed rate of interest, it is fixed only for certain number of years not for the entire tenure of loan. Go through your agreement carefully to check the reset clause to avoid any debt trap.

·       KNOW YOUR LOAN WELL

When you start repaying your loan, you first pay off your interest and then principal amount. So in initial years, interest component will be high. So check that how much interest and principal amount you have to pay on your loan.

      Now after understanding everything about this loan might seem like task but comparing across lenders and applying for best doesn’t have to be difficult. ShubhBank can help you find an "Easy Home Loan" that’s best suited to you.